The first of an innovative, two-subject sequence, Business Model Generation leads students through a systematic process to invent, design and implement new business models. It is an adaptive, iterative and collaborative approach that can be used to create value for customers, organisations and society. Despite the emphasis on business models, the process is equally useful in a variety of contexts from non-profit ventures to organisational change. A primary focus of this subject is on applying the tools and techniques needed to design, test and validate a business model to meet an identified real need, opportunity or problem. Within this context, students have the opportunity to develop their creativity, communication, collaboration and related skills while fostering a comprehensive business perspective integrating a broad range of disciplinary knowledge from previous studies in marketing, accounting, management, finance, information technology and other areas. At the end of this subject, you will be part of a team primed to take a specific business through its life cycle of launching through to shutting down in the next subject, Business Model Execution.
1. Define what a business model is, describing its key elements and how they interrelate.
2. Apply the tools and techniques of business model generation (e.g., customer empathy map, ideation techniques, visual thinking tools, prototyping, storytelling) to discover customer needs and develop validated products and services to meet those needs.
3. Evaluate the strengths and weaknesses of a given business model and consider its economic, social and environmental implications.
4. Demonstrate interpersonal skills and teamwork in the design and validation of a business model.
5. Deliver a persuasive presentation of your validated business model using appropriate visual aids.
6. Create various written documents using appropriate style, tone and format for a given audience.
7. Demonstrate the ability to reflect on, evaluate and extract insights and new learning from your experiences.