IIMI – Certificate Programme in Digital Transformation and

Innovation
Week 3: Business Model Innovation

Video 1: Module Overview: Business Model Innovation

Welcome to the module on business model innovation. In this module, we will
discuss introduction to business models. Also, we'll discuss types of business
models. Further, we'll discuss importance of business model innovations. Also, we'll
discuss about various types of pricing models, including subscription-based pricing
model, usage-based pricing model, freemium-based pricing model, marketplace,
auction pricing model, crowdsourcing as well as advertising pricing model.
Later, we'll discuss how to manage multiple business models in an organisation.
Further, we'll talk about determining the right business models for an organisation.
Towards the last of this module, we'll discuss the building blocks of business models,
which includes 4i framework, framework by Pynnonen et al. (2012) as well as
Osterwalder and Pigneur framework.
Further, we'll talk about business canvas models and lean canvas model. Lastly,
towards the end, we'll discuss about most viable product and most marketable
product- MVP and MMP. Towards the last of this module, we'll discuss about RTVN
framework, which stands for resources, transactions, value and narrative.

Video 2: Introduction to Business Models

We'll start with the definition of business model innovation. In academic literature,
business model innovation has a different definition, whereas in popular literature or
in our day-to-day life, it has a different connotation.
So, in academic literature, Osterwalder, in his paper 2005, has defined it as a
conceptual tool containing a set of objects, concepts, and their relationship with the
objective to express the business logic of a specific firm. Therefore, we must
consider which concepts and relationships allow a simplified description and
representation of what value is provided to customers, how this is done and with
what financial consequences. The keyword over here is financial consequences.
Whereas, in popular literature or in our day-to-day life, it is defined as: Business
model is a type of art, and just like art itself, it is one of those things many people feel
they can recognise when they see it, especially particularly clever one or a terrible
one, but one cannot quite define it. Overall, all it really mean is how you plan to make

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money. So, money is the key concern over here. How your business will get the
money in order to survive in future is what is defined by our business model.
Video 3: Types of Business Models
In this video, we'll talk about various types of Business model innovation. Broadly, I
can classify business model innovation into four types. First, could be traditional
industry, newer company. Second will be traditional industry, traditional company.
Third could be newer industry, newer company. Fourth could be new industry and
traditional company. So, it can be seen, as two by two matrix where on one side we
have industry, on other side, We have companies.
So, I'll start with giving examples. What are the companies which can be classified in
each and every quadrant? So, in traditional industry, newer company, we can have
companies like Uber. Airbnb could be an example. Netflix could also come into this
particular category. Then, we have traditional industry, traditional company.
Here we can classify Hilty, one of the company which is prominent in making power
to which can classified in this quadrant Then, in new industry, newer company, we
can have companies like Facebook, YouTube, Instagram. All these companies will
belong to this quadrant of new company and new industry and newer company.
Lastly, we have new industry and traditional company, where I can definitely put
Amazon Web services- AWS.
If I talk about traditional industrial, traditional company. Where we have seen that
Hilti could be one of the example. Then, in this one, in some industry, current players
have themselves transformed their business models. For example, we have seen
Hilti. The company Hilti used to sell power tools to various companies and other
industrial and users. But they felt that there is a need to update themselves or
digitally adopt the newer technologies.
They shifted to this rental model in early 2000. Customers specially construction
companies found it expensive to own every kind of tools in multiple construction
sites. That's where Hilti became really popular. Then, if I talk about new industry and
new company, several industry that did not exist earlier were created by Newlind
Credit, which introduced innovative business models example or social media
platforms such as Facebook, YouTube and Instagram created an industry that did
not exist before.
These platforms, Primary purpose was to allow consumers to exchange messages,
pictures, videos, audios among their friends as well as their followers. Instagram
allowed brands to advertise on its platform through product pages, hashtags and
links, thereby generating advertising revenues. If I talk about new industry and
traditional company, I can definitely fit Amazon Web services (AWS) over there. So,
traditional players are diversifying themselves into a completely new industry with a

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new business model. For example, AWS as a company was popular in the retail and
e-commerce domain, but they have been setting up a rental based cloud
infrastructure business, which has become very popular in the recent past.

