I’d recently attended a Whartons Venture Capitol course, one of the professors raised an interesting insight that the most successful startups are typically focused on new business models rather than new products, Airbnb, Uber, Zoom, Coursera, These all have innovative product technology, but they are enablers of innovative business models; innovative ways of generating revenue.
I thought this was a particularly interesting thing to highlight, we often get so carried away of innovation around product without really considering if it really is the key innovation.
I can see this being the reason for the failure in Segway, the lukewarm adoptation of NFTs, VR or Metaverse – these are all pioneering technology, but there’s no real business innovation.