Start-ups are advised to network, find mentors, enrol in accelerators and seek expert advice. This makes sense, but it is not the end of the story.
Australian start-ups are finding that the source of knowledge is as important as the amount of knowledge. External knowledge can come from research actors — universities, government research institutes and commercial research and development laboratories — as well as support actors such as mentors, accelerators, incubators and other founders. These sources can help start-ups innovate their business model.
Creating a new business model is not just about introducing a new product. It is about reimagining your customer, how you add and share value, who you share that value with and how you generate revenue.
There is, however, an important warning. Knowledge derived from research actors was directly related to competitive advantage. In our research, knowledge from support actors had a negative direct relationship with competitive advantage, although it can help with business model innovation.
Do not only ask, ‘Who can help us?’ Ask, ‘What knowledge will help us differentiate?’
Written by
Peter Guckenbiehl