Video 4: Importance of BMI

In this video, we will talk about why is business model innovation important?
According to a study by IBM, companies that have innovative business models are
more likely to be outperformers. Business model innovation provides companies with
several benefits. So, we will start with increased growth. So, business model
innovation allows for business growth even in traditional industries. As an example,
Hilti, the example which I have given in the previous video, grew in an otherwise
stable power tools industry because of its business model innovation in conjunction
with its product and service innovation.
If I talk about targeting new segments that related to the previous benefit, newer
business model that require lower one-time fee payments allow for newer segment
to access the services. For example, as many ERPs move to cloud-based
subscription models, they could expand their customer base into SMEs.
This segment could not earlier referred the larger one time licence fees and
implementation cost. Now they are able to do that. If I talk about smoothening the
cash flows, then by moving to a annuity subscription models from one time licence
fees, companies have been able to smoothen out their revenues across the financial
year. This increased the predictability of cash flow. If I talk about competitive
advantage, then business models are innovative in nature and provide a competitive
advantage, at least in the short run.
For example, by launching a shared taxi model, Uber not only expanded the taxi
market but also created a relatively lower cost offering that traditional taxi companies
could not easily compete with. If I talk about realigning operations to sustain a new
business model, an organisation need to evaluate its entire business operations.
It needs to realign its operating model to deliver the cost structure and value that the
new business model requires. This itself rival organisation to enhance its operational
efficiencies. For example, studies have shown that when a low-cost airline launches
in the new market, the existing full-service carriers are forced to relook at their
operations, and in fact reduce their costs.
If I talk about increase in the customer connect, then a NUT business model also
enhance customer connect, resulting in higher customer satisfaction. ERP
companies that sold one-time licences to companies found a decline in use of their
products over a period. When they switched to subscription model, it was found that

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both vendors and customers evaluated the uses of the more often, which further lead
to increase in customer connect.

Video 5: Types of Pricing Models

In this module, we'll talk about types of pricing models. There are various types of
pricing models, including subscription-based, usage-based could be another type of
pricing model. Also, we have some Advanced Pricing Models that include freemium-
based, marketplace-based, in fact, auction-based could be one of the important type
pricing models. We also have crowdsourcing-based pricing models as well as
advertising pricing model. We will be discussing all these pricing models in the
coming videos.

Video 6: Subscription-based and Usage-based Pricing Model

In this video, we will talk about subscription-based and usage-based pricing models.
So, subscription-based is the most common business model and is based purely on
the timeline the consumer is willing to contract for a product or for the services.
Subscription usually range from a month to a year and even, we can have multiple
years. The pricing in a subscription plan declines as the commitment increases.
For example, if a user subscribes to a service for a month, they may have to pay
Rs.100 per month, but the same user have to pay Rs.1000 for the year. So, the idea
is, the same user will be saving 200 in a year just by subscribing for a complete year
of services. Then, we'll talk about usage-based pricing model. Usage-based, we
often call it as consumption-based business model. They have existed for a long
time in the utility industry. Most electricity and water bills have always been usage-
based. This model is now being extended to several other products and services.
One of the critical requirements for a company to implement usage-based plan is
that there should be a precise and easily measurable mechanism to determine the
uses. For example, in direct marketing, we have the unit of users as how many
emails are sent, or for electricity consumption, the usage is measured as the number
of units consumed.
This model's primary benefit is that it provides both the provider and the consumer
the flexibility to increase or decrease consumption based on the requirement. For
producer, the plan ensures that they are being paid for heavy uses. For consumers,
they can manage their budgets and cost based on the actual uses. Usage-based

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models are more suited to high volume as well as varying volume businesses. From
a producer's perspective, the model is ideal where the cost for the producer is mostly
variable. Most cloud storage platforms charge based on the size of the data stored
and equipment-leasing companies like Trringo, they charge per hour of usage.
A variation of a usage-based model is a hybrid 'fixed charge plus usage-based
model'. Most utility billings models are hybrid these days where they levy a minimum
monthly payment in addition to usage-based charges. So, anyway, a user have to
pay the minimum monthly payment apart from their general usage charges.
Video 7: Different Pricing Models
In this video, we will talk about remaining pricing models. We'll start with Freemium-
based pricing model. So, freemium has become a dominant business model for most
internet-based start-ups in the last decade. The model consists of freebase offering
with charges for premium or advanced services. For example, business networking
platform LinkedIn.
It is a typical example of freemium where the base service is free. But most
additional services such as search beyond the monthly limit, advanced search, direct
mails to non-contacts and direct marketing activities are available only on
subscribing to LinkedIn premium. Once the users have signed up and used the free
services, it is easier for the company to upsell the premium services. If the free
component is very limited, customers may not sign up or even, they can drop off
from the services rapidly.
Finding the right balance between the two that is how much services for free and
how much services for a premium price is critical for the success of a freemium
model. There are businesses where they have only customers who are using just
free services.
So, right balance is really important for organisation. Let us talk about marketplace.
This business model or the marketplace business model is common among most e-
commerce platforms. These platforms attract both buyers and sellers and earn a
commission on every transaction. For example: Uber, Quikr and OLX. These
companies follow the marketplace business model. The platform companies have a
larger number of sellers and buyers.
In the case of Uber, the sellers are the drivers, and the passengers are the buyers. In
Amazon, a variety of large and small companies are sellers and individuals are
typically the buyers. Platform providers earn a share of revenue from every
transaction that gets consummated through the platform. Let us talk about auction-
based pricing model. This is a variation of the marketplace business model and a
perfect example could be eBay.

