Co-Creation Workshop: Business Model Generation
Defining and choosing the right business model is one of the main problems when starting a new business or launching a new product / service. But also a change in market circumstances can force you to reconsider your current business model. Fronteer Strategy identified this need amongst many of our close contacts and decided to act upon this increasing need.
On Tuesday July 6th, a diverse audience of entrepreneurs, consultants and investors assembled in Amsterdam for an inspirational workshop for the Business Model Generation facilitated by Fronteer Strategy. The participants of this workshop were invited by Fronteer to assist in the co-creation process of developing a new Business Modeling tool for our customers. While assisting in this process, participants were able to create, sharpen and validate their own business models at the same time. The workshop was based on the book Business Model Generation, written by Alex Osterwalder, which serves the purpose of making business modeling more systematic, more effective and more fun.
Business Model Canvas
When thinking about (re)designing your business model, a number of implications can be encountered:
1. The definition of what a business model actually is, differ from each other
2. The business model building blocks can be interpreted in a different way by different people
3. The incremental value of innovating your business model is not clear
4. The design of your original business model is not as clear and appealing to second or third hand readers
In order to overcome these challenges, Alex Osterwalder wrote (and co-created with 470 others) the book Business Model Generation. This book provides various tools and insights to assist in this process. The best tool provided in the book is the Business Model Canvas. This canvas allows the users to create their own business models in a systematic way with a clear overview. However, reading the book is simply not enough. In order to deal with the challenges mentioned above, proper facilitation of the business modeling process is required. But also to cope with benchmarking your business model against competition, creating a thorough trend analysis and segmenting your customers the right way, the book alone is not sufficient. The strength of Fronteer Strategy lies within this field of strategic facilitation and co-creation and we created a workshop to put this into practice.
During the workshop we provided the right circumstances and facilitation for the participants to work on their own business models. The composition of the group was driven by our believe in Co-Creation and therefor consisted of participants with various backgrounds. This resulted in new insights, sharp questions and energetic discussions during the creation and presentation of the business models. We received valuable input from the participants to shape our own idea: offering the Business Modeling Process as a service to our customers.
We thank all participating co-creators for their ideas, support and challenges. And we would like to ask you what your experiences are with business modeling? Have you encountered similar problems as mentioned above or you would like to participate in a Business Modeling Session? Let us know!