Business Model - MIT ID Innovation
                     Ways To Innovate Your 
Business Model
MITID Innovation
Any company wishes to do profitable 
business, laying out a business model is a 
core strategy to achieve this goal. 
However, suppose a business fails to 
revamp and update its business model 
with the changing trends in the industry or 
the world in general. In that case, you can 
be assured that the company will not 
sustain itself in the highly competitive 
market for long.
What is a Business Model?
The business model of a company refers 
to the company’s detailed plan that drives 
its members and associates to work to 
attain maximum profit. A business 
model consists of all the products and 
services that the business wants to sell, its 
targeted customer base, and the company 
expenses. Any investor will look at these 
numbers before investing in the growth of 
the company. 
Why is it Essential to Have a 
Well-Curated Business Model
The two essential levers of a 
company's business models are pricing and 
costs. A company can raise the price of its 
product or services, and it can find raw 
materials/ inventory at reduced costs due to 
bulk buying to increase the company's 
gross profit. Analysts believe that an 
excellent gross profit suggests a sound 
business plan. 
So even if the company expenses get 
out of control, the management team 
could be at fault, and the problems are 
correctable to an extent. As this 
suggests, many analysts believe that 
companies that run on innovative 
business model can run themselves 
independently.
Why Should You Innovate Your 
Business Model
Isolated innovations mean nothing to 
business insiders. Companies need to 
create innovative business models to attract 
investors as well as B2B clients. Let’s take 
a look at the example of a company called 
Haloid Corporation. In the 1950s, this 
corporation created an innovative 
engineering tech product that they thought 
would change the world but soon realized.
After much deliberation, the company’s 
president thought that if people did not want 
to buy the product, they might want to lease 
it. This was a million-dollar idea and is now 
what is called the successful story of Xerox. 
It is one of the most popular products 
around the world. Hence, a change 
of business models quite literally pulled a 
company out from the verge of bankruptcy. 
An business model innovation can change 
the fate of your company.
Ways To Innovate Your Business 
Model
• Let us look at some of how you can 
innovate your business model: 
• Map out your business models 
according to these paradigms:
• Who is your customer?
• What is your proposed service/ 
product?
• How will you produce the product/ 
goods offered?
• Why do you consider it to be a cost-
effective model?
• Free yourself from the constraints of 
your company, be free and up to date 
with trends.
• Take risks and use new innovative 
methods and technologies and adapt 
them into your business model.
• Integrate and implement the new 
business model. 
How Courses at MIT ID 
Innovation Help Create 
Futuristic Business 
MIT ID Innovation ofMferos cdoeursles that allow 
its students to curate a knowledge base and 
diverse experiences that challenge the very 
paradigm of business evolution. The courses 
offered focus on innovation, technology, and 
trendsetting. We create leaders for tomorrow 
who will create more advanced and 
successful business models shortly. 
Conclusion
MIT ID Innovation Programme curates 
knowledge and experiences that 
challenge the very paradigm of evolution. 
And that's why we have set out to define 
the future of industries, communities, 
cities and ecosystems. MIT ID Innovation 
offers the best Courses in Innovation 
and Design Thinking.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
+91-7038982225 / +91 
9834092369
[email protected]
.in