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Unlike a traditional marketplace, in the auction model, the transaction price is set
through the auction-based mechanism. Let's talk about crowdsourcing as the pricing
model. In the crowdsourcing pricing model, companies co-create their products or
services with their customers and the general public. Crowdsourcing is being
extensively used for activities such as information, analytics, innovation and funding
purposes also.
Platforms such as Wikipedia and Kaggle facilitate information and analytics
crowdsourcing. YouTube crowdsources its content, but its revenue model is primarily
from advertising. We can have a very interesting case study where Google has a
Wiki-like product called Knol. But the particular product failed miserably. What could
be the probable reason? It was because the model was not apt. Google has given if
the particular number of viewers are visiting your page, then you will be getting
more revenue. So, people started creating content, which can attract large number of
audience. For example, page of Barack Obama attracted so many users at the same
point of time.
So, in turn, there was no quality control and they have found it out that the content in
all, which was just like a Wiki-like product, was not very helpful. And finally, Google
has to drop out the particular product, Knol. And Wiki, even without even giving any
incentive to the contributors, still is very popular in today's world. Let's talk about
advertising-based pricing model.
So, several new age companies, generate revenues primarily from advertising. They
achieve this by attracting a large number of users to use their free services. For
example, Facebook, Google. They are the both the example of this advertising-
based business model. The platforms are data-rich and have exhaustive customer
and segmentation data. This segmented data is used to sell targeted promotion
campaigns aimed at product companies.

Video 8: Managing Multiple Business Models

In this video, we'll talk about managing multiple business models as well as
determining the right business model for an organisation. So, one of the challenges
for traditional companies is how to manage multiple and often, conflicting business
models. So, companies have two paths to a new business model. The first path is to
transform from one business model to another. Second path is to manage both
simultaneously. In the former, where we are transitioning from one business model
to another, it is sequential.
The challenge for a company is drive the change. In the latter, which is like
managing both simultaneously, which is actually parallel in nature. The challenge is
on managing the conflict. In the fast-changing business world today, parallel change

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is more likely than sequential change. For example, IT budgets may be critical for
both traditional and new businesses. However, due to strong pre-existing
relationships between the traditional business and the IT department, the newer
business may lose out in the allocation of budgets. Let's talk about determining the
right business model.
While we all know there is no perfect business model, but some of the key
characteristics of a good business model are described as follows. The business
model should be able to meet customer needs. They should be able to provide
competitive advantage.
They should be able to create value for the entire value chain. So, let us discuss in
detail. When we are saying that business model should be able to meet customer
needs, but what do I mean by that? All business models are designed to meet an
existing customer's needs or allow a company to expand its target segment. For
example, a full-service airline launches a low-cost airline to meet the needs of a new
segment of travellers that it may not attract with its current business model.
If you talk about providing the competitive advantage, more and more companies are
looking at business models to provide them with a competitive advantage. Mere cost,
a price-based differentiation, as in the traditional models are no longer sustainable in
nature. Determining the right business model also, if you talk about the key
characteristics of a good business model, we have it as creating value for the entire
value chain.
Provide value to a company and its customer, the new business model should also
provide value to the whole value chain. Without adding value to all the stakeholders
in the value chain, the new business model will not succeed. Further, we can have
staying sustainable in the near term. So, transitioning to a new business model
require significant changes in the company organisation structure and operational
processes.
Unless a new model is sustainable for a considerable period of time, it does not
justify all the costs of change management. Leaving room for further innovation- a
business model cannot be thoroughly tested in a pilot environment. A broader
acceptance of the model is known only with a scaled roll-out. Capturing the network
effects- there should be a key characteristic of a good business model.
Network effect is a phenomena by which the value a user derives from a good or
service or a platform depends on the number of similar uses. Business models aid in
rapidly gaining customers and market share. For example, in India, WhatsApp has
become the dominant platform for messaging due to network effect.
At the same time, subscribers are not motivated to be available on multiple
messaging platforms. It is not challenging for a new messaging platform to bake

