Business model innovation: A blueprint for higher education — from Educause by Christine Flanagan
Excerpt:
Business model innovation is one of the most challenging components of 21st-century leadership. Making incremental improvements to a business model—creating new efficiencies, expanding into adjacent markets—is hard enough. Developing and experimenting with new business models that truly transform how an institution delivers value (while continuing to drive the performance of the current business model) is exceptionally difficult. Yet nowhere is the imperative for business model innovation more prevalent or more relevant than in higher education, which is under intense scrutiny and facing rising costs and potential disruption from all angles.
To compete in a world where the shelf life of business models is shortening, higher education leaders need the tools, skills, and experience to envision, test, and implement new business models. They must believe in the power of experimenting, in the real world, with a network of collaborators who have the audacity to change everything. As the legendary innovation mastermind Clayton Christensen says: “You don’t change a company by giving them ideas. You change them by training them to think a different way.”1