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Innovation Research Topics: That You Need To Look Into

Whenever you want to come up with a professional or academic paper that stands out, one of the best ways is to think of various innovative ideas. But coming up with ideas like argumentative essay topics or dissertation proposal help that allow you to exploit the issue perfectly and reveal some fantastic findings isn’t always easy.

Best Project Innovation Ideas in Management

Interesting innovation technology ideas, hot innovation project ideas for students, most captivating innovation project ideas in healthcare, easy innovative business topics for research paper, trendy innovation research topics, simple innovation essay topics in education, top innovative research topics on social media, fascinating product innovation ideas, awesome innovative research ideas in agriculture.

In your innovation research, focus on your interests based on what you learn in your course. That’s the best way to have a topic you can effectively write and excite your professor or sponsor. This article will focus on 100 innovative research topics you can consider to improve your chances of scoring a top grade.

In addition to social media research topics , there’s a lot you can focus on to write excellent projects. Here are some of the management innovation research examples to get you started.

Management innovations as a critical factor in increasing consumers
Disruptive innovations in management nobody expected this year
Comparing the internal and external management innovations
A look at innovations in business management post-COVID-19
The needed innovations in manufacturing companies to improve waste management
Exploring the impact of customer relationship management tools in 2023
How digital transformation has changed management processes in big ventures
How innovations are transforming the risk management space
Evaluating the effectiveness of virtual management tools
The role of machine learning in project management

A topic that allows you to write about what the majority like most will make you stand out. As you read more on social issues research topics , the innovative technology ideas below are also worth it.

Analyzing the innovations in the airline industries over the years
The role of technology innovations in the crime sector
Are digital technologies losing the sense of innovativeness?
Innovations in technology and service delivery: The truth revealed
Understanding how tech innovations cause job losses
Effects of technological changes on the payment processes
Machine learning algorithms in maintaining production systems
Analyzing how smart homes are becoming better with artificial intelligence
Is the continuous development of apps with blockchain technology viable?
Understanding the security of mobile apps from a technological perspective

Every student desires a project showing their detailed understanding of the innovation idea. Besides these research topics for STEM students , here are some hot product innovation examples for students:

AI as a solution for mild illnesses
Comparing tech innovations based on project budgets
The impacts of blockchain technology in developing voting systems
The role of AI in surveillance systems
Part of the innovations in energy generation using renewable sources
Part of the innovations in traffic control
Online shopping innovations transforming the retail sector
How innovations are making it easy to handle cycle crimes
Developing a health and wellness app for students with bad eating habits
Using waste materials to build tech machines and hardware

A common question about innovation in healthcare is, how do people come up with many exciting biochemistry topics that are out there in published papers? Worry not because this section will reveal more diverse ideas to try out.

Analyzing the usage of health and fitness apps among the elderly
Using electronic health data in apps development
Improving hospital drug dispensation with automation
Tracking blood electrolyte levels without sample collection
Challenges of using automation to diagnose infants
Blockchain as key in health records
Expected innovations in telemedicine going forward
How technology has changed hospital consultations
Blood pressure interventions using the latest technologies
Are innovations that track patient progress online practical?

From the many innovation project examples you’ll come across in your research, innovative business topics are among the most exciting to read. Read on for more exciting topics.

Challenges of innovations in business
Innovation and passive income
Online stores’ key growth parameters
Using technology to get legit business advice
Artificial intelligence in business data management
Innovation ideas for manufacturing business
Encouraging innovations to increase product consumption
Innovations in businesses are capital intensive
A new era of hiring and staffing
Role of management in business innovations

Economics research paper topics tell a lot about the current times. However, a trendy example of an innovation research topic expounds more on what many now prefer. These sample innovation topics show what’s trending.

The benefits of quantum computing
Automation in customer management
A look at predictive analysis
Using the Internet of Things Correctly
Database improvement with blockchain
New cybersecurity interventions
5G revolution
Using edge computing in research
A look at machine learning advancements
Artificial intelligence vs. machine learning

Education innovation and changes attract a lot of controversies. Here are some essay topics in education you’ll be happy to focus on.

The impact of outside-class learning
Brain breaks in the academic journey
Early learning trauma and academic excellence
Virtual vs. physical presence learning
Grades and student improvement
Mastery-based grading
Personalize learning curriculum
Role of tech in homeschooling
Role of STEM in education innovations
Benefits of blended learning

First, read more about the thesis statement about social media . You’ll realize it’s pretty easy to create some fantastic research topics. These innovation samples revolve around social media.

Social media and brands authenticity
Social media and propaganda
Addressing costs of social media advertising
Social media content challenges
Why prioritize social media integrations?
Are cookies making social media sites worse?
Comparing Facebook and Instagram ads
A look at crucial TikTok analytics
Comparing short and long-form social media content
A new approach to social media ads

As you learn more about anatomy research papers , we’d love to emphasize more on research product ideas that apply to other fields. These ideas include the following:

E-learning short courses taking over major courses
Adaptation of drones in fighting crimes
New car accessories and improved efficiency
Candle innovations that sell
Technological advancements in Cannabis processing
Food products for intolerant kids
Baby products now save costs
Tech in safe training machines
Humidifiers and COVID-19
Kitchen air fryers and their health concern

You probably have many questions about innovation, especially in the agriculture sector. We will list some innovative topics below to help you write the best research paper.

A detailed overview of automated farm machines
Are laser scarecrows effective?
On-site agriculture product testing
Innovations for improving harvest quality
Using IoT technology to conserve water
Mobile apps in agriculture
Role of tech in animal feeding
Current innovations in farm management
Use of AI in agricultural innovations
Using innovations to increase crop yields

How does research make human innovation possible? If you have been wondering about this question, the topics listed in this article will give you the best answer. Once you have decided on what you want to focus on, reach out to us, and let’s help you write a research paper that guarantees a top grade.

A New Approach to Strategic Innovation

Haijian Si,
Christoph Loch,
Stelios Kavadias

Companies typically treat their innovation projects as a portfolio, aiming for a mix of projects that collectively meet their strategic objectives. The problem, say the authors, is that portfolio objectives have become standardized, and innovation projects are often only weakly related to a company’s distinctive strategy.

This article introduces a new tool to help leaders better align their innovation investments. The strategic innovation tool kit has two elements: a strategy summary framework and an innovation basket. Leaders start by clarifying a unit’s strategy and determining what needs to change to achieve it. The change needs are translated into innovation goals, and leaders create their “innovation basket” by plotting each project against those goals. They can then cut projects that aren’t aligned and create new ones that are. It’s an iterative and creative process: Projects are adjusted to fit the strategy but can also shape it.

Examples from the authors’ research demonstrate how the process of creating an innovation basket gives managers fresh insight into what their innovation activities are really doing for their strategy.

A tool for connecting your projects with your goals

Companies typically treat their innovation projects as a portfolio: a mix of projects that, collectively, aim to meet their various strategic objectives. Some projects, for instance, will improve business processes, others develop new products and services.

HS Haijian Si is the former CEO of Chinese new energy companies Linuo Power Group Co., Huanyu Power, and Hanergy Thin Film Power and is a doctoral candidate at the University of Cambridge’s Judge Business School.
CL Christoph Loch is a professor at and the former director (dean) of the University of Cambridge’s Judge Business School. He is also a visiting professor at PHBS Business School, Shenzhen, China
Stelios Kavadias is the Margaret Thatcher Professor of Enterprise Studies in Innovation and Growth at the University of Cambridge’s Judge Business School and the director of its Entrepreneurship Centre.

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Home » 500+ Business Research Topics

500+ Business Research Topics

Business research is an essential component of any successful organization, as it allows companies to make informed decisions based on data-driven insights. Whether it’s market research to identify new opportunities, or analyzing internal processes to improve efficiency, there are a vast array of business research topics that companies can explore. With the constantly evolving business landscape, it’s critical for organizations to stay up-to-date with the latest research trends and best practices to remain competitive. In this post, we’ll explore some of the most compelling business research topics that are currently being studied, providing insights and actionable recommendations for businesses of all sizes.

Business Research Topics

Business Research Topics are as follows:

