There has been a lot of buzz around designing new and innovative business models. But what does it mean to design a new business model? How do you apply design thinking to business model innovation?A lot has been said and written about what design thinking is, so I will not go there. Instead, I will take a typical design thinking process and show you how it can be applied to business model design.
As the design firm IDEO has been one of the early advocates of design thinking, let us use one of their design thinking processes as outlined in the Design Thinking for Educators Handbook.