How to Innovate Your Business Model

How To Innovate Your Business Model

In order to stay relevant and ahead of new/existing competitors you need to be constantly testing new ideas.

Don’t be afraid to spend money on testing new features or re-inventing yourself.

Our experience has been that the companies that don’t apply the CNEI (constant and never-ending improvement) rule are the first to die when there’s a change in the wind (Kodak, Blockbuster, Loehmann’s, Borders, and more).

And we’re not just talking about big companies either. Startups are at even more risk of failing if they don’t manage to keep up with customer expectations.

Read the tech mags/blogs, speak to the right people, go to the right meetups and stay up to date with the latest trends.

But most of all; Always Be Testing.

In this video today, I’m going to talk to you about the 5th factor of a successful tech product: How to innovate your business model and not become the next Blockbuster.

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Logan Merrick

Logan Merrick is the co-founder and Director of Buzinga, as well as one of Australia's most recognised entrepreneurs, keynote speakers, investors and mentors. His writing on startups, technology and mobile marketing has been featured in The Australian, Business Insider, Startup Smart, Smart Company, and more.