Some management researchers have suggested that launching a mediocre technology with a great business model can be more successful than a great technology with a mediocre business model. The Business Council of Australia has suggested that, in broad terms, innovation can be defined as the application of knowledge to create additional value and wealth. There are times when this involves the application of new knowledge. Often, however, effective innovation is achieved by applying existing knowledge in new and different ways. Innovation can involve significant disruptive change to business and economic structures, or alternatively it can be a process of continuous and incremental business development. Human capital is crucial to the innovation process.
And that: factors such as rising global competition; the changing industrial structure of the Australian economy towards a greater focus on high-value-added services; and the growing convergence of many technological fi elds such as information and communication technology (ICT) have broadened the scope of approaches that businesses use to achieve innovative outcomes. In an open and highly competitive, services-oriented market economy, technology-driven research is unlikely to be the only, or even the primary, method of achieving the business innovation imperative to provide maximum value for money for goods and services to attract and maintain discerning customers.
In this context, a group of researchers from the Victorian Universities Innovation Management Network (VUIMN – see http://vuimn.org.au) are working together to explore the utility of business model innovation in establishing and maintaining a regional competitive advantage. Each researcher brings a particular perspective to the group, drawing on their individual research activities.
Information collected on the practices of innovative Victorian firms will be compared with that available in the global academic literature. It is anticipated participating enterprises will benefit in two ways. Firstly , reflection on their current and past business models may identify opportunities for improvement. Secondly, comparison with experience in other sectors may suggest new ways to compete. This website is being used to share background to the project and to progressively build content as the project proceeds.
Three themes are being pursued in conjunction with international academic associates:
- Mixing and matching business model elements with limited resources
- Business model innovation supporting SME internationalisation
- Next Generation Business Models delivering social, environmental and economic benefits
This website is intended to provide broad background to interested parties, and is expected to continue to evolve over a number of years as research continues.
Enterprises interested in working with the VUIMN should contact Associate Professor Andrew O’Loughlin (firstname.lastname@example.org), and those interested in participating in this project should contact Adjunct Professor Ron Beckett (email@example.com).