Business development is the turning of an idea into a marketable business asset. The core idea is this- people have lots of ideas, and then they invent something. To turn it into a business, we need to turn the idea into a marketable business asset, so people will be served by it, and won’t mind compensating the makers for it.
For example, there were lots of MP3 jukeboxes in the market before iTunes came out. iTunes was not a new idea by Apple – but what it did was get the business agreements in place with the major music companies so people could legally buy and listen to music. It created a marketplace for music. The other technologies like Napster were great technical inventions but not business assets. Similarly, there were hardware gadgets by many companies to play MP3 files. The iPod put it all together by making it seamless and connecting it to the marketplace – that turned a technology into a business asset.
When business development is focused on single scenario thinking, it is not agile. When it does not embody the values of learning, simplicity, communication, and feedback, it is not agile. To make business development agile, the inquiry is “how do we embody these values?” The practices described in the patterns catalog can get us to the values. Agile Business Development is primarily focused on the step between invention and a business – how do we help a cool invention deliver value to lots of people. This webinar, hosted by the PDMA, dives even deeper into the concept of agile business development.
Watch the Hour Long Webinar:
Short on Time? Here are the slides that also serve as a patterns catalog:
SmartOrg teaches these practices in our innovation workshops. Agile Business Development is a repackaging of our innovation content in a way that helps it stand out. It is how we make our innovation explanations unique from other organizations.
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