CASE STUDY 10
Together with the companies, we reviewed technology-based companies’ current business models, competing services, and differentiated alternatives to establish implementation priorities.
Client Context
Because technology-based companies often have several possibilities at once, deciding what not to pursue is particularly difficult. Companies supported by Jeju National University needed to assess their current business models objectively, compare them with competing services, and define differentiated alternatives and the order in which to implement them.
Transformation Design
From January to February 2023, The Innovation Lab provided each company with in-depth business model renovation consulting. We integrated analysis of the current business model, research into competing services, development of differentiated business model alternatives, and identification of implementation priorities into a single process. Rather than generating more ideas, we focused on narrowing the options to those where the company’s current capabilities intersected with market needs.
Changes in Judgment and Action
The key outcome of this project was a set of actionable priorities for each company. Although the detailed results cannot be disclosed because they contain sensitive company information, a business model renovation approach was applied to help technology companies reassess the market, compare the attractiveness and feasibility of alternatives, and decide on their next move.
Key Proof Points
- Conducted January–February 2023
- Current business model analysis + competitive research + differentiated alternatives + implementation priorities
- In-depth consulting for each company