Early MP3 devices represented an order-of-magnitude increase in capacity over magnetic tapes and CDs: Users could carry thousands of songs on a small device. MP3 technology is a classic case in point. What does achieve such a transformation is a business model that can link a new technology to an emerging market need. But although new technologies are often major factors, they have never transformed an industry on their own. We usually associate an industry’s transformation with the adoption of a new technology. (The taxi service Uber can claim five of the six.)Ĭompanies that are thinking about changing their business model or entering an industry with a new model can rate themselves on the six features to assess the likelihood that they’ll be transformative. No model displayed all of them, but having a higher number of features usually correlated with a greater chance of success at transformation. They looked for recurring features in the models and found six: personalization, a closed-loop process, asset sharing, usage-based pricing, a collaborative ecosystem, and an agile and adaptive organization. The authors did an in-depth analysis of 40 companies that had launched new business models in a variety of industries, and here they present the key takeaways from their research.
But most attempts to introduce a new model fail.
When Apple coupled the iPod with iTunes, it revolutionized the audio devices market. A business model that can link a new technology to an emerging market need is the key to industry transformation.
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