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Unblocking Innovation: Breaking the Shackle of Assumptions

In: Innovation and Growth What Do We Know?

Author

Listed:
  • Samuel Chun

    (Olin Management Solutions, Olin Business School, Washington University in St. Louis, USA)

  • Anjan V. Thakor

Abstract

This chapter introduces a new approach to innovation, based on identifying the key assumptions in the prevailing business model of the firm or the industry and discarding a few key assumptions supporting the existing business model that are widely accepted within the industry. The idea is that every business model has a set of explicit and implicit assumptions based on which the model is constructed. These assumptions often have to do with consumer preferences for various product/service attributes, the demand for the product/service at any given price, the nature of the value chain from production to the ultimate distribution of the product/service to the consumer, and so on. Often, these assumptions are supported by experience or historical data. The key to innovation is to identify which of these assumptions can be discarded or replaced with new assumptions, so that a novel business model emerges, and this model leads to spectacular new growth. This chapter discusses how an organization can systematically approach innovation this way and provides numerous examples of instances in which this approach has been successfully implemented.

Suggested Citation

  • Samuel Chun & Anjan V. Thakor, 2013. "Unblocking Innovation: Breaking the Shackle of Assumptions," World Scientific Book Chapters, in: Anjan Thakor (ed.), Innovation and Growth What Do We Know?, chapter 6, pages 141-157, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814343558_0006
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