Business Model Innovation | March 2013 Event of SIPA

SIPA hosted esteemed speaker William C. Miller from Value Centric Innovation (VCI) enterprise to share their research on the new age Business Model Innovation. William is based out of Bangalore, India and California, USA where he has worked with global companies enabling top down innovation leadership along with bottom up innovation work. Combining the management principles of West with the holistic philosophies of the East, Value Centric Innovation aims to maximize the value of all stakeholders, not just the financial goals of the shareholders. In this session, William shared some techniques for fostering innovation for long term results.

 4-4-4-8 Process

William shared his 4-4-4-8 process of Business Process Innovation –

4 Contexts: Choose the paradigm which will drive the business model

4 Goals: Integrate the outcomes you strive for

4 Innovation Styles: Think innovatively in 4 ways

8 “P” factors: Apply innovation thinking to each aspect of the business model

 8 “P” Factors

 The 8 “P” factors – Principles, People, Product, Process, Planet, Partners, Prosperity, Proposition, constitute dimensions of value based business model.

William shared examples of successful companies who differentiated themselves from their competition by choosing to make 1-2 of the “P”s part of their core business goals. For e.g. Charles Schwab & Co. made “Principle” i.e. conducting business with high ethics and with no conflict of interest with the customer the core to its business. In the industry which is rife with brokers being paid on commissions and driving the customers to make more transactions, Charles Schwab innovated a new model wherein the brokers were paid a fixed salary and hence had the customer’s best interest always at heart.

Similarly, Grameen Bank in Bangladesh focused on making “People” ‘s life easier. It not only made financial products available to those in need and ignored by traditional systems, but also made the community or people aspect of it central to delivering the product. This led to an unprecedented success for such a model which is now being copied all over the world. Fuji – Xerox’s focus on “Planet” and reducing resource usage and emissions led it to innovate on an entirely new recycle model for its product. The audience also shared their examples of companies like IBM and P&G which made People central to their business model.

 4 Contexts

William urged the group to evolve from a rationalistic paradigm i.e. focused on wealth and power for shareholders and owners to holistic and spiritual based paradigms which focus on prosperity with accountability for all stakeholders. From the Eastern philosophy, integrating with 4 goals of life – Dharma – Harmony with nature, Artha – Prosperity, Kama – reaching goals and desires and Moksha-human excellence with the business goals will lead to a sustainable business.

 4 Innovation Styles

Finally, William gave a unique framework to innovate -the four pillars of innovation style

Visioning: What is the ideal long term solution?

Modifying: What can we do refine and optimize what we have already done?

Exploring: What would be radically new and different?

Experimenting: What can we combine to put together a new solution?

Combining the 4 innovation styles with the 8 “P” factors gives a solid tool kit for innovating in every aspect of business.

For a copy of the presentation, please contact William Miller at wmiller at vcihome.com

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Event Videos

Part1

Part2