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Wyche Innovation Centre

Learn about various business models, their classifications, and benefits. Explore case studies and mapping tools for business model analysis.

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Wyche Innovation Centre

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  1. Wyche Innovation Centre Business Models & Introduction to Business Modelling

  2. Learning Objectives • Understand the difference between common business models • Compare and contrast common business models when applied to a business

  3. Business Models • A business models is the system that transforms intangible business ideas into products/services that have value in the market place (Hedman and Kalling, 2003) • Business models define: • How a firm works • Who its customers are • What the customer values • How a firm makes money • How value can be delivered to the customer cost effectively Magretta (2002)

  4. Classifying Business Models Business models provide a framework creating and delivering value to the end consumer. This can be done in the following ways: • Product/service provider • Offers an end product or service to the customer • Ownership and rent of key assets • Offers customers the use of a product/service • Finance provider • Offers customers access to money and capital and associated services Tidd & Bessant (2013)

  5. Classifying Business Models • Systems integrator • Pulls together components on behalf of customers • Platform provider • Offers a platform from which other businesses can create value • Network provider • Offers access to a network • Skills provider • Rents or sells access to knowledge or human resources • Outsourcer • Offers to take responsibility for a non core/key activity for another business

  6. Business Model Classification Discussion • Come up with an existing business which could be categorised under each of the business model categorises • What business benefits could be gained from categorising businesses based on their business model? • Do you think it is a good idea for a single business to adopt several business models? • How/why have you come to this conclusion? • Is one business model more sustainable than other? • How/why have you come to this conclusion?

  7. Case Study: Wyche Innovation Centre In their own words: • Managed by Key IQ • An innovation and technology hub in Worcestershire. They provide workspaces and business services • Flexible to suit the needs of both small and growing businesses. Operating an easy in and easy out policy

  8. Video • Embed/show video

  9. Case Study Discussion Questions • What type of business model(s) would you classify the Wyche Innovation Centre of currently following? • How/why have you come to this conclusion? • What are the benefits for the Wyche Innovation centre of having two different business models? • Are there ever any potential dangers with operating more than one business model in a single business?

  10. Mapping the Key Elements of a Business Model • Many tools exist to help with the mapping and visual representation of a business (including the Business Model Canvas) • When mapping the key elements of a business it is important to consider the following: • What is the value proposition offered by the business? • What are the key activities and resources required to realise the value proposition? • Who is the customer segment is? • How will the firm will generate revenue money?

  11. Mapping the Key Elements of a Business Model Activity • Answer the following questions for the case of the Wyche Innovation Centre in order to map out the key elements of their business plan • Pick a business and answer the following questions for that business in order to map out the key elements of their business plan • What is the value proposition offered by the business? • What are the key activities and resources required to realise the value proposition? • Who is the customer segment is? • How will the firm will generate revenue money?

  12. References • Hedman, J., Kalling, T. (2003) The Business Model Concept: Theoetical underpinnings and empirical illustrations, European Journal of Information Systems, 12(1), 42-59 • Magretta, J. (2002) Why Business Models Matter?, Harvard Business Review, 80(5), 86-92. • Tidd, J., Bessant, J. (2013) Managing Innovation: Integrating Technological, Market and Organizational Change, John Wiley & Sons: Chichester.

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