Business Models – Part 3

The innovation consulting industry is booming; this is undoubtedly reflected in the vastness and variety of consultancy profiles appearing in the market. As these firms play a significant role in enhancing their clients’ in-house innovation processes or even compensating for gaps in the expertise, they too are expected to demonstrate the ability to transform with market needs and stay ahead of the pack.

The innovation consulting industry is booming; this is undoubtedly reflected in the vastness and variety of consultancy profiles appearing in the market.  As these firms play a significant role in enhancing their clients’ in-house innovation processes or even compensating for gaps in the expertise, they too are expected to demonstrate the ability to transform with market needs and stay ahead of the pack.

Innovation consultancies that provide services particularly in business model innovation paradoxically should be able to do the same – simply, practice what they preach. Taking the Board of Innovation as an example, this niche consultancy successfully launched a parcel delivery service venture called Cardrops, building credibility in the eyes of their clients, assuring of the ability to conceptualize and implement a new business model within the market.

Moreover, consultancies should also seek out new ways of innovating their core business model that would allow them to re-adapt and evolve. IDEO, for instance, extended its scope of performance by introducing OpenIDEO platform that is aimed to harness the value of the crowd. OpenIDEO serves as a crowdsourcing tool for social good, and despite its non-profit character, it allows IDEO to draw upon participants’ knowledge and insights which could be capitalized through the consulting services with paying clients.

This highlights the opportunity to research more in-depth how open platforms can be integrated into existing consultancy models, and the kind of benefits they can produce for the business as a whole.

 

Meet other experts on the topic, and check out their ideas in the following video: http://bit.ly/19kDyYC

 

Interested in finding out more about building a creative economy? Be sure to attend the MA Innovation Management Grad Show June 19-23 at Central St. Martins College of Arts & Design.