Forget products, innovate your business model

Innovation and change are destroying rigid business structures and models, as product life cycles collapse and the pace of change increases. Old business models may no longer be suitable for the rapidly evolving environment, and it is necessary for companies to evolve their business models at a minimum. Business model change is becoming more critical than product innovation because it is becoming common for whole industries and channels to collapse in a matter of months. Corporations need to focus on innovating their business models, as the skills needed to innovate products will make it even more difficult to innovate business models.