Innovation is at the heart of entrepreneurial success and transformational growth. Conventional strategies for innovation are typically based on product innovation, i.e., designing new products or services that address unmet market needs or leverage new technology to satisfy existing market needs. While R&D processes that are needed to innovate through better technologies and new products are well-studied and exist in most companies, few companies systematically practice business model innovation. Unlike product or technology innovation, the process of Business Model Innovation is not expensive. Yet, it requires a very different approach and frame of thinking.
In this session the speaker will talk about what the Business Model is and he will examine a set of pioneering companies that alleviate inefficiencies in their operating models to design new Business Models that revolutionize the way of doing business in their respective industries. He will discuss comparative advantages and disadvantages of different innovation approaches and what it takes to implement Business Model Innovation in a company. He will also give examples of how business model innovation can be applied to the hospitality and entertainment industry.
About the speaker
Prof Serguei Netessine received his BS and MS degrees in Computer Science and Electrical Engineering from Moscow Institute of Electronic Technology in 1993 and 1995 respectively. He then received his MS and PhD degrees in Operations Management from the University of Rochester in 2000 and 2001 respectively. He was a faculty member at the Wharton School, University of Pennsylvania before joining INSEAD in 2010. He is now the Timken Chaired Professor of Global Technology and Innovation at INSEAD and the Research Director of the INSEAD-Wharton alliance. Besides, Prof Netessine is currently serving on the Future of the Economy committee for the Singapore government. He also serves on the boards of several startup companies and is an active angel investor.
Prof Netessine worked on the topic of business model innovation and digital disruption with numerous organizations around the world including Lockheed Martin, Deloitte, Procter & Gamble, McDonald’s, Rolls Royce, Comcast, Expedia, ABB, Keppel, Genting, SPRING Singapore and US Air Force, among others.
Prof Netessine is a frequent speaker on innovation and entrepreneurship at major global events including the World Knowledge Forum and the World Economic Forum. A prolific academic writer, Prof Netessine publishes and holds senior editorial positions in leading academic journals, including Management Science, Marketing Science, Operations Research, and Harvard Business Review. His work has received extensive media coverage in CIO Magazine, The Economist, Forbes, New York Times, US News and other media. He is the co-author of The Risk-Driven Business Model: Four Questions that Will Define Your Company which was awarded the silver medal of the 2015 Axiom Business Book Awards in the category of "Business Theory".
For attendees’ attention
The lecture is free and open to all. Seating is on a first come, first served basis.