Seizing The White Space

I really enjoyed reading this book.  It is clear to me that the nature of innovation has changed dramatically over the last decade or two.  As companies look to grow through building new revenue streams they are increasingly faced with new challenges to bring products to market.  Firstly the start-up is able to move quicker than ever, use the internet and other purchasing tools to manage down upfront costs, and communicate with its audience in timely and relevant manor often without cost.

Secondly and perhaps an even bigger challenge is that fact that to fully maximise the potential of innovation, established businesses now often need to adopt radically different business models.  This can often cause at best “growing pains” or at worst mean never actually making it to market.

In this book Johnson explains how businesses must think radically about innovation and step far away from the comfort zone of existing markets.   In doing this Johnson argues that businesses need to completely reconstruct their business model in order to make the innovation viable and over time maximise the opportunity.

I also liked Johnsons summary of what a business model should look like and I think this is a useful tool for anyone considering a start-up

1)      What is the compelling customer proposition.  What is it that you can do, that they need to get done, and how do you do it better than anyone else

2)      What is the formula for profitability

3)      What are the resources and processes that deliver both 1 and 2

The book also defines areas that are rich for innovation and again I think this is useful food for thought for any business

1)      Can you transform an existing market by doing something totally different, eg EasyJet

2)      Can you create a new market all together, eg Apple iStore and applications for mobile smart phones

3)      Can you confront an inevitable industry change, eg Tata Motors

Overall I think this book provides useful material for any CEO or Director who is engaged in trying to develop a start-up business or bring new revenue streams to an existing one.

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