The impact of social media on consumer behavior
Strategies for enhancing customer satisfaction in the service industry
The effectiveness of mobile marketing campaigns
Exploring the factors influencing employee turnover
The role of leadership in organizational culture
Investigating the relationship between corporate social responsibility and financial performance
Assessing the impact of employee engagement on organizational performance
The challenges and opportunities of global supply chain management
Analyzing the effectiveness of e-commerce platforms
Investigating the impact of organizational culture on employee motivation
The role of corporate governance in ensuring ethical business practices
Examining the impact of digital marketing on brand equity
Strategies for managing diversity and inclusion in the workplace
Exploring the effects of employee empowerment on job satisfaction
The role of innovation in business growth
Analyzing the impact of mergers and acquisitions on company performance
Investigating the impact of workplace design on employee productivity
The challenges and opportunities of international business expansion
Strategies for managing talent in the knowledge economy
The role of artificial intelligence in transforming business operations
Examining the impact of customer loyalty programs on retention and revenue
Investigating the relationship between corporate social responsibility and brand reputation
The role of emotional intelligence in effective leadership
The impact of digital transformation on small and medium-sized enterprises
Analyzing the effectiveness of green marketing strategies
The role of entrepreneurship in economic development
Investigating the impact of employee training and development on organizational performance
The challenges and opportunities of omnichannel retailing
Examining the impact of organizational change on employee morale and productivity
The role of corporate social responsibility in attracting and retaining millennial talent
Analyzing the impact of employee motivation on organizational culture
Investigating the impact of workplace diversity on team performance
The challenges and opportunities of blockchain technology in business operations
Strategies for managing cross-functional teams
The role of big data analytics in business decision-making
Examining the impact of corporate social responsibility on customer loyalty
Investigating the relationship between corporate social responsibility and employee engagement
The impact of social media marketing on customer engagement and brand loyalty.
The effectiveness of AI in improving customer service and satisfaction.
The role of entrepreneurship in economic development and job creation.
The impact of the gig economy on the labor market.
The effects of corporate social responsibility on company profitability.
The role of data analytics in predicting consumer behavior and market trends.
The effects of globalization on the competitiveness of small businesses.
The impact of e-commerce on traditional brick-and-mortar retail.
The role of emotional intelligence in leadership and team management.
The effects of workplace diversity on employee productivity and satisfaction.
The role of corporate culture in employee retention and satisfaction.
The impact of employee training and development on company performance.
The effectiveness of performance-based pay structures on employee motivation.
The impact of sustainability practices on company reputation and profitability.
The effects of artificial intelligence on job displacement and the future of work.
The role of innovation in the growth and success of small businesses.
The impact of government regulations on business operations and profitability.
The effects of organizational structure on company performance and efficiency.
The role of emotional labor in service industries.
The impact of employee empowerment on job satisfaction and retention.
The effects of workplace flexibility on employee productivity and well-being.
The role of emotional intelligence in negotiation and conflict resolution.
The impact of branding on consumer behavior and purchase decisions.
The effects of customer experience on brand loyalty and advocacy.
The role of storytelling in marketing and advertising.
The impact of consumer psychology on pricing strategies and sales.
The effects of influencer marketing on consumer behavior and brand loyalty.
The role of trust in online transactions and e-commerce.
The impact of product design on consumer perception and purchasing decisions.
The effects of customer satisfaction on company profitability and growth.
The role of social entrepreneurship in addressing societal problems and creating value.
The impact of corporate governance on company performance and stakeholder relations.
The effects of workplace harassment on employee well-being and company culture.
The role of strategic planning in the success of small businesses.
The impact of technology on supply chain management and logistics.
The effects of customer segmentation on marketing strategies and sales.
The role of corporate philanthropy in building brand reputation and loyalty.
The impact of intellectual property protection on innovation and creativity.
The effects of trade policies on international business operations and profitability.
The role of strategic partnerships in business growth and expansion.
The impact of digital transformation on organizational structure and operations.
The effects of leadership styles on employee motivation and performance.
The role of corporate social activism in shaping public opinion and brand reputation.
The impact of mergers and acquisitions on company performance and stakeholder value.
The effects of workplace automation on job displacement and re-skilling.
The role of cross-cultural communication in international business operations.
The impact of workplace stress on employee health and productivity.
The effects of customer reviews and ratings on online sales and reputation.
The role of competitive intelligence in market research and strategy development.
The impact of brand identity on consumer trust and loyalty.
The impact of organizational structure on innovation and creativity
Analyzing the effectiveness of virtual teams in global organizations
The role of corporate social responsibility in crisis management
The challenges and opportunities of online marketplaces
Strategies for managing cultural diversity in multinational corporations
The impact of employer branding on employee retention
Investigating the impact of corporate social responsibility on investor behavior
The role of technology in enhancing customer experience
Analyzing the impact of social responsibility initiatives on customer satisfaction
Investigating the impact of supply chain disruptions on business performance
The role of business ethics in organizational decision-making
The challenges and opportunities of artificial intelligence in customer service
Strategies for managing employee burnout and stress in the workplace.
Impact of social media on consumer behavior and its implications for businesses.
The impact of corporate social responsibility on company performance.
An analysis of the relationship between employee satisfaction and customer loyalty.
The effect of advertising on consumer behavior.
A study on the effectiveness of social media marketing in building brand image.
The impact of technological innovations on business strategy and operations.
The relationship between leadership style and employee motivation.
A study of the effects of corporate culture on employee engagement.
An analysis of the factors influencing consumer buying behavior.
The effectiveness of training and development programs in enhancing employee performance.
The impact of global economic factors on business decision-making.
The role of organizational communication in achieving business goals.
The relationship between customer satisfaction and business success.
A study of the challenges and opportunities in international business.
The effectiveness of supply chain management in improving business performance.
An analysis of the factors influencing customer loyalty in the hospitality industry.
The impact of employee turnover on organizational performance.
A study of the impact of corporate governance on company performance.
The role of innovation in business growth and success.
An analysis of the relationship between marketing and sales performance.
The effect of organizational structure on employee behavior.
A study of the impact of cultural differences on business negotiations.
The effectiveness of pricing strategies in increasing sales revenue.
The impact of customer service on customer loyalty.
A study of the role of human resource management in business success.
The impact of e-commerce on traditional brick-and-mortar businesses.
An analysis of the relationship between employee empowerment and job satisfaction.
The effectiveness of customer relationship management in building brand loyalty.
The role of business ethics in corporate decision-making.
A study of the impact of digital marketing on consumer behavior.
The effect of organizational culture on employee turnover.
An analysis of the factors influencing employee engagement in the workplace.
The impact of social media on business communication and marketing.
A study of the relationship between customer service and customer loyalty in the airline industry.
The role of diversity and inclusion in business success.
The effectiveness of performance management systems in improving employee performance.
The impact of corporate social responsibility on employee engagement.
A study of the factors influencing business expansion into new markets.
The role of brand identity in customer loyalty and retention.
The effectiveness of change management strategies in organizational change.
The impact of organizational structure on organizational performance.
A study of the impact of technology on the future of work.
The relationship between innovation and competitive advantage in the marketplace.
The effect of employee training on organizational performance.
An analysis of the impact of online reviews on consumer behavior.
The role of leadership in shaping organizational culture.
The effectiveness of talent management strategies in retaining top talent.
The impact of globalization on small and medium-sized enterprises.
A study of the relationship between corporate social responsibility and brand reputation.
The effectiveness of employee retention strategies in reducing turnover rates.
The role of emotional intelligence in leadership and employee engagement.
The impact of digital marketing on customer behavior
The role of organizational culture in employee engagement and retention
The effects of employee training and development on organizational performance
The relationship between corporate social responsibility and financial performance
The impact of globalization on business strategy
The importance of supply chain management in achieving competitive advantage
The role of innovation in business growth and sustainability
The impact of e-commerce on traditional retail businesses
The role of leadership in managing change in organizations
The effects of workplace diversity on organizational performance
The impact of social media on brand image and reputation
The relationship between employee motivation and productivity
The role of organizational structure in promoting innovation
The effects of customer service on customer loyalty
The impact of globalization on small businesses
The role of corporate governance in preventing unethical behavior
The effects of technology on job design and work organization
The relationship between employee satisfaction and turnover
The impact of mergers and acquisitions on organizational culture
The effects of employee benefits on job satisfaction
The impact of cultural differences on international business negotiations
The role of strategic planning in organizational success
The effects of organizational change on employee stress and burnout
The impact of business ethics on customer trust and loyalty
The role of human resource management in achieving competitive advantage
The effects of outsourcing on organizational performance
The impact of diversity and inclusion on team performance
The role of corporate social responsibility in brand differentiation
The effects of leadership style on organizational culture
The Impact of Digital Marketing on Brand Equity: A Study of E-commerce Businesses
Investigating the Relationship between Employee Engagement and Organizational Performance
Analyzing the Effects of Corporate Social Responsibility on Customer Loyalty and Firm Performance
An Empirical Study of the Factors Affecting Entrepreneurial Success in the Technology Sector
The Influence of Organizational Culture on Employee Motivation and Job Satisfaction: A Case Study of a Service Industry
Investigating the Impact of Organizational Change on Employee Resistance: A Comparative Study of Two Organizations
An Exploration of the Impact of Artificial Intelligence on Supply Chain Management
Examining the Relationship between Leadership Styles and Employee Creativity in Innovative Organizations
Investigating the Effectiveness of Performance Appraisal Systems in Improving Employee Performance
Analyzing the Role of Emotional Intelligence in Leadership Effectiveness: A Study of Senior Managers
The Impact of Transformational Leadership on Employee Motivation and Job Satisfaction in the Healthcare Sector
Evaluating the Effectiveness of Talent Management Strategies in Enhancing Organizational Performance
A Study of the Effects of Customer Relationship Management on Customer Retention and Loyalty
Investigating the Impact of Corporate Governance on Firm Performance: Evidence from Emerging Markets
The Relationship between Intellectual Capital and Firm Performance: A Case Study of Technology Firms
Analyzing the Effectiveness of Diversity Management in Improving Organizational Performance
The Impact of Internationalization on the Performance of Small and Medium-sized Enterprises: A Comparative Study of Developed and Developing Countries
Examining the Relationship between Corporate Social Responsibility and Financial Performance: A Study of Listed Firms
Investigating the Influence of Entrepreneurial Orientation on Firm Performance in Emerging Markets
Analyzing the Impact of E-commerce on Traditional Retail Business Models: A Study of Brick-and-Mortar Stores
The Effect of Corporate Reputation on Customer Loyalty and Firm Performance: A Study of the Banking Sector
Investigating the Factors Affecting Consumer Adoption of Mobile Payment Systems
The Role of Corporate Social Responsibility in Attracting and Retaining Millennial Employees
Analyzing the Impact of Social Media Marketing on Brand Awareness and Consumer Purchase Intentions
A Study of the Effects of Employee Training and Development on Job Performance
Investigating the Relationship between Corporate Culture and Employee Turnover: A Study of Multinational Companies
The Impact of Business Process Reengineering on Organizational Performance: A Study of Service Industries
An Empirical Study of the Factors Affecting Internationalization Strategies of Small and Medium-sized Enterprises
The Effect of Strategic Human Resource Management on Firm Performance: A Study of Manufacturing Firms
Investigating the Influence of Leadership on Organizational Culture: A Comparative Study of Two Organizations
The Impact of Technology Adoption on Organizational Productivity: A Study of the Healthcare Sector
Analyzing the Effects of Brand Personality on Consumer Purchase Intentions: A Study of Luxury Brands
The Relationship between Corporate Social Responsibility and Customer Perceptions of Product Quality: A Study of the Food and Beverage Industry
Investigating the Effectiveness of Performance Management Systems in Improving Employee Performance: A Study of a Public Sector Organization
The Impact of Business Ethics on Firm Performance: A Study of the Banking Industry
Examining the Relationship between Employee Engagement and Customer Satisfaction in the Service Industry
Investigating the Influence of Entrepreneurial Networking on Firm Performance: A Study of Small and Medium-sized Enterprises
The Effect of Corporate Social Responsibility on Employee Retention: A Study of High-tech Firms
The impact of workplace communication on employee engagement
The role of customer feedback in improving service quality
The effects of employee empowerment on job satisfaction
The impact of innovation on customer satisfaction
The role of knowledge management in organizational learning
The effects of product innovation on market share
The impact of business location on customer behavior
The role of financial management in business success
The effects of corporate social responsibility on employee engagement
The impact of cultural intelligence on cross-cultural communication
The role of social media in crisis management
The effects of corporate branding on customer loyalty
The impact of globalization on consumer behavior
The role of emotional intelligence in leadership effectiveness
The effects of employee involvement in decision-making on job satisfaction
The impact of business strategy on market share
The role of corporate culture in promoting ethical behavior
The effects of corporate social responsibility on investor behavior
The impact of sustainability on brand image and reputation
The role of corporate social responsibility in reducing carbon emissions.
The effectiveness of loyalty programs on customer retention
The benefits of remote work for employee productivity
The impact of environmental sustainability on consumer purchasing decisions
The role of brand identity in consumer loyalty
The relationship between employee satisfaction and customer satisfaction
The impact of e-commerce on traditional brick-and-mortar stores
The effectiveness of online advertising on consumer behavior
The impact of leadership styles on employee motivation
The role of corporate social responsibility in brand perception
The impact of workplace diversity on organizational performance
The effectiveness of gamification in employee training programs
The impact of pricing strategies on consumer behavior
The effectiveness of mobile marketing on consumer engagement
The impact of emotional intelligence on leadership effectiveness
The role of customer service in consumer loyalty
The impact of technology on supply chain management
The effectiveness of employee training programs on job performance
The impact of culture on consumer behavior
The effectiveness of performance appraisal systems on employee motivation
The impact of social responsibility on organizational performance
The role of innovation in business success
The impact of ethical leadership on organizational culture
The effectiveness of cross-functional teams in project management
The impact of government regulations on business operations
The role of strategic planning in business growth
The impact of emotional intelligence on team dynamics
The effectiveness of supply chain management on customer satisfaction
The impact of workplace culture on employee satisfaction
The role of employee engagement in organizational success
The impact of globalization on organizational culture
The effectiveness of virtual teams in project management
The impact of employee turnover on organizational performance
The role of corporate social responsibility in talent acquisition
The impact of technology on employee training and development
The effectiveness of knowledge management on organizational learning
The impact of organizational structure on employee motivation
The role of innovation in organizational change
The impact of cultural intelligence on global business operations
The effectiveness of marketing strategies on brand perception
The impact of change management on organizational culture
The role of leadership in organizational transformation
The impact of employee empowerment on job satisfaction
The effectiveness of project management methodologies on project success
The impact of workplace communication on team performance
The role of emotional intelligence in conflict resolution
The impact of employee motivation on job performance
The effectiveness of diversity and inclusion initiatives on organizational performance.
The impact of social media on consumer behavior and buying decisions
The role of diversity and inclusion in corporate culture and its effects on employee retention and productivity
The effectiveness of remote work policies on job satisfaction and work-life balance
The impact of customer experience on brand loyalty and revenue growth
The effects of environmental sustainability practices on corporate reputation and financial performance
The role of corporate social responsibility in consumer purchasing decisions
The effectiveness of leadership styles on team performance and productivity
The effects of employee motivation on job performance and turnover
The impact of technology on supply chain management and logistics efficiency
The role of emotional intelligence in effective leadership and team dynamics
The impact of artificial intelligence and automation on job displacement and workforce trends
The effects of brand image on consumer perception and purchasing decisions
The role of corporate culture in promoting innovation and creativity
The impact of e-commerce on traditional brick-and-mortar retail businesses
The effects of corporate governance on financial reporting and transparency
The effectiveness of performance-based compensation on employee motivation and productivity
The impact of online reviews and ratings on consumer trust and brand reputation
The effects of workplace diversity on innovation and creativity
The impact of mobile technology on marketing strategies and consumer behavior
The role of emotional intelligence in customer service and satisfaction
The effects of corporate reputation on financial performance and stakeholder trust
The impact of artificial intelligence on customer service and support
The role of organizational culture in promoting ethical behavior and decision-making
The effects of corporate social responsibility on employee engagement and satisfaction
The impact of employee turnover on organizational performance and profitability
The role of customer satisfaction in promoting brand loyalty and advocacy
The effects of workplace flexibility on employee morale and productivity
The impact of employee wellness programs on absenteeism and healthcare costs
The role of data analytics in business decision-making and strategy formulation
The effects of brand personality on consumer behavior and perception
The impact of social media marketing on brand awareness and customer engagement
The role of organizational justice in promoting employee satisfaction and retention
The effects of corporate branding on employee motivation and loyalty
The impact of online advertising on consumer behavior and purchasing decisions
The role of corporate entrepreneurship in promoting innovation and growth
The effects of cultural intelligence on cross-cultural communication and business success
The impact of workplace diversity on customer satisfaction and loyalty
The role of ethical leadership in promoting employee trust and commitment
The effects of job stress on employee health and well-being
The impact of supply chain disruptions on business operations and financial performance
The role of organizational learning in promoting continuous improvement and innovation
The effects of employee engagement on customer satisfaction and loyalty
The impact of brand extensions on brand equity and consumer behavior
The role of strategic alliances in promoting business growth and competitiveness
The effects of corporate transparency on stakeholder trust and loyalty
The impact of digital transformation on business models and competitiveness
The role of business ethics in promoting corporate social responsibility and sustainability
The effects of employee empowerment on job satisfaction and organizational performance.
The role of corporate governance in mitigating unethical behavior in multinational corporations.
The effects of cultural diversity on team performance in multinational corporations.
The impact of corporate social responsibility on consumer loyalty and brand reputation.
The relationship between organizational culture and employee engagement in service industries.
The impact of globalization on the competitiveness of small and medium enterprises (SMEs).
The effectiveness of performance-based pay systems on employee motivation and productivity.
The relationship between innovation and corporate performance in the pharmaceutical industry.
The impact of digital marketing on the traditional marketing mix.
The role of emotional intelligence in leadership effectiveness in cross-cultural teams.
The relationship between corporate social responsibility and financial performance in the banking sector.
The impact of diversity management on employee satisfaction and retention in multinational corporations.
The relationship between leadership style and organizational culture in family-owned businesses.
The impact of e-commerce on supply chain management.
The effectiveness of training and development programs on employee performance in the retail sector.
The impact of global economic trends on strategic decision-making in multinational corporations.
The relationship between ethical leadership and employee job satisfaction in the healthcare industry.
The impact of employee empowerment on organizational performance in the manufacturing sector.
The relationship between corporate social responsibility and employee well-being in the hospitality industry.
The impact of artificial intelligence on customer service in the banking industry.
The relationship between emotional intelligence and employee creativity in the technology industry.
The impact of big data analytics on customer relationship management in the telecommunications industry.
The relationship between organizational culture and innovation in the automotive industry.
The impact of internationalization on the performance of SMEs in emerging markets.
The effectiveness of performance appraisal systems on employee motivation and retention in the public sector.
The relationship between diversity management and innovation in the pharmaceutical industry.
The impact of social entrepreneurship on economic development in developing countries.
The relationship between transformational leadership and organizational change in the energy sector.
The impact of online customer reviews on brand reputation in the hospitality industry.
The effectiveness of leadership development programs on employee engagement in the finance industry.
The relationship between corporate social responsibility and employee turnover in the retail sector.
The impact of artificial intelligence on the recruitment and selection process in the technology industry.
The relationship between organizational culture and employee creativity in the fashion industry.
The impact of digital transformation on business models in the insurance industry.
The relationship between employee engagement and customer satisfaction in the service industry.
The impact of mergers and acquisitions on organizational culture and employee morale.
The effectiveness of knowledge management systems on organizational performance in the consulting industry.
The impact of social media marketing on brand loyalty in the food and beverage industry.
The relationship between emotional intelligence and customer satisfaction in the airline industry.
The impact of blockchain technology on supply chain management in the logistics industry.
The relationship between corporate social responsibility and employee engagement in the technology industry.
The impact of digitalization on talent management practices in the hospitality industry.
The effectiveness of reward and recognition programs on employee motivation in the manufacturing industry.
The impact of industry 4.0 on organizational structure and culture in the aerospace industry.
The relationship between leadership style and team performance in the construction industry.
The impact of artificial intelligence on financial forecasting and decision-making in the banking sector.
The relationship between corporate social responsibility and customer loyalty in the automotive industry.
The impact of virtual teams on employee communication and collaboration in the pharmaceutical industry.
The impact of remote work on employee productivity and job satisfaction
The effects of social media marketing on customer engagement and brand loyalty
The role of artificial intelligence in streamlining supply chain management
The effectiveness of employee training and development programs on organizational performance
The impact of diversity and inclusion initiatives on organizational culture and employee satisfaction
The role of corporate social responsibility in enhancing brand reputation and customer loyalty
The effects of e-commerce on small businesses and local economies
The impact of big data analytics on marketing strategies and customer insights
The effects of employee empowerment on organizational innovation and performance
The impact of globalization on the hospitality industry
The effects of corporate governance on organizational performance and financial outcomes
The role of customer satisfaction in driving business growth and profitability
The impact of artificial intelligence on financial forecasting and risk management
The effects of corporate culture on employee engagement and retention
The role of green marketing in promoting environmental sustainability and brand reputation
The impact of digital transformation on the retail industry
The effects of employee motivation on job performance and organizational productivity
The role of customer experience in enhancing brand loyalty and advocacy
The impact of international trade agreements on global business practices
The effects of artificial intelligence on customer service and support
The role of organizational communication in facilitating teamwork and collaboration
The impact of corporate social responsibility on employee motivation and retention
The effects of global economic instability on business decision-making
The role of leadership styles in organizational change management
The impact of social media influencers on consumer behavior and purchasing decisions
The effects of employee well-being on organizational productivity and profitability
The role of innovation in driving business growth and competitive advantage
The impact of digital marketing on consumer behavior and brand perception
The role of strategic planning in organizational success and sustainability
The impact of e-commerce on consumer privacy and data security
The effects of corporate reputation on customer acquisition and retention
The role of diversity and inclusion in organizational creativity and innovation
The impact of artificial intelligence on customer relationship management
The effects of customer feedback on product development and innovation
The role of employee job satisfaction in reducing turnover and absenteeism
The impact of global competition on business strategy and innovation
The effects of corporate branding on customer loyalty and advocacy
The role of digital transformation in enhancing organizational agility and responsiveness
The effects of employee empowerment on customer satisfaction and loyalty
The role of entrepreneurial leadership in driving business innovation and growth
The impact of digital disruption on traditional business models
The effects of organizational culture on innovation and creativity
The role of marketing research in developing effective marketing strategies
The impact of social media on customer relationship management
The effects of employee engagement on organizational innovation and competitiveness
The role of strategic partnerships in promoting business growth and expansion
The impact of global trends on business innovation and entrepreneurship

About the author

Muhammad Hassan

Researcher, Academic Writer, Web developer

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The past, present, and future of innovation research

Published: 06 June 2020
Volume 31 , pages 187–198, ( 2020 )

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Byung Cheol Lee ORCID: orcid.org/0000-0001-5353-8056 1 ,
Christine Moorman 2 ,
C. Page Moreau 3 ,
Andrew T. Stephen 4 &
Donald R. Lehmann 1

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The goal of a business is to enhance profitable revenue. Often this mission is accomplished by innovation, commonly by the process of bringing new products or services to market. This paper identifies major trends in the literature and practice and provides a perspective on how these trends may guide future research on innovation. Specifically, we document six themes that have appeared in research on the innovation process and discuss how scholars have developed ways to measure, predict, and explain each of these processes. Lastly, we offer our perspectives on future research topics on innovation reflecting on the impact of technological advancements.

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Those interested in a more comprehensive taxonomy of topics in the field should refer to Hauser et al. ( 2006 ).

One can refer to Oh et al. ( 2020 ) in this issue for a discussion on the impact of automation on brands

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Lee, B.C., Moorman, C., Moreau, C.P. et al. The past, present, and future of innovation research. Mark Lett 31 , 187–198 (2020). https://doi.org/10.1007/s11002-020-09528-6

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Published : 06 June 2020

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Business model innovation: a review and research agenda

New England Journal of Entrepreneurship

ISSN : 2574-8904

Article publication date: 16 October 2019

Issue publication date: 13 November 2019

The aim of this paper is to review and synthesise the recent advancements in the business model literature and explore how firms approach business model innovation.

Design/methodology/approach

A systematic review of business model innovation literature was carried out by analysing 219 papers published between 2010 and 2016.

