Business model innovation (BMI) is a hot topic for those interested in corporate innovation. As with any trendy business management concept, one must wonder whether it lives up to the hype. In one sense, BMI does live up to its hype: it is a major driver of corporate growth and profitability. However, it is also nothing new. Rather, it is what firms have always done in order to survive and thrive. Unfortunately, BMI is often defined in a vague and nebulous manner that makes it difficult to use the concept to guide your actions.
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