Business Model Design Compass

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Business Model Design Compass: Open Innovation Funnel to Schumpeterian New Combination Business Model Developing Circle

By JinHyo Joseph Yun

This book reveals how open innovation utilizes the developing circle of business models to establish new ones that define a unique link between technology and markets, focusing on how to develop and maintain successful business models. It draws readers into the philosophy and economic effects of open innovation from the outset. It presents four different developing circle business models for customers in the role of consumers, entrepreneurs, social entrepreneurs and engineers respectively, enabling each group to develop, utilize and enlarge creative business models, and even switch business models. In addition to these four circles, it takes a systemic approach to describe the relationship between technology and markets. From this relationship an open innovation strategy towards entrepreneurship can be adopted. From Open Innovation to a Creative Developing-Circle Business Model is an essential resource for start-up entrepreneurs, as well as for students of technology management, strategy and open innovation.