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Rectangular Compass for Business Model Innovatio-From Schumpeterian new combination through bounded rationality, and mechanism design to open business model

Title
Rectangular Compass for Business Model Innovatio-From Schumpeterian new combination through bounded rationality, and mechanism design to open business model
Authors
Yun, Jinhyo JosephZhao, Xiaofei
DGIST Authors
Yun, Jinhyo Joseph; Zhao, Xiaofei
Issue Date
2020-07-10
Citation
SOI & Oklahoma State University 2020 Conference
Type
Conference
Abstract
We want to develop a new way to innovate the existing business models to conquer the growth limits of exponential paradox by applying the open innovation concept to design of creative business models. Our research question is as follows. How can we innovate existing business models more easily from our own thinking experiment at the location of ourselves in the open innovation knowledge funnel? We built up rectangle compass concept model, and did social experiments about it for 3.6 years from 2014.11-2018.5 by developing 17 business model patents to validate this concept model. Rectangle compass concept model has 4 aspects, they are over-shooting of modern business models, expanding bottom of modern business model, cultivating forward neighborhood of modern business models, and cultivating backward neighborhood of modern business model. Open innovation is the engine of sustainable business model innovation dynamics according to our social experiments.
URI
http://hdl.handle.net/20.500.11750/14034
Publisher
Society of Open Innovation, Technology, Market & Complexity
Related Researcher
Files:
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Collection:
Division of Electronics & Information System2. Conference Papers


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