MIT Sloan Management Review

Companies traditionally pursue growth by investing heavily in product development so they can produce new and better offerings; by developing consumer insights so they can satisfy customers’ needs; or by making acquisitions and expanding into new markets. This article identifies a fourth method: “business model experimentation,” or using thought experiments to quickly and inexpensively examine new business model possibilities.

Nurturing a new and lasting idea doesn’t result from analyzing market data. Aspiring creators must act on what nonprofits already know: you get the best answers by burying yourself in the questions.

With a clear definition of what a customer need is, companies are able to get the inputs that are required to succeed at innovation.

Many corporate boards adopt a “one size fits all” approach to governance. Instead, they should consider fulfilling the role most needed at any given time.