Business Innovation and Ecosystem
Ongoing digitization makes it necessary for companies to further develop existing business models and add digital services. The aim is to remain competitive and meet customer expectations. Through business model innovation, however, companies can not only master the challenges of changing environmental conditions, but also derive opportunities and benefits from them. Business ecosystems play a special role in this.
In the context of business model innovation, so-called business ecosystems have gained in importance in recent years. Several companies enter into a strategic partnership in order to be able to offer services that would not be possible for one company alone. A business ecosystem is therefore the term used when an established telecommunications company joins forces with start-ups.
Cooperation within the framework of a business ecosystem offers advantages for both sides. Apart from a short company history, start-ups are characterized above all by an innovative business idea and high growth potential. In a business ecosystem, the established company can benefit from this business idea, while the start-up gains financial resources and attention. The growth of such partnerships is one of the factors that has boosted start-ups for years. According to Ernst & Young’s Start-up Barometer, published in January 2020, the volume of investments in start-ups in Germany reached a record €6.228 million in 2019. This is thus the third consecutive year where the investment volume has increased.
Collaborating with another company is one of numerous approaches to establishing new business models or further developing existing ones. Another option is to increasingly involve the customer in the design and manufacture of products and offer personalization options. Support for business model development (and digital transformation) is provided by the Business Innovation Engineering Center (BIEC). This accompanies companies from needs analysis and idea development for business models through to implementation and market launch.