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through in the market. For example, even if I move from WhatsApp to any other
platform, I will not my friends over there. So, in WhatsApp, all my friends are there.
So, it is easy for me to communicate on WhatsApp. So, that is what it should
capture- network effect.
In fact, it should pave the path to revenue and profitability. One of the challenges of
such a model is that customers are content with the free services and do not migrate
to the premium and paid services. Therefore, companies need to have a clearly
defined path- paid services and revenue. Company spend a disproportionate amount
of capital on customer acquisition to leave the benefit of network effects. As a result,
several scale companies are not profitable even after many years of launching
services, which is quite popular and quite evident in today's industry.

Video 9: The 4i Framework

In this video, we will talk about building a business model. We will start with 4i
framework. What is this 4i?4i stands for initiation, ideation, integration, and
implementation. So, these are the various phases in our 4i framework.
So, let us discuss in detail about each and every phase. In Initiation phase, this is the
first phase which includes understanding the ecosystem a company operates in. The
ecosystem consists of customers, suppliers, competitors, government and as well as
investors. The second 'i' is Ideation phase. Once a company understand its
ecosystem, the next activity is to generate ideas for potential new business models
that can address the evolving market. The third is Integration. This is the third phase
and it involves detailing the ideas generated in ideation phase. The four dimension of
this phase are best described by the questions who, what, why and how. This is the
third 'i'. Fourth 'i' is Implementation. This is the final phase in a business model, 4i
framework business model. Over here, implementation plan is based on all the
aspects evolving from the previous phases. It involves prioritisation of
implementation, investments, project management as well as programme
management. In 4i framework, we have different designs.
If I talk about, there could be various players in initiation phase. Those who
understand, you have to understand their needs. You have to monitor their moves.
There could be change drivers. In ideation phase, you can have various iterations
between initiation and ideation phase as well as between ideation and integration
phase, various iterations. There could be an internal fit between ideation and
integration phase, whereas there could be an external fit between initiation and
ideation phase.
In ideation phase, the basic steps are overcoming the current business logic and
thinking in business model sense, as well as managing the idea creation part.

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 Whereas in integration, the important part as I've described are the four questions:
who, what, how and why. Also, in integration, you have to manage partners. And
finally in implementation, we have the realisation where you have to overcome
internal resistance as well as master complexity through trial-and-error method.

Video 10: Framework by Pynnönen

In this video, we will talk about the framework given by Pynnonen et al., in 2012. This
framework involves customers in the business model generation process. This
framework, just like the previous 4i framework, has four phases. They are given
directly in as phase one, phase two, phase three and phase four. Phase one is
similar to the initiation phase of 4i framework and involves understanding the
customer value and the ecosystem that generates this value.
Phase two focuses on developing business models ideas based on the needs
discovered in phase one. Phase three is the next phase, where we have to test the
model using customer surveys and other techniques. Phase four is the final phase,
and in this phase, we have to adjust the model based on the feedback received and
then roll out its implementation.
The significant difference between this framework of Pynnonen et al. 2012 and other
business model innovation framework is that it recommends an iterative process
which changes in the business model as and when customer feedback is received
and the model is tested in the marketplace. In this particular framework phase three,
where we are actually collecting the customer surveys is the most important phase
which actually drives the entire business model.
Video 11: Business Canvas Model
In this video, we will talk about Osterwalder and Pigneur framework. As well as we will
also talk about Business Canvas Model in this particular video. Let us start with
Osterwalder and Pigneur framework given by Osterwalder et al., in 2011. This
framework consist of five phases: Mobilise, Understand, Design, Implement and
Manage. In the first phase, a company mobilises all the required information to design
a new business model. During this phase, awareness is created across the
organisation about the upcoming project and thereafter, project teams are formed. In
the second phase, the company analyses the information gathered in the mobilise
phase.
The understanding is developed by interviewing experts and key members of the
ecosystem. Once the need is established, the design phase is all about creating the
right business models. This phase also involves creating prototypes of the more
promising models that can be tested in the marketplace. The fourth stage involves
testing the prototypes and rolling out large-scale implementation. The final stage is