Evidence reviewed suggests that rather than taking either an evolutionary process of continuous revision, adaptation and fine-tuning of the existing business model or a revolutionary process of replacing the existing business model, firms can explore alternative business models through experimentation, open and disruptive innovations. It was also found that changing business models encompasses modifying a single element, altering multiple elements simultaneously and/or changing the interactions between elements in four areas of innovation: value proposition, operational value, human capital and financial value.

Research limitations/implications

Although this review highlights the different avenues to business model innovation, the mechanisms by which firms can change their business models and the external factors associated with such change remain unexplored.

Practical implications

The business model innovation framework can be used by practitioners as a “navigation map” to determine where and how to change their existing business models.

Originality/value

Because conflicting approaches exist in the literature on how firms change their business models, the review synthesises these approaches and provides a clear guidance as to the ways through which business model innovation can be undertaken.

Business model
Value proposition
Value creation
Value capture

Ramdani, B. , Binsaif, A. and Boukrami, E. (2019), "Business model innovation: a review and research agenda", New England Journal of Entrepreneurship , Vol. 22 No. 2, pp. 89-108. https://doi.org/10.1108/NEJE-06-2019-0030

Emerald Publishing Limited

Published in New England Journal of Entrepreneurship . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

Firms pursue business model innovation by exploring new ways to define value proposition, create and capture value for customers, suppliers and partners ( Gambardella and McGahan, 2010 ; Teece, 2010 ; Bock et al. , 2012 ; Casadesus-Masanell and Zhu, 2013 ). An extensive body of the literature asserts that innovation in business models is of vital importance to firm survival, business performance and as a source of competitive advantage ( Demil and Lecocq, 2010 ; Chesbrough, 2010 ; Amit and Zott, 2012 ; Baden-Fuller and Haefliger, 2013 ; Casadesus-Masanell and Zhu, 2013 ). It is starting to attract a growing attention, given the increasing opportunities for new business models enabled by changing customer expectations, technological advances and deregulation ( Casadesus-Masanell and Llanes, 2011 ; Casadesus-Masanell and Zhu, 2013 ). This is evident from the recent scholarly outputs ( Figure 1 ). Thus, it is essential to comprehend this literature and uncover where alternative business models can be explored.

Conflicting approaches exist in the literature on how firms change their business models. One approach suggests that alternative business models can be explored through an evolutionary process of incremental changes to business model elements (e.g. Demil and Lecocq, 2010 ; Dunford et al. , 2010 ; Amit and Zott, 2012 ; Landau et al. , 2016 ; Velu, 2016 ). The other approach, mainly practice-oriented, advocates that innovative business models can be developed through a revolutionary process by replacing existing business models (e.g. Bock et al. , 2012 ; Iansiti and Lakhani, 2014 ). The fragmentation of prior research is due to the variety of disciplinary and theoretical foundations through which business model innovation is examined. Scholars have drawn on perspectives from entrepreneurship (e.g. George and Bock, 2011 ), information systems (e.g. Al-debei and Avison, 2010 ), innovation management (e.g. Dmitriev et al. , 2014 ), marketing (e.g. Sorescu et al. , 2011 ) and strategy (e.g. Demil and Lecocq, 2010 ). Also, this fragmentation is deepened by focusing on different types of business models in different industries. Studies have explored different types of business models such as digital business models (e.g. Weill and Woerner, 2013 ), service business models (e.g. Kastalli et al. , 2013 ), social business models (e.g. Hlady-Rispal and Servantie, 2016 ) and sustainability-driven business models ( Esslinger, 2011 ). Besides, studies have examined different industries such as airline ( Lange et al. , 2015 ), manufacturing ( Landau et al. , 2016 ), newspaper ( Karimi and Walter, 2016 ), retail ( Brea-Solís et al. , 2015 ) and telemedicine ( Peters et al. , 2015 ).

Since the first comprehensive review of business model literature was carried out by Zott et al. (2011) , several reviews were published recently (as highlighted in Table I ). Our review builds on and extends the extant literature in at least three ways. First, unlike previous reviews that mainly focused on the general construct of “Business Model” ( George and Bock, 2011 ; Zott et al. , 2011 ; Wirtz et al. , 2016 ), our review focuses on uncovering how firms change their existing business model(s) by including terms that reflect business model innovation, namely, value proposition, value creation and value capture. Second, previous reviews do not provide a clear answer as to how firms change their business models. Our review aims to provide a clear guidance on how firms carry out business model innovation by synthesising the different perspectives existing in the literature. Third, compared to recent reviews on business model innovation ( Schneider and Spieth, 2013 ; Spieth et al. , 2014 ), which have touched lightly on some innovation aspects such as streams and motivations of business model innovation research, our review will uncover the innovation areas where alternative business models can be explored. Taking Teece’s (2010) suggestion, “A helpful analytic approach for management is likely to involve systematic deconstruction/unpacking of existing business models, and an evaluation of each element with an idea toward refinement or replacement” (p. 188), this paper aims to develop a theoretical framework of business model innovation.

Our review first explains the scope and the process of the literature review. This is followed by a synthesis of the findings of the review into a theoretical framework of business model innovation. Finally, avenues for future research will be discussed in relation to the approaches, degree and mechanisms of business model innovation.

2. Scope and method of the literature review

Given the diverse body of business models literature, a systematic literature review was carried out to minimise research bias ( Transfield et al. , 2003 ). Compared to the previous business model literature, our review criteria are summarised in Table I . The journal papers considered were published between January 2010 and December 2016. As highlighted in Figure 1 , most contributions in this field have been issued within this period since previous developments in the literature were comprehensively reviewed up to the end of 2009 ( Zott et al. , 2011 ). Using four databases (EBSCO Business Complete, ABI/INFORM, JSTOR and ScienceDirect), we searched peer-reviewed papers with terms such as business model(s), innovation value proposition, value creation and value capture appearing in the title, abstract or subject terms. As a result, 8,642 peer-reviewed papers were obtained.

Studies were included in our review if they specifically address business models and were top-rated according to The UK Association of Business Schools list ( ABS, 2010 ). This rating has been used not only because it takes into account the journal “Impact Factor” as a measure for journal quality, but also uses in conjunction other measures making it one of the most comprehensive journal ratings. By applying these criteria, 1,682 entries were retrieved from 122 journals. By excluding duplications, 831 papers were identified. As Harvard Business Review is not listed among the peer-reviewed journals in any of the chosen databases and was included in the ABS list, we used the earlier criteria and found 112 additional entries. The reviewed papers and their subject fields are highlighted in Table II . Since the focus of this paper is on business model innovation, we selected studies that discuss value proposition, value creation and value capture as sub-themes. This is not only because the definition of business model innovation mentioned earlier spans all three sub-themes, but also because all three sub-themes have been included in recent studies (e.g. Landau et al. , 2016 ; Velu and Jacob, 2014 ). To confirm whether the papers addressed business model innovation, we examined the main body of the papers to ensure they were properly coded and classified. At the end of the process, 219 papers were included in this review. Table III lists the source of our sample.

The authors reviewed the 219 papers using a protocol that included areas of innovation (i.e. components, elements, and activities), theoretical perspectives and key findings. In order to identify the main themes of business model innovation research, all papers were coded in relation to our research focus as to where alternative business models can be explored (i.e. value proposition, value creation and value capture). Coding was cross checked among the authors on a random sample suggesting high accuracy between them. Having compared and discussed the results, the authors were able to identify the main themes.

3. Prior conceptualisations of business model innovation

Some scholars have articulated the need to build the business model innovation on a more solid theoretical ground ( Sosna et al. , 2010 ; George and Bock, 2011 ). Although many studies are not explicitly theory-based, some studies partially used well-established theories such as the resource-based view (e.g. Al-Debei and Avison, 2010 ) and transaction cost economics (e.g. DaSilva and Trkman, 2014 ) to conceptualise business model innovation. Other theories such as activity systems perspective, dynamic capabilities and practice theory have been used to help answer the question of how firms change their existing business models.

Using the activity systems perspective, Zott and Amit (2010) demonstrated how innovative business models can be developed through the design themes that describe the source of value creation (novelty, lock-in, complementarities and efficiency) and design elements that describe the architecture (content, structure and governance). This work, however, overlooks value capture which limits the explanation of the advocated system’s view (holistic). Moreover, Chatterjee (2013) used this perspective to reveal that firms can design innovative business models that translate value capture logic to core objectives, which can be delivered through the activity system.

Dynamic capability perspective frames business model innovation as an initial experiment followed by continuous revision, adaptation and fine-tuning based on trial-and-error learning ( Sosna et al. , 2010 ). Using this perspective, Demil and Lecocq (2010) showed that “dynamic consistency” is a capability that allows firms to sustain their performance while innovating their business models through voluntary and emergent changes. Also, Mezger (2014) conceptualised business model innovation as a distinct dynamic capability. He argued that this capability is the firm’s capacity to sense opportunities, seize them through the development of valuable and unique business models, and accordingly reconfigure the firms’ competences and resources. Using aspects of practice theory, Mason and Spring (2011) looked at business model innovation in the recorded sound industry and found that it can be achieved through various combinations of managerial practices.

Static and transformational approaches have been used to depict business models ( Demil and Lecocq, 2010 ). The former refers to viewing business models as constituting core elements that influence business performance at a particular point in time. This approach offers a snapshot of the business model elements and how they are assembled, which can help in understanding and communicating a business model (e.g. Eyring et al. , 2011 ; Mason and Spring, 2011 ; Yunus et al. , 2010). The latter, however, focuses on innovation and how to address the changes in business models over time (e.g. Sinfield et al. , 2012 ; Girotra and Netessine, 2014 ; Landau et al. , 2016 ). Some researchers have identified the core elements of business models ex ante (e.g. Demil and Lecocq, 2010 ; Wu et al. , 2010 ; Huarng, 2013 ; Dmitriev et al. , 2014 ), while others argued that considering a priori elements can be restrictive (e.g. Casadesus-Masanell and Ricart, 2010 ). Unsurprisingly, some researchers found a middle ground where elements are loosely defined allowing flexibility in depicting business models (e.g. Zott and Amit, 2010 ; Sinfield et al. , 2012 ; Kiron et al. , 2013 ).

Prior to 2010, conceptual frameworks focused on the business model concept in general (e.g. Chesbrough and Rosenbloom, 2002 ; Osterwalder et al. , 2005 ; Shafer et al. , 2005 ) apart from Johnson et al. ’s (2008 ), which is one of the early contributions to business model innovation. To determine whether a change in existing business model is necessary, Johnson et al. (2008) suggested three steps: “Identify an important unmet job a target customer needs done; blueprint a model that can accomplish that job profitably for a price the customer is willing to pay; and carefully implement and evolve the model by testing essential assumptions and adjusting as you learn” ( Eyring et al. , 2011 , p. 90). Although several frameworks have been developed since then, our understanding of business model innovation is still limited due to the static nature of the majority of these frameworks. Some representations ignore the elements and/or activities where alternative business models can be explored (e.g. Sinfield et al. , 2012 ; Chatterjee, 2013 ; Huarng, 2013 ; Morris et al. , 2013 ; Dmitriev et al. , 2014 ; Girotra and Netessine, 2014 ). Other frameworks ignore value proposition (e.g. Zott and Amit, 2010 ), ignore value creation (e.g. Dmitriev et al. , 2014 ; Michel, 2014 ) and/or ignore value capture (e.g. Mason and Spring, 2011 ; Sorescu et al. , 2011 ; Storbacka, 2011 ). Some conceptualisations do not identify who is responsible for the innovation (e.g. Casadesus-Masanell and Ricart, 2010 ; Sinfield et al. , 2012 ; Chatterjee, 2013 ; Kiron et al. , 2013 ). Synthesising the different contributions into a theoretical framework of business model innovation will enable a better understanding of how firms undertake business model innovation.

4. Business model innovation framework

Our framework ( Figure 2 ) integrates all the elements where alternative business models can be explored. This framework does not claim that the listed elements are definitive for high-performing business models, but is an attempt to outline the elements associated with business model innovation. This framework builds on the previous work of Johnson et al. (2008) and Zott and Amit (2010) by signifying the elements associated with business model innovation. Unlike previous frameworks that mainly consider the constituting elements of business models, this framework focuses on areas of innovation where alternative business models can be explored. Moreover, this is not a static view of the constituting elements of a business model, but rather a view enabling firms to explore alternative business models by continually refining these elements. Arrows in the framework indicate the continuous interaction of business model elements. This framework consists of 4 areas of innovation and 16 elements (more details are shown in Table IV ). Each will be discussed below.

4.1 Value proposition

The first area of innovation refers to elements associated with answering the “Why” questions. While most of the previously established models in the literature include at least one of the value proposition elements (e.g. Brea-Solís et al. , 2015 ; Christensen et al. , 2016 ), other frameworks included two elements (e.g. Dahan et al. , 2010 ; Cortimiglia et al. , 2016 ) and three elements (e.g. Eyring et al. , 2011 ; Sinfield et al. , 2012 ). These elements include rethinking what a company sells, exploring new customer needs, acquiring target customers and determining whether the benefits offered are perceived by customers. Modern organisations are highly concerned with innovation relating to value proposition in order to attract and retain a large portion of their customer base ( Al-Debei and Avison, 2010 ). Developing new business models usually starts with articulating a new customer value proposition ( Eyring et al. , 2011 ). According to Sinfield et al. (2012) , firms are encouraged to explore various alternatives of core offering in more depth by examining type of offering (product or service), its features (custom or off-the-shelf), offered benefits (tangible or intangible), brand (generic or branded) and lifetime of the offering (consumable or durable).

In order to exploit the “middle market” in emerging economies, Eyring et al. (2011) suggested that companies need to design new business models that aim to meet unsatisfied needs and evolve these models by continually testing assumptions and making adjustments. To uncover unmet needs, Eyring et al. (2011) suggested answering four questions: what are customers doing with the offering? What alternative offerings consumers buy? What jobs consumers are satisfying poorly? and what consumers are trying to accomplish with existing offerings? Furthermore, Baden-Fuller and Haefliger (2013) made a distinction between customers and users in two-sided platforms, where users search for products online, and customers (firms) place ads to attract users. They also made a distinction between “pre-designed (scale) based offerings” and “project based offerings”. While the former focuses on “one-size-fits-all”, the latter focuses on specific client solving specific problem.

Established firms entering emerging markets should identify unmet needs “the job to be done” rather than extending their geographical base for existing offerings ( Eyring et al. , 2011 ). Because customers in these markets cannot afford the cheapest of the high-end offerings, firms with innovative business models that meet these customers’ needs affordably will have opportunities for growth ( Eyring et al. , 2011 ). Moreover, secondary business model innovation has been advocated by Wu et al. (2010) as a way for latecomer firms to create and capture value from disruptive technologies in emerging markets. This can be achieved through tailoring the original business model to fit price-sensitive mass customers by articulating a value proposition that is attractive for local customers.

4.2 Operational value

The second area of innovation focuses on elements associated with answering the “What” questions. Many of the established frameworks included either one element (e.g. Sinfield et al. , 2012 ; Taran et al. , 2015 ), two elements (e.g. Mason and Spring, 2011 ; Dmitriev et al. , 2014 ). However, very few included three or more elements (e.g. Mehrizi and Lashkarbolouki, 2016 ; Cortimiglia et al. , 2016 ). These elements include configuring key assets and sequencing activities to deliver the value proposition, exposing the various means by which a company reaches out to customers, and establishing links with key partners and suppliers. Focusing on value creation, Zott and Amit (2010) argued that business model innovation can be achieved through reorganising activities to reduce transaction costs. However, Al-Debei and Avison (2010) argued that innovation relating to this dimension can be achieved through resource configuration, which demonstrates a firm’s ability to integrate various assets in a way that delivers its value proposition. Cavalcante et al. (2011) proposed four ways to change business models: business model creation, extension, revision and termination by creating or adding new processes, and changing or terminating existing processes.

Western firms have had difficulty competing in emerging markets due to importing their existing business models with unchanged operating model ( Eyring et al. , 2011 ). Alternative business models can be uncovered when firms explore the different roles they might play in the industry value chain ( Sinfield et al. , 2012 ). Al-Debei and Avison (2010) suggested achieving this through answering questions such as: what is the position of our firm in the value system? and what mode of collaboration (open or close) would we choose to reach out in a business network? Dahan et al. (2010) found cross-sector partnerships as a way to co-create new multi-organisational business models. They argued that multinational enterprises (MNEs) can collaborate with nongovernmental organisations (NGOs) to create products/or services that neither can create on their own. Collaboration allows access to resources that firms would otherwise need to solely develop or purchase ( Yunus et al. , 2010 ). According to Wu et al. (2010) , secondary business model innovation can be achieved when latecomer firms fully utilise strategic partners’ complementary assets to overcome their latecomer disadvantages and build a unique value network specific to emerging economies context.

