Business Model Innovation: Industry’s Latest Fad or a Useful Approach to Strategy?

March 24, 2017 | State of the Market Report

The many highly successful business model innovations (BMIs) recently enabled by digital technology have made BMI a hot topic. In this case, the hype is largely justified: BMI is a major driver of corporate growth and profitability. However, BMI is often defined in a nebulous manner that makes it difficult to use. To overcome this, Lux offers two simple but robust tools to help identify, discuss, and promote BMI. The Lux BMI Framework is based on a formal analysis of traditional product and market innovation, revenue model innovation, and other nontraditional forms of innovation. The Lux Narrow BMI checklist is based on learnings gleaned from digital-enabled BMI. This report also includes expert commentary from the Industrial Research Institute’s New Business Development Network.

Coverage Areas

  • Accelerating Materials Innovation
  • Digital Transformation
  • Emerging Ecosystems in Agrifood and Health
  • Owning the Energy Transition

Table of Contents

  • Title page

Lead Analyst

Matthew Wagner, Ph.D.
Senior Analyst


Isaac Brown
Mark Bunger
Brent Giles, Ph.D.
Joice Pranata