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monitoring the newly launched business model and making changes if required. Let
us talk about Osterwalder Business Canvas Model.
The model uses nine business drivers to understand a business. We will start with
customer segments. The canvas which is the Osterwalder business canvas model
first outlines all the types of customers that the company is targeting. This could be an
individual customer or small business customer or in fact, it could be a large
corporations. The second driver is value proposition. This is the next step is to define
the products or services that create value for each of this customer segment based on
their specific needs.
So, what specific customer issue are this proposition solving? The third is channels.
The various methods of connecting the value proposition with the customer segments
are called channels. This could be owned channels which is owned by the company
or could be partner channels which can be owned by partners. Fourth is customer
relationships. Here will talk about what kind of relationship do customer expect from
the company? How will this relationship be managed? Will it be virtual in the form of
digital through a website or an app or would it be in person? The fifth is revenue
streams, how and through which business model is the value being captured? For
what value our customers willing to pay?
How are they currently paying? And aren't there more preferred models for the value.
Next is key resources. What is the infrastructure required to create, deliver and
capture the value? This could be human, physical, intellectual or financial resources.
This will help in identifying their sets that are indispensable for the business model.
The next is key activities. These are processes that are key to leveraging the
resources and provide the value propositions. The activities can include
manufacturing platform development or analytics. Next is key partners. The key
partners are those who can help a company leverage its business model. The
partners can include government, regulatory bodies, investors, marketing partners,
outsourced vendors or suppliers. Lastly, we have cost structure. Once the rest of the
business model canvas is laid out,the final step is determining the cost involved for all
activities required to deliver the value propositions.
Let us talk about a particular food delivery app and all its entire business canvas
model. So, we'll talk about all the nine components of the business component
business canvas model for the particular food delivery app in detail. We'll start with
key partners. So, for a food delivery app, key partner could be restaurants, it could be
delivery personnel. Key activities could involve taking online orders, hiring delivery
personnel, managing logistic to process orders, managing driver's pay out, creating
and managing technological infrastructure, processing the transactions.
This could be key activities. Key resources could be the technology platform itself.
Restaurant partners, delivery persons. These will be your key resources. Value

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propositions could be different for customers, could be different for drivers, could be
different for delivery persons. For customers, they can order meals online.
They can have 24/7 service if we provide that 24/7 service. They can also browse
menus of various restaurants; they can have better pricing as well as efficient way of
payment. For drivers, the value proposition could be they can have extended
customer base. They get an online platform to serve their customers. They get easy,
cheap and fast way of delivering orders.
They also help in empowerment of small restaurant owners. For delivery persons, the
value proposition could include they can earn good money. They can have flexible
time slots. Delivery guys even receive payment or tips from users. Let's talk about the
next important component of the business canvas model, customer relationship. Over
there, we can manage customer relationship through social media or also we can also
provide a help button which could have 24/7 customer support.
Then, let's take channels through which you can achieve this. We can have a website.
We can have a mobile app, we can have mobile app for android, we can have mobile
app for IOS, then will talk about various customer segments. There could be users,
there could be restaurants. Users, people who don't want to cook or people who want
to eat from outside or people who want food to be delivered at their doorstep.
Restaurants which don't have their delivery guys. Those who don't take online orders.
These will be the customer segment in terms of cost structure. Technological set-up
and running cost could be there in the cost. Salaries to permanent employees could
be a cost, payment to delivery persons and fuel expenditures could be a cost.
Revenue streams, commission out of each order could be a revenue. Some marketing
and branding programmes for restaurants could be source of revenue.

Video 12: Lean Canvas Model

In this video, we will talk about Lean Canvas model. This model has been adopted
from Osterwalder's business canvas model to suit start-ups. The framework has the
following building blocks. In problem, we discuss what is the problem users have that
the business is trying to address.
Is the business meeting this need? These are all the questions that are addressed in
the problem. Then we have solution. How will the start-up help to solve this particular
problem, the one that is given in the previous plot? Is there a minimum viable product
(MVP), which we'll be discussing in the next video. Then, we'll talk about key metrics.
What are the key metrics that the company will focus on?