4.3 Human capital

The third area of innovation refers to elements associated with answering the “Who” questions. Most of the established frameworks in this field tend to focus less on human capital and include one element at most (e.g. Wu et al. , 2010 ; Kohler, 2015 ). However, our framework highlights four elements, which include experimenting with new ways of doing business, tapping into the skills and competencies needed for the new business model through motivating and involving individuals in the innovation process. According to Belenzon and Schankerman (2015) , “the ability to tap into a pool of talent is strongly related to the specific business model chosen by managers” (p. 795). They claimed that managers can strategically influence individuals’ contributions and their impact on project performance.

Organisational learning can be maximised though continuous experimentation and making changes when actions result in failure ( Yunus et al. , 2010 ). Challenging and questioning the existing rules and assumptions and imagining new ways of doing business will help develop new business models. Another essential element of business model design is governance, which refers to who performs the activities ( Zott and Amit, 2010 ). According to Sorescu et al. (2011) , innovation in retail business models can occur as a result of changes in the level of participation by actors engaged in performing the activities. An essential element of retailing governance is the incentive structure or the mechanisms that motivate those involved in carrying out their roles to meet customer demands ( Sorescu et al. , 2011 ). For example, discount retailers tend to establish different compensation and incentive policies ( Brea-Solís et al. , 2015 ). Revising the incentive system can have a major impact on new ventures’ performance by aligning organisational goals at each stage of growth ( Roberge, 2015 ). Zott and Amit (2010) argued that alternative business models can be explored through adopting innovative governance or changing one or more parties that perform any activities. Sinfield et al. (2012) suggested that business model innovation only requires time from a small team over a short period of time to move a company beyond incremental improvements and generate new opportunities for growth. This is supported by Michel’s (2014) finding that cross-functional teams were able to quickly achieve business model innovation in workshops through deriving new ways to capture value.

4.4 Financial value

The final area of innovation focuses on elements associated with answering the “How” questions. Previously developed frameworks tend to prioritise this area of innovation by three elements (e.g. Eyring et al. , 2011 ; Huang et al. , 2013 ), and in one instance four elements (e.g. Yunus et al. , 2010 ). These elements include activities linked with how to capture value through revenue streams, changing the price-setting mechanisms, and assessing the financial viability and profitability of a business. According to Demil and Lecocq (2010) , changes in cost and/or revenue structures are the consequences of both continuous and radical changes. They also argued that costs relate to different activities run by organisations to acquire, integrate, combine or develop resources. Michel (2014) suggested that alternative business models can be explored through: changing the price-setting mechanism, changing the payer, and changing the price carrier. Different innovation forms are associated with each of these categories.

Business model innovation can be achieved through exploring new ways to generate cash flows ( Sorescu et al. , 2011 ), where the organisation has to consider (and potentially change) when the money is collected: prior to the sale, at the point of sale, or after the sale ( Baden-Fuller and Haefliger, 2013 ). Furthermore, Demil and Lecocq (2010) suggested that changes in business models affect margins. This is apparent in the retail business models, which generate more profit through business model innovation compared to other types of innovation ( Sorescu et al. , 2011 ).

5. Ways to change business models

From reviewing the recent developments in the business model literature, alternative business models can be explored through modifying a single business model element, altering multiple elements simultaneously and/or changing the interactions between elements of a business model.

Changing one of the business model elements (i.e. content, structure or governance) is enough to achieve business model innovation ( Amit and Zott, 2012 ). This means that firms can have a new activity system by performing only one new activity. However, Amit and Zott (2012) clearly outlined a systemic view of business models which entails a holistic change. This is evident from Demil and Lecocq’s (2010) work suggesting that the study of business model innovation should not focus on isolated activities since changing a core element will not only impact other elements but also the interactions between these elements.

Another way to change business models is through altering multiple business model elements simultaneously. Kiron et al. (2013) found that companies combining target customers with value chain innovations and changing one or two other elements of their business models tend to profit from their sustainability activities. They also found that firms changing three to four elements of their business models tend to profit more from their sustainability activities compared to those changing only one element. Moreover, Dahan et al. (2010) found that a new business model was developed as a result of MNEs and NGOs collaboration by redefining value proposition, target customers, governance of activities and distribution channels. Companies can explore multiple combinations by listing different business model options they could undertake (desirable, discussable and unthinkable) and evaluate new combinations that would not have been considered otherwise ( Sinfield et al. , 2012 ).

Changing business models is argued to be demanding as it requires a systemic and holistic view ( Amit and Zott, 2012 ) by considering the relationships between core business model elements ( Demil and Lecocq, 2010 ). As mentioned earlier, changing one element will not only impact other elements but also the interactions between these elements. A firm’s resources and competencies, value proposition and organisational system are continuously interacting and this will in turn impact business performance either positively or negatively ( Demil and Lecocq, 2010 ). According to Zott and Amit (2010) , innovative business models can be developed through linking activities in a novel way that generates more value. They argued that alternative business models can be explored by configuring business model design elements (e.g. governance) and connecting them to distinct themes (e.g. novelty). Supporting this, Eyring et al. (2011) suggested that core business model elements need to be integrated in order to create and capture value ( Eyring et al. , 2011 ).

6. Discussion and future research directions

From the above synthesis of the recent development in the literature, several gaps remain unfilled. To advance the literature, possible future research directions will be discussed in relation to approaches, degrees and mechanisms of business model innovation.

6.1 Approaches of business model innovation

Experimentation, open innovation and disruption have been advocated as approaches to business model innovation. Experimentation has been emphasised as a way to exploit opportunities and develop alternative business models before committing additional investments ( McGrath, 2010 ). Several approaches have been developed to assist in business model experimentation including mapping approach, discovery-driven planning and trail-and-error learning ( Chesbrough, 2010 ; McGrath, 2010 ; Sosna et al. , 2010 ; Andries and Debackere, 2013 ). Little is known about the effectiveness of these approaches. It will be worth investigating which elements of the business model innovation framework are more susceptible to experimentation and which elements should be held unchanged. Although business model innovation tends to be characterised with failure ( Christensen et al. , 2016 ), not much has been established on failing business models. It is interesting to explore how firms determine a failing business model and what organisational processes exist (if any) to evaluate and discard these failed business models. Empirical studies could examine which elements of business model innovation framework are associated with failing business models.

Another way to develop alternative business models is through open innovation. Although different categories of open business models have been identified by researchers (e.g. Frankenberger et al. , 2014 ; Taran et al. , 2015 ; Kortmann and Piller, 2016 ), their effectiveness is yet to be established. Further research is needed to examine when can a firm open and/or close element(s) of the business model innovation framework. Future studies could also examine the characteristics of open and/or close business models.

In responding to disruptive business models, how companies extend their existing business model, introduce additional business model(s) and/or replace their existing business model altogether remains underexplored. Future research is needed to unravel the strategies deployed by firms to extend their existing business models as a response to disruptive business models. In introducing additional business models, Markides (2013) suggested that a company will be presented with several options to manage the two businesses at the same time: create a completely separate business unit, integrate the two business models from the beginning or integrate the second business model after a certain period of time. Finding the balance between separation and integration is of vital importance. Further research could identify which of these choices are most common among successful firms introducing additional business models, how is the balance between integration and separation achieved, and which choice(s) prove more profitable. Moreover, very little is known on how firms replace their existing business model. Longitudinal studies could provide insights into how a firm adopts an alternative model and discard the old business model over time. It may also be worth examining the factors associated with the adoption of business model innovation as a response to disruptive business models. Moreover, new developments in digital technologies such as blockchain, Internet of Things and artificial intelligence are disrupting existing business models and providing firms with alternative avenues to create new business models. Thus far, very little is known on digital business models, the nature of their disruption, and how firms create digital business models and make them disruptive. Future research is needed to fill these important gaps in our knowledge.

6.2 Degrees of business model innovation

Business models can be developed through varying degrees of innovation from an evolutionary process of continuous fine-tuning to a revolutionary process of replacing existing business models. Recent research shows that survival of firms is dependent on the degree of their business model innovation ( Velu, 2015, 2016 ). This review classifies these degrees of innovation into modifying a single element, altering multiple elements simultaneously and/or changing the interactions between elements of the business model innovation framework.

In changing a single element, further research is needed to examine which business model element(s) is (are) associated with business model innovation. It is not clear whether firms intentionally make changes to a single element when carrying out business model innovation or stumble at it when experimenting with new ways of doing things. It may also be worth investigating the entry (or starting) points in the innovation process. There is no consensus in the literature on which element do companies start with when carrying out their business model innovation. While some studies suggest starting with the value proposition ( Eyring et al. , 2011 ; Landau et al. , 2016 ), others suggest starting the innovation process with identifying risks in the value chain ( Girotra and Netessine, 2011 ). Dmitriev et al. (2014) suggested two entry points, namely, value proposition and target customers. In commercialising innovations, the former refers to technology-push innovation while the latter refers to market-pull innovation. Also, it is not clear whether the entry point is the same as the single element associated with changing the business model. Further research can explore the different paths to business model innovation by identifying the entry point and subsequent changes needed to achieve business model innovation.

There is little guidance in the literature on how firms change multiple business model elements simultaneously. Landau et al. (2016) claimed that firms entering emerging markets tend to focus on adjusting specific business model components. It is unclear which elements need configuring, combining and/or integrating to achieve a company’s value proposition. Furthermore, the question of which elements can be “bought” on the market or internally “implemented” and their interplay remains unanswered ( DaSilva and Trkman, 2014 ). Casadesus-Masanell and Ricart (2010) argued that “[…] there is (as yet) no agreement as to the distinctive features of superior business models” (p. 196). Further research is needed to explore these distinctive elements of high-performing business models.

In changing the interactions between business model elements, further research is needed to explore how these elements are linked and what interactions’ changes are necessary to achieve business model innovation. Moreover, the question of how firms sequence these elements remains poorly understood. Future research can explore the synergies created over time between these elements. According to Dmitriev et al. (2014) , we need to improve our understanding of the connective mechanisms and dynamics involved in business model development. More work is needed to explore the different modalities of interdependencies among these elements and empirically testing such interdependencies and their effect on business performance ( Sorescu et al. , 2011 ).

It is surprising that the link between business model innovation and organisational performance has rarely been examined. Changing business models has been found to negatively influence business performance even if it is temporary ( McNamara et al. , 2013 ; Visnjic et al. , 2016 ). Contrary to this, evidence show that modifying business models is positively associated with organisational performance ( Cucculelli and Bettinelli, 2015 ). Empirical research is needed to operationalise the various degrees of innovation in business models and examine their link to organisational performance. Longitudinal studies can also be used to explore this association since it may be the case that business model innovation has a negative influence on performance in the short run and that may change subsequently. Moreover, it is not clear whether high-performing firms change their business models or innovation in business models is a result from superior performance ( Sorescu et al. , 2011 ). Further studies are needed to determine the direction of causality. Another link that is worth exploring is business model innovation and social value, which has only been explored in a few studies looking at social business models (e.g. Yunus et al. , 2010 ; Wilson and Post, 2013 ). Further research is needed to examine this link and possibly examine both financial and non-financial business performance.

6.3 Mechanisms of business model innovation

Although we know more about how firms define value proposition, create and capture value ( Landau et al. , 2016 ; Velu and Jacob, 2014 ), what remains as a blind spot is the mechanism of business model innovation. This is due to the fact that much of the literature seems to focus on value creation. To better understand the various mechanisms of business model innovation, future studies must integrate value proposition, value creation and value capture elements. Empirical studies could use the business model innovation framework to examine the various mechanisms of business model innovation. Also, the literature lacks the integration of internal and external perspectives of business model innovation. Very few studies look at the external drivers of business model innovation and the associated internal changes. The external drivers are referred to as “emerging changes”, which are usually beyond manager’s control ( Demil and Lecocq, 2010 ). Inconclusive findings exist as to how firms develop innovative business models in response to changes in the external environment. Future studies could examine the external factors associated with the changes in the business model innovation framework. Active and reactive responses need to be explored not only to understand the external influences, but also what business model changes are necessary for such responses. A better understanding of the mechanisms of business model innovation can be achieved by not only exploring the external drivers, but also linking them to specific internal changes. Although earlier contributions linking studies to established theories such as the resource-based view, transaction cost economics, activity systems perspective, dynamic capabilities and practice theory have proven to be vital in advancing the literature, developing a theory that elaborates on the antecedents, consequences and different facets of business model innovation is still needed ( Sorescu et al. , 2011 ). Theory can be advanced by depicting the mechanisms of business model innovation through the integration of both internal and external perspectives. Also, we call for more empirical work to uncover these mechanisms and provide managers with the necessary insights to carry out business model innovation.

7. Conclusions

The aim of this review was to explore how firms approach business model innovation. The current literature suggests that business model innovation approaches can either be evolutionary or revolutionary. However, the evidence reviewed points to a more complex picture beyond the simple binary approach, in that, firms can explore alternative business models through experimentation, open and disruptive innovations. Moreover, the evidence highlights further complexity to these approaches as we find that they are in fact a spectrum of various degrees of innovation ranging from modifying a single element, altering multiple elements simultaneously, to changing the interactions between elements of the business model innovation framework. This framework was developed as a navigation map for managers and researchers interested in how to change existing business models. It highlights the key areas of innovation, namely, value proposition, operational value, human capital and financial value. Researchers interested in this area can explore and examine the different paths firms can undertake to change their business models. Although this review pinpoints the different avenues for firm to undertake business model innovation, the mechanisms by which firms can change their business models and the external factors associated with such change remain underexplored.

