Business Design Model Summary: The Innovation Business Development Model

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Innovation Business Design Model Summary Success is the principal desire of any organization in the contemporary world of business. However, to realize success, it is paramount that the business remains modern and advanced; a situation that calls for incorporation of technological innovation. One of these modernisms is the Innovation Business Development Model (IBDM). The model is easy to use, convenient, and applicable in almost all business ventures. It elaborates five fundamental steps to attain success in the company. The paper describes these five steps that constitute the Innovation Business Development Model. Step One: Assess the Situation It involves a critical evaluation of the external and internal environment in which the company…show more content…
The stage involves thorough surveillance of the lifecycle of prospective new ideas as well as competitive concepts that can positively transform the organization. It may encompass the innovation process or strategy development as well as a detailed exploration of services or products. It is again important to decide on the peak of focus; that is, either to focus on the resolution of the problems or potential opportunity for the firm. Identifying the problems in the business will prompt the management to seek for their solutions; a process that will revolutionize the…show more content…
During this process, it is prudent to consider the potential market for the novelty. There are two prominent innovation strategies that are applicable in this step. The first is the business markets, and the second is a new technology. The two options must focus on at least one of the SPPS approach. Step Four: Develop Prototypes In this stage of IBDM, the management designs and create innovative and practical ideas to act as replicas for trying and appraising the new products. The stage of developing prototypes is momentous in the IBDM process as it permits the executive to experiment and refine the functionality of the design. The management can also describe their products more effectively, and even the consumers will take the product and the company more staid. Step Five: Implement, Validate, and

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