Business model innovation is something that all successful startups are really good at. They have the advantage before global companies to be more open to embracing different business approaches. Startups have the ability to model their businesses on the go, while big companies struggle to embrace all the change that technology and innovation bring on a daily basis as they stick to their well-established business models.
A great example of that change is the rise of sharing economy, which is currently blooming. Many believe that it is the future. Minimalistic living and the belief among millennials that owning less is more are what make the sharing economy that popular and technology and big data make it all possible for these revolutionary ideas to become reality.
With the growth and rising popularity of Uber and Airbnb, more and more entrepreneurs are driven by the idea to enter the sharing economy.
The success stories of companies like Snapgoods, Vinted, and DogVacay prove that every niche can actually be disrupted by a business that follows the shared economy model.
The sharing economy model changes the way we work as platforms like Upwork and TaskRabbit take freelancing to a whole new level.
Co-working spaces around the world are preferred by freelancers, entrepreneurs and digital nomads as this option lower the cost of renting a whole office tremendously.
Poshmark, Le Tote, and Rent the Runway are just three examples that prove that sharing economy is changing the fashion industry as well.
All these examples of successful businesses are the reason to believe that once disruption is on the way it won’t be easily stopped. The changes that innovation and technology make need to be embraced by entrepreneurs and traditional corporations if they want their businesses to stay alive.
During his TEDx Talk, Stefan Gross-Selbeck talks about the importance of replicating the models of hyper-innovation and disruption in any niche as the only way to create a successful business in future. Adapting to the transformation that the sharing economy made to the way we do business is the only way the companies can survive.
The businesses must beat themselves in their own game and the only way to do so is to innovate when it comes to their business models. The advantage that all startups have is that they don’t have a clear business model at the very beginning, but are in a process of discovering it.
Entrepreneurs must focus on embracing the opportunities that technology and innovation present. If the sharing economy is the future, exploring the options it brings is a great source of inspiration and business ideas.