The evolution of business model literature (pre-2000 to 2016)

Business model innovation framework

Previous reviews of business model literature

	(2011)			(2014)	(2016)	Our review
Term(s)	Business model	Business model	Business model innovation	Business model(s)	Business model	Business model(s); innovation; value proposition; value creation; value capture
Period	1975–2009	Up to 1 December 2008	1981–May 2012	Up to January/February 2010	1965–2013	2010–2016
Search	Title; keywords	All-text topics	Keyword	Title; abstract; keywords	Title	Title; abstract; keywords
Databases	Business source complete	EBSCO business source premiere	na	na	EBSCO business source complete	EBSCO business complete; ABI/INFORM; JSTOR; ScinceDirect
Type	Peer-reviewed papers; books; reports; magazines	Papers; books; websites; unpublished manuscripts	Peer-reviewed journals; recent working papers	Papers; reviews; editorials; books; reviewed publications	Papers in peer-reviewed and non-peer-reviewed journals	Peer-reviewed papers with the exception of ; top-rated papers
Sample	103	108	35	54	681	219

Reviewed papers and their subject fields

		Number of papers/Year
Subject fields	No. of journals	2010	2011	2012	2013	2014	2015	2016	Total no. of papers	% of papers
Marketing	14	16	23	34	36	23	26	76	234	24.8
General management	12	18	32	20	33	27	43	47	220	23.3
Information management	13	8	6	13	14	21	13	20	95	10.1
Operations, technology and management	8	6	9	10	14	14	11	19	83	8.8
Strategic management	2	25	8	3	17	7	3	19	82	8.7
Innovation	3	4	5	5	5	18	5	13	55	5.8
Entrepreneurship and small business management	6	9	4	3	13	3	14	7	53	5.6
Business ethics and governance	2	11	5	4	7	6	5	6	44	4.7
Business and area studies	5	5	2	4	3	2	5	5	26	2.8
Operations research and management science	5	4	6	2	4	2	2	5	25	2.7
Organisation studies	4	3	2	4	2	1	2	2	16	1.7
Human resources management and employment studies	2	2	–	1	3	–	1	2	9	1.0
International business and area studies	–	–	–	–	–	–	–	1	1	0.1
Total	76	111	102	103	151	124	130	222	943	100.0

Source of our sample

Journals	Number of papers	Weighting (%)
	42	19.2
	28	12.8
	21	9.6
	16	7.3
	15	6.8
	11	5.0
	10	4.6
	8	3.7
	6	2.7
Others	62	28.3
Total	219	100

Business model innovation areas and elements

Areas of innovation	Elements	Relevant questions	Variables	Studies
Value proposition (Why?)	Core offering	Why our products/services?	Value proposition
			Value proposition	(2010)
			Value proposition
			Value proposition	(2010)
			Value proposition	(2010)
			Type of offering	(2011)
			Offering	(2012)
			Offering	(2012)
			Product/Service offering	(2013)
			Customer value proposition	(2014)
			Change in offering	(2014)
			Product selection	(2015)
			Value propositions
			Value proposition	(2015)
			Offering	(2016)
			Value proposition	(2016)
			Value proposition	(2016)
			Value proposition/Offering	(2016)
			Value proposition
			Market offering	(2016)
	Customer needs	Why customers purchase our products/services?	Customer needs	(2011)
			Perceived needs
			Customer need	(2012)
			Customer engagement
	Target customers	Why target the current segment(s)?	Target customers	(2010)
			Target customers	(2012)
			Customer identification
			Target segments	(2013)
			Target market Segment(s)	(2014)
			Target customers	(2014)
			Customer segments
			Target customers	(2015)
			Target customers	(2016)
			Value delivery	(2016)
			Market/Customer segment	(2016)
			Customer segment
			Customers	(2016)
	Customer perceived value	Why customers choose us?	Meeting local needs	(2010)
			Affordability	(2011)
			Satisfy perceived needs
Operational value (What?)	Key assets	What assets do we need?	Key resources	(2011)
			Resources	(2012)
			Key assets	(2014)
			Key resources
			Resources	(2016)
			Value creation	(2016)
			Key resources	(2016)
			Key resources
			Resources	(2016)
	Key process	What processes do we require?	Key processes	(2011)
			Technologies
			Investment in technology	(2015)
			Processes	(2016)
			Value creation	(2016)
	Partners network	What relationships should we consider?	Value network
			Value network
			Value network	(2010)
			Network architecture
			Relationships	(2012)
			Value chain linkages
			Partners’ network	(2014)
			Partner network	(2014)
			Partner network	(2015)
			Key partners
			Partner network	(2015)
			Value networking	(2016)
			Supply chain
			Network	(2016)
	Distribution channels	What channels can deliver our products/services?	Distribution channel	(2010)
			Channel	(2011)
			Customer access	(2012)
			Distribution channel	(2014)
			Channels
			Sales channels
			Value delivery	(2016)
Human capital (Who?)	Organisational learning	Who should be engaged in knowledge transfer activities?	Double loop learning	(2010)
			Experimentation process	(2012)
			Human resource practices	(2015)
	Skills and competencies	Who should execute specific activities?	Resources and competencies
			Core competency	(2010)
			Resources and competencies
			Core internal competencies	(2013)
			Core competency	(2014)
			Core competences	(2015)
			Domain-specific know-how	(2015)
	Incentives	Who should be reward?	Incentives	(2011)
			Human resource practices	(2015)
			Crowd rewards
	Training	Who requires development to carry out specific activities?	Human resource practices	(2015)
Financial value (How?)	Revenue streams	How do we generate revenue?	Value finance
			Volume and structure of revenues
			Revenue model	(2010)
			Sales revenues	(2010)
			Revenue model	(2011)
			Revenue model	(2012)
			Monetisation
			Revenue model	(2013)
			Revenue	(2013)
			Revenue drivers	(2013)
			Revenue model	(2014)
			Revenue streams
			Type of revenue	(2015)
			Value appropriation	(2016)
			Revenue stream	(2016)
			Revenue model
			Revenue	(2016)
			Revenues	(2016)
	Cost structure	How do we cost our products/services?	Value finance
			Volume and structure of costs
			Cost structure	(2010)
			Cost structure	(2010)
			Cost structure	(2011)
			Cost	(2013)
			Cost model	(2013)
			Pricing approach	(2013)
			Cost structure	(2014)
			Cost structure	(2014)
			Cost consciousness	(2015)
			Company cost structure
			Cost drivers	(2015)
			Value appropriation	(2016)
			Cost structure	(2016)
			Costs	(2016)
			Cost structure
			Finances	(2016)
	Cash flow	How should we manage cash flow?	Capital employed	(2010)
			Monetisation
	Margins	How much surplus can we make?	Margin
			Profit formula	(2010)
			Economic profit equation	(2010)
			Profit formula	(2011)
			Profit model	(2012)
			Profit	(2013)
			Margins	(2013)
			Estimation of profit potential	(2014)
			Profit formula	(2015)
			Profit formula	(2016)

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Innovation in Business: What It Is & Why It’s Important

Business professionals pursuing innovation in the workplace

08 Mar 2022

Today’s competitive landscape heavily relies on innovation. Business leaders must constantly look for new ways to innovate because you can't solve many problems with old solutions.

Innovation is critical across all industries; however, it's important to avoid using it as a buzzword and instead take time to thoroughly understand the innovation process.

Here's an overview of innovation in business, why it's important, and how you can encourage it in the workplace.

What Is Innovation?

Innovation and creativity are often used synonymously. While similar, they're not the same. Using creativity in business is important because it fosters unique ideas . This novelty is a key component of innovation.

For an idea to be innovative, it must also be useful. Creative ideas don't always lead to innovations because they don't necessarily produce viable solutions to problems.

Simply put: Innovation is a product, service, business model, or strategy that's both novel and useful. Innovations don't have to be major breakthroughs in technology or new business models; they can be as simple as upgrades to a company's customer service or features added to an existing product.

Access your free e-book today.

Types of Innovation

Innovation in business can be grouped into two categories : sustaining and disruptive.

Sustaining innovation: Sustaining innovation enhances an organization's processes and technologies to improve its product line for an existing customer base. It's typically pursued by incumbent businesses that want to stay atop their market.
Disruptive innovation: Disruptive innovation occurs when smaller companies challenge larger businesses. It can be classified into groups depending on the markets those businesses compete in. Low-end disruption refers to companies entering and claiming a segment at the bottom of an existing market, while new-market disruption denotes companies creating an additional market segment to serve a customer base the existing market doesn't reach.

The most successful companies incorporate both types of innovation into their business strategies. While maintaining an existing position in the market is important, pursuing growth is essential to being competitive. It also helps protect a business against other companies affecting its standing.

Learn about the differences between sustaining and disruptive innovation in the video below, and subscribe to our YouTube channel for more explainer content!

The Importance of Innovation

Unforeseen challenges are inevitable in business. Innovation can help you stay ahead of the curve and grow your company in the process. Here are three reasons innovation is crucial for your business:

It allows adaptability: The recent COVID-19 pandemic disrupted business on a monumental scale. Routine operations were rendered obsolete over the course of a few months. Many businesses still sustain negative results from this world shift because they’ve stuck to the status quo. Innovation is often necessary for companies to adapt and overcome the challenges of change.
It fosters growth: Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today’s highly competitive world.
It separates businesses from their competition: Most industries are populated with multiple competitors offering similar products or services. Innovation can distinguish your business from others.

Design Thinking and Innovation | Uncover creative solutions to your business problems | Learn More

Innovation & Design Thinking

Several tools encourage innovation in the workplace. For example, when a problem’s cause is difficult to pinpoint, you can turn to approaches like creative problem-solving . One of the best approaches to innovation is adopting a design thinking mentality.

Design thinking is a solutions-based, human-centric mindset. It's a practical way to strategize and design using insights from observations and research.

Four Phases of Innovation

Innovation's requirements for novelty and usefulness call for navigating between concrete and abstract thinking. Introducing structure to innovation can guide this process.

In the online course Design Thinking and Innovation , Harvard Business School Dean Srikant Datar teaches design thinking principles using a four-phase innovation framework : clarify, ideate, develop, and implement.

Four phases of design thinking: clarify, ideate, develop, and implement

Clarify: The first stage of the process is clarifying a problem. This involves conducting research to empathize with your target audience. The goal is to identify their key pain points and frame the problem in a way that allows you to solve it.
Ideate: The ideation stage involves generating ideas to solve the problem identified during research. Ideation challenges assumptions and overcomes biases to produce innovative ideas.
Develop: The development stage involves exploring solutions generated during ideation. It emphasizes rapid prototyping to answer questions about a solution's practicality and effectiveness.
Implement: The final stage of the process is implementation. This stage involves communicating your developed idea to stakeholders to encourage its adoption.

Human-Centered Design

Innovation requires considering user needs. Design thinking promotes empathy by fostering human-centered design , which addresses explicit pain points and latent needs identified during innovation’s clarification stage.

There are three characteristics of human-centered design:

Desirability: For a product or service to succeed, people must want it. Prosperous innovations are attractive to consumers and meet their needs.
Feasibility: Innovative ideas won't go anywhere unless you have the resources to pursue them. You must consider whether ideas are possible given technological, economic, or regulatory barriers.
Viability: Even if a design is desirable and feasible, it also needs to be sustainable. You must consistently produce or deliver designs over extended periods for them to be viable.

Consider these characteristics when problem-solving, as each is necessary for successful innovation.

The Operational and Innovative Worlds

Creativity and idea generation are vital to innovation, but you may encounter situations in which pursuing an idea isn't feasible. Such scenarios represent a conflict between the innovative and operational worlds.

The Operational World

The operational world reflects an organization's routine processes and procedures. Metrics and results are prioritized, and creativity isn't encouraged to the extent required for innovation. Endeavors that disrupt routine—such as risk-taking—are typically discouraged.

The Innovative World

The innovative world encourages creativity and experimentation. This side of business allows for open-endedly exploring ideas but tends to neglect the functional side.

Both worlds are necessary for innovation, as creativity must be grounded in reality. You should strive to balance them to produce human-centered solutions. Design thinking strikes this balance by guiding you between the concrete and abstract.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Learning the Ropes of Innovation

Innovation is easier said than done. It often requires you to collaborate with others, overcome resistance from stakeholders, and invest valuable time and resources into generating solutions. It can also be highly discouraging because many ideas generated during ideation may not go anywhere. But the end result can make the difference between your organization's success or failure.

The good news is that innovation can be learned. If you're interested in more effectively innovating, consider taking an online innovation course. Receiving practical guidance can increase your skills and teach you how to approach problem-solving with a human-centered mentality.

Eager to learn more about innovation? Explore Design Thinking and Innovation ,one of our online entrepreneurship and innovation courses. If you're not sure which course is the right fit, download our free course flowchart to determine which best aligns with your goals.

About the Author

What is innovation?

When you think of innovation, what springs to mind? Maybe it’s a flashy new gadget—but don’t be mistaken. There’s much more to the world of innovation, which extends far beyond new products and things you’ll find on a store shelf.

Get to know and directly engage with senior McKinsey experts on innovation.

Marc de Jong is a senior partner in McKinsey’s Amsterdam office, Laura Furstenthal is a senior partner in the Bay Area office, and Erik Roth is a senior partner in the Stamford office.

If products alone aren’t the full story, what is innovation? In a business context, innovation is the ability to conceive, develop, deliver, and scale new products, services, processes, and business models for customers.

Successful innovation delivers net new growth that is substantial. As McKinsey senior partner Laura Furstenthal notes in an episode of the Inside the Strategy Room podcast , “However you measure it, innovation has to increase value and drive growth.”

As important as innovation is, getting it right can be challenging. Over 80 percent of executives surveyed say that innovation is among their top three priorities, yet less than 10 percent report being satisfied with their organizations’ innovation performance. Many established companies are better operators than innovators , producing few new and creative game changers. Most succeed by optimizing existing core businesses.

Why is innovation important in business?

Some companies do succeed at innovation. Our research considered how proficient 183 companies were at innovation, and compared that assessment against a proprietary database of economic profit (the total profit minus the cost of capital). We found that companies that harness the essentials of innovation see a substantial performance edge that separates them from others—with evidence that mastering innovation can generate economic profit that is 2.4 times higher than that of other players .

Learn more about our Strategy & Corporate Finance practice.

How can leaders decide what innovations to prioritize?

Successful innovation has historically occurred at the intersection of several elements, which can guide prioritization efforts. The three most important elements are the who, the what, and the how :

An unmet customer need (the ‘who’): Who is the customer and what problem do they need to solve? Are macrotrends such as automation driving changes in customer needs?
A solution (the ‘what’): Is the solution compelling and can it be executed?
A business model that allows for the solution to be monetized (the ‘how’): How will the solution create value? What is the business model?

Successful innovation requires answers to each of these questions.

An example from inventor and businessman Thomas Edison helps illustrate the concept. “In every case, he did not just invent the what, he also invented a how,” says Furstenthal in a conversation on innovation . “In the case of the light bulb, he created the filament and the vacuum tube that allowed it to turn on and off, and he developed the production process that enabled mass production.”

Circular, white maze filled with white semicircles.

Looking for direct answers to other complex questions?

How do organizations become better innovators.

McKinsey conducted research into the attributes and behaviors behind superior innovation performance , which were validated in action at hundreds of companies. This research yielded eight critical elements for organizations to master:

Aspire: Do you regard innovation-led growth as critical, and have you put in place cascaded targets that reflect this?
Choose: Do you invest in a coherent, time- and risk-balanced portfolio of initiatives, and do you devote sufficient resources to it?
Discover: Are your business, market, and technology R&D efforts actionable and capable of being translated into winning value propositions?
Evolve: Do you create new business models that provide defensible, robust, and scalable profit sources?
Accelerate: Do you develop and launch innovations quickly and effectively?
Scale: Do you launch innovations at the right scale in the relevant markets and segments?
Extend: Do you create and capitalize on external networks?
Mobilize: Are your people motivated, rewarded, and organized to innovate repeatedly?

Of these eight essentials, two merit particular attention : aspire and choose . Without these two elements, efforts may be too scattershot to make a lasting difference. It’s particularly crucial to ensure that leaders are setting bold aspirations and making tough choices when it comes to resource allocation and portfolio moves. To do so successfully, many leaders will need to shift their mindsets or management approaches.

What are examples of successful innovators?

Real-world examples of successful innovation, related to some of the eight essentials listed , can highlight the benefits of pursuing innovation systematically :

Mercedes-Benz Group invested extensively in digitizing its product development system. That allowed the company to shorten its innovation cycles significantly , and its capabilities for personalizing cars have improved, even as assembly efficiency rose by 25 percent.
Gavi, a public–private partnership founded to save children’s lives and protect their health by broadening access to immunization, used nonfinancial targets to help drive its innovation efforts —and this helped the organization broaden its aspiration for impact in a way that was bold, specific, measurable, and time bound.
Lantmännen, a large Nordic agricultural cooperative, faced flat organic growth. Leadership created a vision and strategic plan connected to financial targets cascaded down to business units and product groups. Doing so allowed the organization to move from 4 percent annual growth to 13 percent, on the back of successfully launching several new brands.
The information services organization RELX Group brought discipline to choosing its innovation portfolio by running ten to 15 experiments in each customer segment in its pipeline every year. It selects one or two of the most successful ideas from the portfolio to continue.
International insurance company Discovery Group mobilized the organization around innovation by creating incentives for a thousand of the company’s leaders using semiannual divisional scorecards. Innovation isn’t a choice; it’s a requirement and a part of the organization’s culture.

These examples aren’t necessarily what you may think of when you imagine disruptive innovation—which calls to mind moves that shake up an entire industry, and might be more associated with top tech trends such as the Bio Revolution . Yet these examples show how committing to innovation can make a sizable difference.

How can my organization improve the volume and quality of new ideas?

Steps to help aspiring innovators get started include the following:

Hold collision sessions: Cross-functional groups gather in a structured process to think through the intersection of unmet customer needs, technology trends, and business models, bringing creativity and specificity to the process of idea generation. Then, a venture panel considers these ideas and iterates on them, prioritizing what to do.
Challenge orthodoxies: Participants gather and describe beliefs that are common but that prevent the organization from innovating for customers. Examples of these orthodoxies include statements such as “budgets are limited” or “we don’t have the digital capabilities to pull it off.” Once the orthodoxies are laid out, teams brainstorm after being prompted to consider if the opposite of the statement were true.
Make analogies to other industries: A team might create a list of companies with unique value propositions. Then, they systematically apply these value propositions to their ideas to see if the analogy can create new sources of value or fresh opportunities.
Apply constraints: Rather than searching for blue-sky ideas, tighten the constraints on an idea’s business or operating model and explore potential new solutions. What if you served only one type of customer? What if the only channel you could access was online?

