Differences, Similarities, and Roles of Business Models and Business Plans 1. Introduction In today’s business environment, having a clear business strategy and execution plan is essential. For a company to grow and succeed, it must effectively develop and utilize two core outputs…
Product Innovation and Process Innovation Utterback and Abernathy (1975) categorized technological innovation into Product Innovation and Process Innovation as distinct innovation patterns. Product innovation focuses on "What to make" , while process innovation focuses on…
Technology Forecasting vs. Technology Foresight 1. Introduction As technology continues to evolve at an unprecedented pace, both businesses and nations must anticipate and prepare for future technological advancements. There are two primary approaches to predicting the future of t…
The Electric Vehicle Market In the early 1900s, the U.S. automobile market was divided among steam-powered cars (40%), electric vehicles (38%), and internal combustion engine (ICE) cars (22%). By 1917, The Wall Street Journal predicted that the emergence of affordable electric ca…
Lewin, K. (1951). Field Theory in Social Science: A Comprehensive Analysis Kurt Lewin’s Field Theory in Social Science (1951) provides a theoretical framework to explain the complex processes of social, psychological, and organizational change. Lewin described change as a three-s…
In the year 2000, Hilti famously shifted its business model from simply manufacturing and selling power tools to offering equipment management services. This change is summed up in a well-known saying: "What customers really want is not the drill, but the hole." This mea…
1. Introduction AI-driven generative models are spreading rapidly. OpenAI's ChatGPT reached 1 million users within just 5 days of its launch and surpassed 10 million within a month (The Verge). According to financial documents obtained by The New York Times in 2024, OpenAI ha…
Strategy for the Hypercompetitive Era: You Must Overturn the Status Quo to Survive! In the era of hypercompetition, businesses cannot simply wait for a "home run." Instead, they must focus on getting the leadoff hitter on base , followed by sacrifice bunts, stolen bases, …
1. User-Driven Innovation "User-driven innovation" originates from the research of Eric von Hippel, a professor at MIT's Sloan School of Management and the founder of the user-driven innovation theory. His notable works include The Sources of Innovation (1988) and D…
Open Innovation: The Case of P&G In today’s economy, “innovation” has become the most critical driving force for sustained corporate growth. Among various types of innovation, Open Innovation —a model that actively leverages external resources and ideas—has been increasingly h…
Disruptive Innovation Theory The theory of disruptive innovation was first introduced by Harvard Business School professor Clayton Christensen in his 1997 book, "The Innovator's Dilemma." I first encountered this theory during a breakfast lecture at the Chosun Hotel,…
The Era of Stories Rolf Jensen, a prominent futurist from Denmark and former director of the Copenhagen Institute for Futures Studies, predicted that after the information age, we would enter the era of emotions and stories. (The Dream Society, 1999) He argued that in this new er…