Business Models, Innovation, and Strategies: Essay & Video

This essay delves into the critical relationship between business models, innovation, and strategies, emphasizing their combined importance for organizational success and sustainability. It identifies different categories of innovation, including product, process, and business model innovation, and maps innovation for sustainability along dimensions of focus, firm view, and extent of integration. The essay also presents a framework for innovation, encompassing operational optimization, organizational transformation, and systems building. Furthermore, it discusses business development processes and provides actionable strategies for innovating for sustainability, such as setting efficiency targets, fostering cross-company collaborations, and adopting closed-loop manufacturing. The paper concludes by highlighting the significance of leadership and change agency in driving sustainable business practices.