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This could be number of users in the first year, revenue generated in the first year or
revenue generated after five years. Then in unique value proposition, what is the USP
for the particular company? In unfair advantage, what is the competitive advantage
the start-up has over its competition and industry? And in channels, what are all the
channels that are available for the start-up? In customer segment, what are the target
customer segments?
In cost structure, what are the cost structure of the product or services? This could
include salaries, cost of the material, cost of maintenance, marketing related activities.
In revenue stream, how will the product or service generate revenue through sales or
through subscription? So, these nine blocks together form the Lean Canvas model.

Video 13: MVP & MMP

In this video, we will talk about Minimum viable product. Minimum viable product, or
MVP, is different from minimum marketable product. So, in terms of the hierarchy, the
product- basic product- could have a functional features. The advanced product could
have reliable features. The more advanced product would have usable features, as
well as the best of best product could have emotional designs.
So, minimum viable product will not be when you are adopting something at the
functional level or at a reliable level; it will be at when you are adopting at the usable
level when you can use the particular product. So, that is your minimum viable
product. After minimum viable product or after MVP, comes MMP, which is Minimum
marketable product. Unlike MVP, MMP includes must-have features of your product
that customer can make to satisfy their immediate needs. We also have Minimum
marketable release, which is also sometimes called as MMR.
It is simply the first, very first release of the many internal releases that becomes
marketable to customers. We have different variations to this also. We have MSP,
which is Minimum saleable product. It is like it sounds. The product you have
researched with the customers and users to determine what type of product they
would be willing to pay for. Next, we have MLP, which is minimum lovable product- an
experiment or a learning concept to validate customer need. So, overall, we have
MVP, MMP, MMR, MLP.
So, if you see, if we have to make a short comparison between all of them, the goal in
MVP is to test the market, whereas, in MMP, it is next test was the completion. MMR
is an iteration of MMP, whereas MLP make the product enjoyable. In terms of
functionality, MVP is having a minimum functionality. Similar to that, MMP is also
having minimum functionality. MMR or MLP, both of them also have minimum
functionality. In terms of finished products, none of them, if you talk about MVP, MMP,
MMR or MLP, none of them are having the finished products.

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Video 14: RTVN Framework
In this video, we'll talk about RTVN framework. RTVN stands for resources,
transactions, value, and narrative. This framework is particularly meant for pre-
startups. So, let us discuss in detail. Resources- this defines the key resources which
are available to an entrepreneur or the key resources that an entrepreneur will need to
start a company. This could be financial resources, intellectual property, industry
advisors or in fact, market access could also be a part of resources. Next is
transactions. Transactions are connectors for various resources outlined. This could
be internal, external or boundary spanning transactions or processes.
The transactions that add value to a company are those a company can be good at,
important in delivering the value and differentiating from its competitor. In terms of
value, simply putting this is how resources and transaction can be combined to create
and provide intangible or tangible value to the customers. In terms of narrative, this is
the final element of RTVN framework, which is narrative, and it revolves around R-T-
V, which is our resources, transactions, and value that a company is developing. This
is an inexpensive method to test out the initial analysis of a new product or services
offering.
In fact, the RTVN framework focuses on the intersection of these three attributes,
rightly called as resources, transactions, and value. We can have the resource-value-
intersection, which helps in defining the resources that help in generating value to the
customers. We can also have resource-transactions-intersection, which helps in
determining how a company will link its key resources to its primary transaction and if
it has suitable transactions to deliver its resources to its clients. The transaction-value
intersection links transactions to the value of the delivery. For example, do customers
have complex transactionsrequirements or do customers avoid adopting new products
from start-ups?

Video 15: Module Summary: Business Models

In this module, we have covered various suspects of business model innovation. We
started with introduction to business models. We have also talked about types of
business models. We have covered the importance of business model innovations as
well. In this module, we have covered various types of pricing models, ranging from
subscription-based, usage-based, freemium-based, marketplace, auction pricing
model, crowdsourcing as well as we talked about advertising pricing model. Later, we
talked about managing multiple business models and determining the right business
models.

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Lastly, we talked about building blocks of business models, where we talked about 4i
framework. We talked about Framework given by Pynnonen et al., (2012). We also
about Osterwalder and Pigneur Framework, which led us to Osterwalder Business
canvas model and lean canvas model is what we have discussed next. Lastly,
towards the end of this particular module, we talked about MVP, which is Minimum
Viable Product and then MMP, Minimum Marketable Product. Towards the end, we
talked about the RTVN framework, which is Resource, Transactions, Value, and
Narrative. Which framework is particularly helpful for pre-startups.

IIMI – Certificate Programme in Digital Transformation and Innovation 14