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date: 23 October 2020

Abstract and Keywords

The process of business model renewal is what is termed ‘strategy innovation’. It is not simply about improvements to a product line or service offering incremental reductions in costs. Strategy innovation constitutes a fundamental innovation in the company's business model; a significant change in the way it makes money that opens up new sources of competitive advantage. This article explores how a company can go about improving its chances of successfully meeting this challenge of continually renewing its business model by creating a flow of profitable strategy innovations launched into the market at opportune times. The first step towards meeting this challenge is to understand how far and how fast a company's established strategy is decaying and therefore how urgently the launch of a strategy innovation is required.

Keywords: strategy innovation, business model renewal, product line, service offerings, competitive advantage, profitable innovation

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