In the words of chemist Linus Pauling, “The way to get to good ideas is to get lots of ideas and throw the bad ones away.”

What is an innovation portfolio?

An innovation portfolio is a thoughtfully curated bundle of potentially innovative initiatives, with clear aspirations and required resources defined for each. Managing the portfolio this way helps find new opportunities and determine the appropriate number and mix of initiatives, including the following:

confirming the total value of the portfolio needed
evaluating existing innovation projects based on incremental value delivered, risk, and alignment with strategic priorities
getting comfortable saying “no” to stop projects that are dilutive, and resisting the siren song of incremental initiatives that are unlikely to pay for themselves
reallocating resources—including competencies and skills—to new initiatives or to current ones that additional support can accelerate or amplify
identifying portfolio gaps and defining new initiatives to close them

How to measure innovation?

One way to measure innovation is to look at innovation-driven net new growth, which we call the “green box.” This phrase refers to how you quantify the growth in revenue or earnings that an innovation needs to provide within a defined timeframe. This concept can help clarify aspirations and influence choices on the innovation journey.

While many imagine that innovation is solely about creativity and generating ideas, at its core, innovation is a matter of resource allocation . To put it another way: it’s one thing to frame innovation as a catalyst for growth, and another to act upon it by refocusing people, assets, and management attention on the organization’s best ideas.

The green box can help to solidify a tangible commitment by defining the value that a company creates from breakthrough and incremental innovation, on a defined timeline (say, five years), with quantifiable metrics such as net new revenue or earnings growth. Crucially, the green box looks at growth from innovation alone, setting aside other possible sources such as market momentum, M&A, and so forth. And once defined, the growth aspiration can be cascaded into a set of objectives and metrics that the company’s various operating units can incorporate into its individual innovation portfolios.

It’s useful to note that some organizations may find that measures not solely financial in nature are more appropriate or relevant. For instance, metrics such as the number of subscribers or patients—or customer satisfaction—can resonate. What’s critical is selecting a metric that is a proxy for value creation. A large US healthcare payer , for example, looked to spur innovation that would improve patient satisfaction and the quality of care.

Separate from the concept of the green box, two simple metrics can also offer surprising insight about innovation vis-à-vis the effectiveness of an organization’s R&D spending. Both of these lend themselves to benchmarking, since they can be gauged from the outside in, and they offer insight at the level of a company’s full innovation portfolio. The two R&D conversion metrics are as follows:

R&D-to-product conversion: This metric is calculated by looking at the ratio of R&D spending (as a portion of sales) to sales from new products. It can show how well your R&D dollars convert to actual sales of new products—and it might reveal that spending more doesn’t necessarily translate into stronger performance.
New-products-to-margin conversion: This metric considers the ratio of gross margin percentage to sales from new products. It can indicate how new-product sales contribute to lifting margins.

While no metric is perfect, these may offer perspective that keeps the focus squarely on returns from innovation and the value it creates—often more meaningful than looking inward at measures of activity, such as the number of patents secured.

How do you create a high-performing innovation team?

Innovation is a team sport. Experience working with strong innovators and start-ups has helped identify ten traits of successful innovation teams . Those fall into four big categories: vision , or the ability to spot opportunities and inspire others to go after them; collaboration , which relates to fostering effective teamwork and change management (for instance, by telling a good innovation story ); learning or absorbing new ideas; and execution , with traits that facilitate snappy decision making even when uncertainty arises.

Being strategic about the composition of an innovation team can help minimize failures and bring discipline to the process.

What innovation advice can help business leaders?

One broad piece of advice centers on creating a culture that accounts for the human side of innovation . When people worry about failure, criticism, or the career impact of a wrong move, it can keep them from embracing innovation. In a recent poll, 85 percent of executives say fear holds back their organization’s innovation efforts often or always—but there are ways to overcome these barriers .

Additionally, the Committed Innovator podcast and related articles share perspectives from leading experts who have helped their organizations tackle inertia and unlock bold strategic moves. If you are looking for words of wisdom, their insights can help spark inspiration to innovate:

Naomi Kelman, CEO, Willow . “Creating a safe environment for innovation is really what you need to do to get the greatness out of the people who work with you, which is ultimately what drives growth.”
Safi Bahcall, author, Loonshots . “Most of the important breakthroughs failed many times before they succeeded. That is where ‘fail fast’ goes wrong. Most companies are too impatient.”
Amy Brooks, chief innovation officer, National Basketball Association . “You can use data or examples to convince people about what is working in the market or what other industries are doing. We like to share best practices within our own leagues and within sports, but we also pay attention to every other industry that sells to consumers.”
Tanya Baker, global leader, Goldman Sachs Accelerate . “If someone knowledgeable thinks what you are doing is a bad idea, make sure they have a seat at the table. Put them on your board; make them one of your advisers so you don’t have any blind spots.”
Neal Gutterson, former chief technology officer, Corteva . “[A] key skill is being able to hold two divergent thoughts and approaches in your brain and in your team at the same time. The great companies will be ambidextrous innovators, able to disrupt themselves in the future while serving the core [business] today.”
Anjali Sud, CEO, Vimeo . “What keeps me up at night is execution and, within that, focus. Because when you are in a market like ours, at a time like now, the opportunity is huge. We are this nimble, fast-growing, fast-moving company, and everywhere I look I see opportunity. But am I providing enough focus for my teams so that we can truly be great at something? You don’t want to miss a big boat, and it’s hard sometimes to say no to valid, exciting ideas that could be transformative.”

For more in-depth exploration of these topics, see McKinsey’s insights on Strategy & Corporate Finance . Learn more about McKinsey’s Growth & Innovation work—and check out innovation-related job opportunities if you’re interested in working at McKinsey.

Articles referenced include:

“ Fear factor: Overcoming human barriers to innovation ,” June 3, 2022, Laura Furstenthal , Alex Morris, and Erik Roth
“ Innovation—the launchpad out of crisis ,” September 15, 2021, Laura Furstenthal and Erik Roth
“ The innovation commitment ,” October 24, 2019, Daniel Cohen, Brian Quinn, and Erik Roth
“ Fielding high-performing innovation teams ,” January 17, 2019, Matt Banholzer , Fabian Metzeler, and Erik Roth
“ Taking the measure of innovation ,” April 20, 2018, Guttorm Aase, Erik Roth , and Sri Swaminathan
“ The eight essentials of innovation ,” April 1, 2015, Marc de Jong , Nathan Marston, and Erik Roth

Want to know more about innovation?

Fear factor: Overcoming human barriers to innovation

The innovation commitment

The eight essentials of innovation

Innovation Areas

Browse innovation resources by topic, from idea generation to innovation management.

Entrepreneurship and Startups

Related to the process of starting new businesses and fostering entrepreneurial spirit for innovation.

Organizational Innovation

Deals with the ways in which organizations structure and orient themselves to foster and support innovation.

Change Management and Adoption

Deals with the processes of implementing innovation within organizations and ensuring its adoption.

Innovation Process

Steps and stages involved in the innovation journey, from idea generation to implementation and evaluation. What is the innovation process? Each step in the process requires a different mindset, different methods and different innovation tools. Check out what resources can help you in this moment and in the future.

Innovation Strategies

Encompasses various approaches and frameworks used to guide and drive innovation efforts.

Sustainability and Environmental Innovation

Focuses on innovation aimed at environmental sustainability and green practices.

Market and Customer Insights

Focuses on understanding market trends, customer needs, and feedback for guiding innovation efforts.

Research and Development (R&D)

Includes terms related to the systematic investigation and development of new products, services, or processes.

Product and Service Innovation

Pertains to the development of new or improved products and services, including methodologies and lifecycle management.

Innovation Management

This area focuses on strategies, processes, and tools for managing innovation within organizations.

Collaboration and Co-Creation

Pertains to the collaborative aspects of innovation, including working with external partners and customers.

Emerging Trends and Future Foresight

Involves identifying and analyzing emerging trends and future possibilities in innovation.

Technology and Digital Innovation

Focuses on the role of technology and digital tools in driving and facilitating innovation.

Innovation Leadership and Culture

Covers aspects of leading innovation initiatives and building a culture that supports creative thinking and innovation.

Innovation Metrics and Measurement

Involves the assessment and tracking of innovation performance and impact.

Creative Processes and Design Thinking

Involves methodologies and techniques for generating innovative ideas and solutions.

Innovation Learnings

Insights and lessons learned from innovation practices, including successes, failures, and continuous improvement strategies. What great insights do you need to understand innovation? Before applying specific innovation tools, check out this section with tips on how to innovate and great examples.

Innovation Types

Different classifications and forms of innovation, such as incremental, radical, disruptive, and more. Innovation can be approached from many different angles. Do you want to create a new strategy for your company, innovate your products or research for the next disruptive innovation?

Research Topics & Ideas: Business

F inding and choosing a strong research topic is the critical first step when it comes to crafting a high-quality dissertation, thesis or research project. If you’ve landed on this post, chances are you’re looking for a business/management-related research topic , but aren’t sure where to start. Here, we’ll explore a variety of research ideas and topic thought-starters for management-related research degrees (MBAs/DBAs, etc.). These research topics span management strategy, HR, finance, operations, international business and leadership.

NB – This is just the start…

The topic ideation and evaluation process has multiple steps . In this post, we’ll kickstart the process by sharing some research topic ideas within the management domain. This is the starting point, but to develop a well-defined research topic, you’ll need to identify a clear and convincing research gap , along with a well-justified plan of action to fill that gap.

If you’re new to the oftentimes perplexing world of research, or if this is your first time undertaking a formal academic research project, be sure to check out our free dissertation mini-course. In it, we cover the process of writing a dissertation or thesis from start to end. Be sure to also sign up for our free webinar that explores how to find a high-quality research topic.

Overview: Business Research Topics

Business /management strategy
Human resources (HR) and industrial psychology
Finance and accounting
Operations management
International business
Actual business dissertations & theses

Strategy-Related Research Topics

An analysis of the impact of digital transformation on business strategy in consulting firms
The role of innovation in transportation practices for creating a competitive advantage within the agricultural sector
Exploring the effect of globalisation on strategic decision-making practices for multinational Fashion brands.
An evaluation of corporate social responsibility in shaping business strategy, a case study of power utilities in Nigeria
Analysing the relationship between corporate culture and business strategy in the new digital era, exploring the role of remote working.
Assessing the impact of sustainability practices on business strategy and performance in the motor vehicle manufacturing industry
An analysis of the effect of social media on strategic partnerships and alliances development in the insurance industry
Exploring the role of data-driven decision-making in business strategy developments following supply-chain disruptions in the agricultural sector
Developing a conceptual framework for assessing the influence of market orientation on business strategy and performance in the video game publishing industry
A review of strategic cost management best practices in the healthcare sector of Indonesia
Identification of key strategic considerations required for the effective implementation of Industry 4.0 to develop a circular economy
Reviewing how Globalisation has affected business model innovation strategies in the education sector
A comparison of merger and acquisition strategies’ effects on novel product development in the Pharmaceutical industry
An analysis of market strategy performance during recessions, a retrospective review of the luxury goods market in the US
Comparing the performance of digital stakeholder engagement strategies and their contribution towards meeting SDGs in the mining sector

Topics & Ideas: Human Resources (HR)

Exploring the impact of digital employee engagement practices on organizational performance in SMEs
The role of diversity and inclusion in the workplace
An evaluation of remote employee training and development programs efficacy in the e-commerce sector
Comparing the effect of flexible work arrangements on employee satisfaction and productivity across generational divides
Assessing the relationship between gender-focused employee empowerment programs and job satisfaction in the UAE
A review of the impact of technology and digitisation on human resource management practices in the construction industry
An analysis of the role of human resource management in talent acquisition and retention in response to globalisation and crisis, a case study of the South African power utility
The influence of leadership style on remote working employee motivation and performance in the education sector.
A comparison of performance appraisal systems for managing employee performance in the luxury retail fashion industry
An examination of the relationship between work-life balance and job satisfaction in blue-collar workplaces, A systematic review
Exploring HR personnel’s experiences managing digital workplace bullying in multinational corporations
Assessing the success of HR team integration following merger and acquisition on employee engagement and performance
Exploring HR green practices and their effects on retention of millennial talent in the fintech industry
Assessing the impact of human resources analytics in successfully navigating digital transformation within the healthcare sector
Exploring the role of HR staff in the development and maintenance of ethical business practices in fintech SMEs
An analysis of employee perceptions of current HRM practices in a fully remote IT workspace

Topics & Ideas: Finance & Accounting

An analysis of the effect of employee financial literacy on decision-making in manufacturing start-ups in Ghana
Assessing the impact of corporate green innovation on financial performance in listed companies in Estonia
Assessing the effect of corporate governance on financial performance in the mining industry in Papua New Guinea
An evaluation of financial risk management practices in the construction industry of Saudi Arabia
Exploring the role of leadership financial literacy in the transition from start-up to scale-up in the retail e-commerce industry.
A review of influential macroeconomic factors on the adoption of cryptocurrencies as legal tender
An examination of the use of financial derivatives in risk management
Exploring the impact of the cryptocurrency disruption on stock trading practices in the EU
An analysis of the relationship between corporate social responsibility and financial performance in academic publishing houses
A comparison of financial ratios performance in evaluating E-commerce startups in South Korea.
An evaluation of the role of government policies in facilitating manufacturing companies’ successful transitioning from start-up to scale-ups in Denmark
Assessing the financial value associated with industry 4.0 transitions in the Indian pharmaceutical industry
Exploring the role of effective e-leadership on financial performance in the Nigerian fintech industry
A review of digital disruptions in CRM practices and their associated financial impact on listed companies during the Covid-19 pandemic
Exploring the importance of Sharia-based business practices on SME financial performance in multicultural countries

Free Webinar: How To Find A Dissertation Research Topic

Ideas: Operations Management

An assessment of the impact of blockchain technology on operations management practices in the transport industry of Estonia
An evaluation of supply chain disruption management strategies and their impact on business performance in Lithuania
Exploring the role of lean manufacturing in the automotive industry of Malaysia and its effects on improving operational efficiency
A critical review of optimal operations management strategies in luxury goods manufacturing for ensuring supply chain resilience
Exploring the role of globalization on Supply chain diversification, a pre/post analysis of the COVID-19 pandemic
An analysis of the relationship between quality management and customer satisfaction in subscription-based business models
Assessing the cost of sustainable sourcing practices on operations management and supply chain resilience in the Cocao industry.
An examination of the adoption of behavioural predictive analytics in operations management practices, a case study of the
Italian automotive industry
Exploring the effect of operational complexity on business performance following digital transformation
An evaluation of barriers to the implementation of agile methods in project management within governmental institutions
Assessing how the relationship between operational processes and business strategy change as companies transition from start-ups to scale-ups
Exploring the relationship between operational management and innovative business models, lessons from the fintech industry
A review of best practices for operations management facilitating the transition towards a circular economy in the fast food industry
Exploring the viability of lean manufacturing practices in Vietnam’s plastics industry
Assessing engagement in cybersecurity considerations associated with operations management practices in industry 4.0 manufacturing

Research Topic Kickstarter - Need Help Finding A Research Topic?

Topics & Ideas: International Business

The impact of cultural differences in communication on international business relationships
An evaluation of the role of government import and export policies in shaping international business practices
The effect of global shipping conditions on international business strategies
An analysis of the challenges of managing multinational corporations: branch management
The influence of social media marketing on international business operations
The role of international trade agreements on business activities in developing countries
An examination of the impact of currency fluctuations on international business and cost competitiveness
The relationship between international business and sustainable development: perspectives and benefits
An evaluation of the challenges and opportunities of doing business in emerging markets such as the renewable energy industry
An analysis of the role of internationalisation via strategic alliances in international business
The impact of cross-cultural management on international business performance
The effect of political instability on international business operations: A case study of Russia
An analysis of the role of intellectual property rights in an international technology company’s business strategies
The relationship between corporate social responsibility and international business strategy: a comparative study of different industries
The impact of technology on international business in the fashion industry

Topics & Ideas: Leadership

A comparative study of the impact of different leadership styles on organizational performance
An evaluation of transformational leadership in today’s non-profit organizations
The role of emotional intelligence in effective leadership and productivity
An analysis of the relationship between leadership style and employee motivation
The influence of diversity and inclusion on leadership practices in South Africa
The impact of Artificial Intelligence technology on leadership in the digital age
An examination of the challenges of leadership in a rapidly changing business environment: examples from the finance industry
The relationship between leadership and corporate culture and job satisfaction
An evaluation of the role of transformational leadership in strategic decision-making
The use of leadership development programs in enhancing leadership effectiveness in multinational organisations
The impact of ethical leadership on organizational trust and reputation: an empirical study
An analysis of the relationship between various leadership styles and employee well-being in healthcare organizations
The role of leadership in promoting good work-life balance and job satisfaction in the age of remote work
The influence of leadership on knowledge sharing and innovation in the technology industry
An investigation of the impact of cultural intelligence on cross-cultural leadership effectiveness in global organizations

Business/Management Dissertation & Theses

While the ideas we’ve presented above are a decent starting point for finding a business-related research topic, they are fairly generic and non-specific. So, it helps to look at actual dissertations and theses to see how this all comes together.

