What is business model innovation?

Business model innovation refers to the process of creating, refining, or transforming the way an organization creates, delivers, and captures value. It goes beyond product or service innovation by rethinking the entire structure of a business, including revenue streams, customer segments, cost structures, and key partnerships. The goal is to gain a competitive advantage, respond to market changes, or exploit new opportunities. This type of innovation can help companies stay relevant and drive growth in rapidly changing industries.