Below, we’ve included a selection of research projects from various management-related degree programs (e.g., MBAs, DBAs, etc.) to help refine your thinking. These are actual dissertations and theses, written as part of Master’s and PhD-level programs, so they can provide some useful insight as to what a research topic looks like in practice.

Sustaining Microbreweries Beyond 5 Years (Yanez, 2022)
Perceived Stakeholder and Stockholder Views: A Comparison Among Accounting Students, Non-Accounting Business Students And Non-Business Students (Shajan, 2020)
Attitudes Toward Corporate Social Responsibility and the New Ecological Paradigm among Business Students in Southern California (Barullas, 2020)
Entrepreneurial opportunity alertness in small business: a narrative research study exploring established small business founders’ experience with opportunity alertness in an evolving economic landscape in the Southeastern United States (Hughes, 2019)
Work-Integrated Learning in Closing Skills Gap in Public Procurement: A Qualitative Phenomenological Study (Culver, 2021)
Analyzing the Drivers and Barriers to Green Business Practices for Small and Medium Enterprises in Ohio (Purwandani, 2020)
The Role of Executive Business Travel in a Virtual World (Gale, 2022)
Outsourcing Security and International Corporate Responsibility: A Critical Analysis of Private Military Companies (PMCs) and Human Rights Violations (Hawkins, 2022)
Lean-excellence business management for small and medium-sized manufacturing companies in Kurdistan region of Iraq (Mohammad, 2021)
Science Data Sharing: Applying a Disruptive Technology Platform Business Model (Edwards, 2022)
Impact of Hurricanes on Small Construction Business and Their Recovery (Sahu, 2022)

Looking at these titles, you can probably pick up that the research topics here are quite specific and narrowly-focused , compared to the generic ones presented earlier. This is an important thing to keep in mind as you develop your own research topic. That is to say, to create a top-notch research topic, you must be precise and target a specific context with specific variables of interest . In other words, you need to identify a clear, well-justified research gap.

Fast-Track Your Topic Ideation

If you’d like hands-on help to speed up your topic ideation process and ensure that you develop a rock-solid research topic, check our our Topic Kickstarter service below.

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How To Choose A Research Topic: 5 Key Criteria

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Research Topics & Ideas: Automation & Robotics

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Research Topics & Ideas: Public Health & Epidemiology

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10 Comments

Great help. thanks

Hi, Your work is very educative, it has widened my knowledge. Thank you so much.

Thank you so much for helping me understand how to craft a research topic. I’m pursuing a PGDE. Thank you

a feasibility study for the establishment of rice processing system in (_____)

Effect of Leadership, computerized accounting systems, risk management and monitoring on the quality of financial Reports among listed banks

May you assist on a possible PhD topic on analyzing economic behaviours within environmental, climate and energy domains, from a gender perspective. I seek to further investigate if/to which extent policies in these domains can be deemed economically unfair from a gender perspective, and whether the effectiveness of the policies can be increased while striving for inequalities not being perpetuated.

healthy work environment and employee diversity, technological innovations and their role in management practices, cultural difference affecting advertising, honesty as a company policy, an analysis of the relationships between quality management and customer satisfaction in subscription based business model,business corruption cases. That I was selected from the above topics.

Research topic accounting

Kindly assist me with a research topic on low income?

Kindly assist me with a research topic on low income? PHD/ Doctoral thesis

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HBS faculty conduct research on a wide variety of topics. In the application you must indicate your top three choices of research areas, in order of preference, from the topics listed below. Top applicants will be matched with faculty-designed research project based on their indicated interests.

1. Corporate Social Responsibility research explores business impact of delivering economic, social, and environmental benefits to stakeholders.

2. Business and Government researchers study the economic, political, social, and legal environment in which businesses operate. Drawing from perspectives of economic theory, political science, and history, they examine the “rules” and policies established by government and other non-business institutions that affect business in the United States; turn to history to understand the origins of today’s business environment as well as some of the alternatives that have emerged from time to time; and study other countries’ business environments and their historical development. This group of scholars is deeply interested in the impact of globalization and the way rules are emerging to govern international economic transactions as globalization proceeds.

4. Performance Measurement and Outcomes scholars study drivers and effectiveness of performance measurement and management control systems.

5. Market Design seeks to translate economic theory and analysis into practical solutions to real-world problems.

6. Finance researchers strive to understand how managers and firms make value-enhancing decisions; and how financial institutions, markets, and instruments contribute to this process.

7. Globalization scholars concentrate on the effectiveness of management practices in global organizations; cross-cultural learning and adaptation processes; the challenges of taking companies global; emerging-market companies with global potential; and international political economy and its impact on economic development.

8. Health Care research studies how potential application management principles and best practices from other industries can be applied; how the process of innovation can be improved; how principles of strategy and consumer choice can be utilized; how information technology can expand access, decrease costs, and improve quality; and devising approaches in developing nations can impact global health.

9. Human Behavior and Decision-Making research focuses on individual and interactive judgment and decision making, with applications to organizational behavior, consumer behavior, behavioral operations, and behavioral economics. Research topics include the psychology of conversation, ethical decision-making (including cheating and self-deception), the impact of rituals on mourning and consumption, team and organizational dynamics and performance, whether money makes people happy, when and why people disclose information, and health behavior change.

10. Leadership research explores questions of organization change, power and influence, innovation management, and the crucial role leadership plays in organizational success. The topic of leadership spans all academic units at HBS and fosters a collaborative and multi-disciplinary approach.

11. Social Enterprise research seeks to understand the challenges associated with driving sustained, high-impact social change. Current research focuses on leadership of socially mission-driven organizations; the role of business leaders and corporate citizenship in driving social change; business models that address poverty; management of high-performing K-12 public school districts; and financing models for the non-profit sector

12. Technology and Innovation research focuses on value creation of platforms and two-sided markets; use of open architecture and leverage of its collective value; development and execution of innovation strategies; innovative attributes of executives and firms; development of new markets through the creation of disruptive innovations that displace earlier technologies; development of innovations in sectors; and the impact of innovation on economic growth.

13. Other. It is impossible to capture all that HBS faculty study. If you have a specific interest in an area not listed above, please select this category to describe an area of research within the disciplines of economics, sociology, psychology, policy, or history that is relevant to business academia.

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Entrepreneurial bricolage, business model innovation, and sustainable entrepreneurial performance of digital entrepreneurial ventures: the moderating effect of digital entrepreneurial ecosystem empowerment.

1. Introduction

2. literature review and hypotheses, 2.1. entrepreneurial bricolage and sustainable entrepreneurial performance, 2.2. entrepreneurial bricolage and business model innovation, 2.3. business model innovation and sustainable entrepreneurial performance, 2.4. the mediating effect of business model innovation, 2.5. the moderating effect of digital entrepreneurial ecosystem empowerment, 2.6. moderated mediation effect, 3. research design, 3.1. variable selection and measurement, 3.2. data collection and sample profile, 4. data analysis and hypothesis testing, 4.1. descriptive analysis, 4.2. reliability and validity analysis, 4.3. common method bias test, 4.4. hypothesis testing, 4.4.1. main effect test, 4.4.2. mediation effect test, 4.4.3. moderation effect test, 4.4.4. moderated mediation effect test, 5. research conclusions and prospects, 5.1. research conclusions, 5.2. theoretical contributions, 5.3. managerial implications, 5.4. research limitations and prospects, author contributions, institutional review board statement, informed consent statement, data availability statement, conflicts of interest.

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Click here to enlarge figure

Variable	Variable Dimension	Items
SEP	ECSP	Our company has increased its market share.
		Our company has improved its profits.
		Our company has reduced cost expenditures.
	ENSP	Our company has decreased the frequency of environmental incidents.
		Our company has improved compliance with environmental standards.
		We have enhanced our company’s environmental condition.
	SOSP	Our company has reduced the impact and risk to the public.
		We have improved occupational health and safety for our employees.
		We have enhanced our company’s image in the eyes of customers.
		We have improved our company’s social reputation.
EB	RB	Our company is adept at using existing labor, raw materials, skills, and other resources to solve problems.
		Our company is skilled at acquiring inexpensive labor, raw materials, skills, and other resources to address issues.
		Our company is proficient in utilizing overlooked labor, raw materials, skills, and other resources to tackle challenges.
	UB	Our company frequently encourages digital users to participate in our operations.
		Our company often assists digital users in solving problems that other companies are unwilling or unable to address.
		Our company regularly provides products or services to digital users whom other companies find unattractive.
		Our company often expands into emerging, niche, or marginalized digital markets.
	IB	In operations, our company typically employs unique methods rather than traditional approaches used by other companies.
		Our company frequently breaks away from conventional systems and norms during its operations.
		Our company is willing to abandon traditional industry practices if better outcomes can be achieved.
		Our company often utilizes distinctive or proprietary digital systems and norms.
BMI	EBMI	We can reduce the cost of products or services.
		We can provide quick and convenient services to users.
		We can lower the search and communication costs for our partners.
		We can reduce the search and communication costs for users.
		We can decrease the asymmetry of information in transactions.
		We can accelerate the speed of transactions.
	NBMI	We can combine products, information, and services in innovative ways.
		Our company has created a pricing model that differs from other companies in the industry.
		We have developed new channels that are distinct from those of other companies in the industry.
		We have adopted a profit model that is different from other companies in the industry.
		Our company actively seeks new partners in product production or promotion.
		We can motivate partners in novel ways.
DEEE	DE	The digital entrepreneurship ecosystem helps us acquire digital technology.
		The digital entrepreneurship ecosystem helps us identify digital entrepreneurship opportunities using digital technology.
		The digital entrepreneurship ecosystem helps us develop digital entrepreneurship opportunities through the use of digital technology.
	RE	The digital entrepreneurship ecosystem provides comprehensive infrastructure.
		The digital entrepreneurship ecosystem offers ample financial support.
		The digital entrepreneurship ecosystem brings us partners.
		The digital entrepreneurship ecosystem brings us users.
	SE	The digital entrepreneurship ecosystem provides us with policy benefits and other information services.
		The digital entrepreneurship ecosystem offers intermediary services such as business, tax, and integrated communication.
		The digital entrepreneurship ecosystem frequently provides us with entrepreneurial training and guidance.
		The digital entrepreneurship ecosystem often hosts entrepreneurial salons and sharing sessions.

Variable	Variable Dimension	Number of Items	Dimension α Value	Variable α Value	Factor Loadings	CR	AVE
SEP	ECSP	3	0.758	0.844	0.692~0.731	0.757	0.510
	ENSP	3	0.811		0.754~0.797	0.814	0.593
	SOSP	4	0.852		0.718~0.797	0.852	0.591
EB	RB	3	0.752	0.839	0.650~0.808	0.762	0.519
	UB	4	0.809		0.688~0.742	0.809	0.515
	IB	4	0.832		0.727~0.762	0.832	0.553
BMI	EBMI	6	0.904	0.874	0.768~0.795	0.904	0.611
	NBMI	6	0.893		0.749~0.778	0.893	0.581
DEEE	DE	3	0.888	0.935	0.834~0.876	0.887	0.723
DEEE	RE	4	0.937		0.868~0.909	0.938	0.790
	SE	4	0.935		0.862~0.905	0.936	0.784

Variable	1	2	3	4	5	6	7	8	9	10
1. ECSP
2. ENSP	0.562 **
3. SOSP	0.342 **	0.326 **
4. RB	0.479 **	0.426 **	0.535 **
5. UB	0.412 **	0.477 **	0.447 **	0.438 **
6. IB	0.358 **	0.396 **	0.343 **	0.462 **	0.254 **
7. EBMI	0.461 **	0.545 **	0.285 **	0.420 **	0.360 **	0.309 **
8. NBMI	0.411 **	0.312 **	0.344 **	0.292 **	0.255 **	0.263 **	0.260 **
9. DE	0.216 **	0.217 **	0.197 **	0.058	0.106 *	0.008	0.353 **	0.284 **
10. RE	0.199 **	0.207 **	0.187 **	0.058	0.198 **	0.034	0.226 **	0.200 **	0.578 **
11. SE	0.166 **	0.209 **	0.122 *	−0.009	0.071	0.008	0.202 **	0.179 **	0.602 **	0.586 **

Variable	SEP				BMI
Variable	Model 1	Model 2	Model 3	Model 4	Model 5	Model 6
Gender	−0.024	−0.036	−0.016	−0.029	−0.013	−0.022
Age	−0.045	−0.020	−0.031	−0.019	−0.023	−0.005
Educational Attainment	0.108 *	0.043	0.088 *	0.048	0.032	−0.016
Venture Age	−0.044	−0.087 *	−0.033	−0.070	−0.017	−0.049
Venture Size	0.048	0.071	0.018	0.048	0.049	0.065
EB		0.721 ***		0.539 ***		0.526 ***
BMI			0.628 ***	0.346 ***
R	0.017	0.531	0.410	0.618	0.004	0.278
Adjusted R	0.003	0.523	0.400	0.610	−0.010	0.266
F-value	1.249	68.694 ***	42.078 ***	83.776 ***	0.271	23.324 ***

Variable	BMI		SEP
Variable	Model 7	Model 8	Model 9	Model 10
Gender	−0.006	−0.008	0.081 *	0.096 *
Age	−0.095	−0.068	−0.003	−0.033
Educational Attainment	−0.022	−0.065	−0.015	−0.014
Venture Age	−0.015	−0.028	−0.032	−0.014
Venture Size	0.039	0.055	−0.018	−0.017
EB	0.493 ***	0.413 ***
DEEE	0.310 ***	0.151 **	0.069	0.145 **
EB × DEEE		0.324 ***
BMI			0.604 ***	0.562 ***
BMI × DEEE				0.258 ***
R	0.379	0.448	0.414	0.475
Adjusted R	0.367	0.435	0.403	0.463
F-value	31.630 ***	36.671 ***	36.679 ***	40.923 ***

Moderator Variable (DEEE)	EB->BMI->SEP
Moderator Variable (DEEE)	Effect	Boot SE	Boot LLCI	Boot ULCI
Low Value	0.0296	0.0293	−0.0208	0.0957
Medium Value	0.1476	0.0253	0.1011	0.2007
High Value	0.2705	0.0591	0.1621	0.3947

The statements, opinions and data contained in all publications are solely those of the individual author(s) and contributor(s) and not of MDPI and/or the editor(s). MDPI and/or the editor(s) disclaim responsibility for any injury to people or property resulting from any ideas, methods, instructions or products referred to in the content.

Share and Cite

Liu, X.; Zhang, L. Entrepreneurial Bricolage, Business Model Innovation, and Sustainable Entrepreneurial Performance of Digital Entrepreneurial Ventures: The Moderating Effect of Digital Entrepreneurial Ecosystem Empowerment. Sustainability 2024 , 16 , 8168. https://doi.org/10.3390/su16188168

Liu X, Zhang L. Entrepreneurial Bricolage, Business Model Innovation, and Sustainable Entrepreneurial Performance of Digital Entrepreneurial Ventures: The Moderating Effect of Digital Entrepreneurial Ecosystem Empowerment. Sustainability . 2024; 16(18):8168. https://doi.org/10.3390/su16188168

Liu, Xiaoli, and Lei Zhang. 2024. "Entrepreneurial Bricolage, Business Model Innovation, and Sustainable Entrepreneurial Performance of Digital Entrepreneurial Ventures: The Moderating Effect of Digital Entrepreneurial Ecosystem Empowerment" Sustainability 16, no. 18: 8168. https://doi.org/10.3390/su16188168

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Innovation Examples in the Workplace: 17 Strategies to Spark Creativity and Growth

Ever feel like your workplace could use a jolt of creativity? We’ve all been there.

But what if there were simple, actionable ways to spark innovation? Well, get ready to be inspired! We’re diving deep into 17 real-world innovation examples in the workplace that can transform your company culture and drive serious growth.

Get ready for a creativity boost and discover strategies that will make your team say, “Why didn’t we think of that before?”

What is Innovation in the Workplace? – And Why It Matters.

Innovation in the workplace is not about coming up with the next big thing or having the latest tech. Rather, it’s more about fostering a mindset of continuous improvement, where everyone feels empowered to challenge the status quo and to explore unforeseen possibilities.

Think of it like this: if a company stands still, it risks getting left behind. Markets are constantly shifting, technologies evolving, and customer expectations are changing at lightning speed.

This means that innovation at work isn’t a luxury anymore, it’s actually a necessity.

But innovation isn’t just about survival; it’s also about growth and opportunity. That’s why so many companies are now prioritizing hiring a Chief Innovation Officer ( yep, that’s a thing ). By constantly seeking out new and better ways of doing things, companies can unlock hidden efficiencies, tap into new markets, and create products or services that truly delight their customers.

Moreover, innovation is also good for employees. A culture of innovation fosters a sense of excitement, engagement, and purpose. It encourages people to think creatively, take risks, and learn from their mistakes. It creates an environment where everyone feels like they have a stake in the company’s success and that their ideas matter.

Because in the end, innovation isn’t just about keeping up with the competition; it’s about creating a better future for everyone.

17 Best Innovation Examples in the Workplace

1) Fostering a Culture of Innovation

1.1 Idea Management Systems

Ever had a brilliant idea but didn’t know where to share it?

That’s where idea management systems come in! Think of it as a virtual suggestion box, but better. Everyone can pitch their ideas, discuss them, and even vote on their favorites.

This is how you make innovation an engaging team sport!

1.2 Hackathons & Innovation Challenges

Think of these as creativity marathons!

Employees get together, brainstorm innovative ideas, and crack tough problems or come up with impressive new ideas. It’s fast-paced, fun, and it’s an efficient way to get those creative juices flowing.

1.3 Innovation Labs

Sometimes, your employees just need a space to experiment and play around with new ideas, away from the daily grind. That’s where innovation labs shine.

It’s like a playground for innovation, where dedicated teams or even individuals can tinker with new technologies and approaches ( we’ll talk more about how technology can help drive innovative and creative ideas in the workplace too, so be sure to read this article until the very end ).

1.4 Cross-functional Collaboration

Ever noticed how talking to someone from a different department can spark new ideas? That’s the power of cross-functional collaboration.

That’s when you break down those silos and bring different teams together to share their perspectives and find solutions that might not have been possible otherwise.

1.5 Continuous Learning & Development

We’ve already said it: the world’s changing fast, and you need to keep up! That’s why your company should aim to encourage continuous learning and development and we’re talking, at all levels.

Whether it’s attending conferences, taking courses, or pursuing certifications, your employees should be at the forefront of industry trends so that they can bring those fresh ideas back to the table.

2) Workplace Practices & Policies

2.1 Flexible Work Arrangements

Traditional 9-to-5 schedules are getting a makeover ( hooray !).

Embracing flexible work arrangements, such as remote work and flexible hours, is a hallmark of best examples of how to drive innovation in the workplaces.

Don’t be fooled by the outdated way of doing things. In fact, show your commitment to adapting to the evolving needs of the modern workforce. That’s because empowering employees to achieve a better work-life balance often results in a boost in productivity and job satisfaction.

2.2 Employee Wellness Programs

Adding on to the above, recognizing the link between employee well-being and productivity, innovative companies are prioritizing comprehensive wellness programs.

Ahealthier and happier workforce translates to a more engaged and creative one. In fact, an University of Oxford study showed that happy workers are 13% more productive.

From group yoga classes to meditation sessions, and even mental health support… These are just a few of the many real-world examples of initiatives aimed at creating a workplace where employees feel valued and cared for. As a result, you guessed it, this fuels creativity and innovation.

2.3 Employee Recognition & Rewards

Feeling valued is a powerful motivator ( ever since getting a star from our kindergarten teachers, we all love being recognized by our efforts ).

And companies that regularly acknowledge and reward their employees for their contributions cultivate a culture of appreciation. Such recognition not only boosts morale but also fosters motivation and encourages individuals to consistently perform at their best.

2.4 Diversity & Inclusion Initiatives

It’s a given, a truly innovative workplace embraces diversity. That’s because, by fostering an inclusive environment where everyone feels welcome and respected, companies can unlock a wider range of ideas and talent.

This diversity of thought and experience becomes a catalyst for innovative ideas to bloom like a beautiful garden during Spring.

2.5 Transparent Communication

Open and honest communication builds trust and fosters a sense of ownership among employees. Innovative companies prioritize transparency, which ensures that information flows freely at all levels.

The result? An empowered workforce that feels connected to the company’s mission and goals. And TA-DA , this leads to increased collaboration and a shared sense of purpose.

3) Technology & Tools

3.1 Artificial Intelligence (AI) & Machine Learning (ML)

AI and ML aren’t just commonplace terms, they’re actually transforming the way everyone works. From automating mundane tasks to extracting valuable insights from mountains of data, these technologies are driving innovation by enabling us to work smarter, not harder.

Imagine making data-driven decisions with unprecedented accuracy or freeing up your team to focus on strategic initiatives. That’s the power of AI and ML in action!

3.2 Cloud Computing

The cloud isn’t just a fluffy place in the sky; it’s a game-changer for workplace innovation.

Simply by providing on-demand access to computing resources, storage, and collaboration tools, cloud computing enables agility, flexibility, and scalability. Now, teams can work seamlessly from anywhere, access critical information in real-time, and scale their operations effortlessly.

It’s innovation that breaks down barriers and empowers teams to achieve more!

3.3 Collaboration & Communication Platforms

Sorry grandmas, but siloed communication and endless email threads are becoming a thing of the past ( it’s been long due ).

Collaboration and communication platforms like Slack, Microsoft Teams, and Zoom are fostering a new era of connectedness in the workplace. These tools enable real-time communication, seamless file sharing, and virtual collaboration, regardless of location.

3.4 Project Management Tools

Managing complex projects can feel like herding cats, but project management tools bring order to the chaos.

Innovation management platforms like innosabi streamline your entire innovation process, from the initial planning and task allocation to tracking progress and meeting deadlines.

This ensures projects stay on track, teams stay aligned, and everyone knows what’s happening, when.

3.5 Automation & Robotics

The robots aren’t taking over ( yet !), but they are transforming the workplace as we know it. So let’s welcome them for now.

Whether it’s streamlining manufacturing processes or automating data entry, these technologies are driving efficiency, productivity, and ultimately, new creations.

4) Additional Examples: Thinking Outside the Box

4.1 Design Thinking

Forget about jumping straight to solutions. Design thinking is all about putting people first!

The whole idea behind it is to take the time to truly understand your customers’ needs and pain points before you ever start brainstorming ideas. It’s a creative process of trial and error, where you prototype, test, and refine your solutions until you hit the bullseye.

Why? Because this human-centered approach ensures you’re creating products and services that people actually want and need.

4.2 Open Innovation

They say two heads are better than one, right? Well, imagine what you can achieve when you open your doors to collaboration!

Open innovation taps into the collective genius of your external partners, customers… and even your competitors. Sharing ideas, co-creating solutions, and leveraging diverse perspectives all lead to innovation. Kind of like hosting a brainstorming session… but on steroids!

Learn more : Scaling Innovation Processes Through Internal and External Stakeholder Communication

3 Successful Real-World Examples of Innovation in the Workplace

Google’s “20% Time”

Google famously allows its employees to dedicate 20% of their workweek to pursue personal projects and ideas.

As a result, this has led to the birth of groundbreaking innovations like Gmail and AdSense, demonstrating the power of empowering employees to explore their creativity and passions.

Pixar’s “Braintrust” :

Pixar’s unique “Braintrust” approach involves regular, candid feedback sessions where filmmakers openly share their work-in-progress and receive constructive criticism from colleagues.

LEGO’s Ideas Platform :

This is a prime example of open innovation. LEGO invites fans to submit their own product ideas, and those that receive enough support are considered for production.

It shows how tapping into the creativity of a loyal and passionate customer base leads to the development of unique and popular products.

Let’s Wrap It Up

So, there you have it – a whirlwind tour of innovation in the workplace! Remember, this is not about fancy gadgets or groundbreaking inventions.

Whether it’s through idea management systems, design thinking workshops, or simply embracing flexible work arrangements, the key is to cultivate an environment where people feel excited, engaged, and motivated to contribute their best ideas.

So, go out there and spark some creativity! Encourage collaboration, celebrate successes, and don’t be afraid to experiment. The future belongs to those who dare to innovate!

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Uncovering and growing business innovation potential in south african townships.

Informal businesses significantly contribute to employment and income generation in South Africa. As HSRC research shows, innovation is crucial to their survival. On 24 and 25 April 2024, the HSRC held a workshop with informal business owners at Philippi Village, Cape Town, to share a new evidence-based toolkit designed to support informal businesses in strengthening their innovation capabilities. This article sheds light on how informal business owners can use the toolkit to foster innovation for business sustainability and growth. By Il-haam Petersen, Lebogang Khoza and Setsoheng Mayeki.

Although informal businesses innovate continuously, innovation is used as part of reactive rather than proactive strategies. A research study published in 2021 shows how informal business owners may break from necessity-driven pathways by proactively using innovation for problem solving and taking up business opportunities. Proactive innovation can be a game-changer for survivalist and microenterprises.

At a recent workshop held in Philippi township, Cape Town, a team of HSRC researchers shared a set of guidelines and interactive learning tools designed to help informal business owners craft their own business innovation strategies. Business owners learned about innovation through a business innovation simulation and explored practical and proactive approaches to innovating in their businesses. They also connected with other informal business owners, learning with and from each other.

The workshop was attended by a diverse group of over 30 informal business owners from the township, including spaza shop owners and food vendors, furniture makers, car wash service providers, hair salon owners, and street vendors selling a variety of goods. To facilitate uptake and engagement, the workshop was conducted in English and the main language spoken in the township, IsiXhosa.

Using an informal business innovation toolkit

The workshop programme was based on a set of business innovation training modules co-created with the help of toolkit development specialist Bridget Steffen, who focuses on experiential learning techniques.

On day 1, participants learned about innovation through a set of playful scenarios. The concept and importance of a business innovation network was shared through a practical string-connection exercise. As each person introduced themselves and their businesses, they tossed a roll of string to another person, until everyone in the workshop was connected (Figure 1).

Figure 1. String exercise introducing the concept and importance of a business innovation network

The next session facilitated information and knowledge sharing among the business owners, deepening the connections. Using colour pens, each created an A3 poster describing their businesses, business goals and biggest challenges (Figure 2). This was followed by a gallery walk (Figure 3).

Figure 2. Poster preparation

Figure 3. A gallery walk in the imaginary business marketplace

Based on the training modules, the HSRC’s Informal Business Innovation Toolkit encourages learning through scenario games. Based on an immersive learning approach, the games draw on real examples gathered through HSRC research. One is a card game facilitating engagement and discussion on crises and opportunities towards better problem-solving skills. The game started with the business owners selecting a card from a deck, setting out challenges as a crisis event or business opportunity (Figure 4). Responding to the scenarios on the cards prompted the participants to develop their awareness of how they respond to challenges. For some, it was an emotional experience, as the scenario was an example of a crisis they had experienced in their business.

Figure 4: Participant with a crisis card

Participants were guided to map their business innovation networks, a key part of a business innovation strategy, and use their networks to problem solve and take up business opportunities (Figure 5). Using the Five Whys technique, participants were guided to identify the root cause of a challenge before deciding on an action plan. They enjoyed the immersive learning approach; one business owner reported that the “activities made learning more exciting”.

Figure 5: Participant discussing the card they picked

The focus of day 2 was to guide the business owners through a process of creating a business innovation strategy. It started with a time machine exercise, encouraging participants to take a guided journey that stretched their imaginations into the past and possible futures of their businesses. Mindfulness was encouraged by inviting participants to keep their feet on the ground and take deep breaths. This was followed by a discussion and challenge-mapping exercise (Figure 6).

Figure 6. Challenge-mapping exercise

For most, increasing threats from extortion syndicates operating in the township were a major challenge. As one business owner explained:

“The issue of protection fees, often demanded by gangs, has become a significant concern for local businesses. These fees … are demanded under the threat of violence or vandalism if not paid … Business owners who refuse to comply often face dire consequences, including damage to their property, personal harm, or even the closure of their business.”

Four key ingredients of business innovation

The foundation of a business innovation strategy is the four key business innovation ingredients identified in the toolkit: knowledge, continuous learning, an innovation mindset and business culture, and good finance and risk management. Drawing on these four ingredients, participants were introduced to a set of colour-coded typical innovation strategies they could use to guide their customised business innovation strategies. Each strategy is associated with typical business goals:

Survive (blue): I want to make just enough to keep my business running and cover expenses.
Succeed (green): My business is doing fine. I want to grow profits.
Prosper (advanced) (orange): My business is doing well and makes a profit. I now want to grow profits and expand my business to enter new markets.
Prosper (world leader) (grey): My business is successful. I now want to become a world leader in the industry.

Working in groups, the participants created a fictitious business and developed an innovation strategy for that business.

In general, the business owners aspired to obtain funding but faced obstacles in meeting the funding application requirements, such as age restrictions and lack of business registration. The HSRC researchers emphasised that while the toolkit offers information on the benefits of formalisation, including accessing funding opportunities, formalisation itself should not be the ultimate goal. Instead, it is a step towards achieving long-term sustainability.

A take-home exercise was completing a business innovation strategy for their businesses. Each participant received a can of beans, a printout of the Strategy on a Tin Can template (Figure 7), and a pack of vegetable seeds. As Steffen explained, the seeds symbolise the “skills, ideas and connections” they gained in the workshop and can plant to continue growing their business innovation capabilities and opportunities.

Figure 7. HSRC/CeSTII research team and informal business owners with their Strategy on a Tin Can templates at the Informal Business Innovation Workshop, Philippi Village, 25 April 2024

Fostering innovation mindsets

Coming into the workshop, the business owners did not realise that they were innovating in their businesses. A need exists for greater engagement and visibility of the HSRC in townships and informal settings. When asked about ways to improve the training and learning tools, most responded that they were happy with the training:

“We can grow our business with the skills we have.”

“I connected with other small business owners and learnt how to improve my business.”

“New ideas on how to grow my business.”

“Putting my ideas to the test.”

“Improving my business and attracting more customers.”

“Now I can overcome a crisis and challenges in my business.”

“I learnt more about marketing and expanding the business.”

“I learnt from different people and activities.”

“I was not aware of innovation. Now I am aware.”

“I could not respond to crisis. Now I can.”

“The app will improve our business.”

Next steps to sharing the toolkit

The workshop was useful for testing the learning tools and training modules. The participants’ feedback was used to refine the toolkit and inform the final production phase of the My Business Innovation Planner ( MyBIP ) app, which includes the toolkit and additional interactive digital tools.

Participants’ recommendations for improving the app included simplifying the login procedures, translating the content into multiple languages, and enhancing the interactive features to minimise data usage. Using the MyBIP app is one way informal business owners can benefit directly from the research findings. The app will be launched later in 2024 and will be available as a free download from Google Play and the Apple App Store.

For more information on the informal business innovation toolkit project, please contact the project lead, Dr Il-haam Petersen , [email protected] .

The project resources and Information Business Innovation Toolkit are available on the project website: https://informalbizinnovationhub.hsrc.ac.za/ .

If you enjoyed reading this article, please click here to subscribe to the HSRC Review quarterly magazine.

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Business model innovation: a review and research agenda

Design/methodology/approach

Research limitations/implications

Practical implications

Originality/value

1. Introduction

2. Scope and method of the literature review

3. Prior conceptualisations of business model innovation

4. Business model innovation framework

4.1 Value proposition

4.2 Operational value

4.3 Human capital

4.4 Financial value

5. Ways to change business models

6. Discussion and future research directions

6.1 Approaches of business model innovation

6.2 Degrees of business model innovation

6.3 Mechanisms of business model innovation

7. Conclusions

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