Deciding on how to effectively innovate and commercialise products and services is a major challenge facing companies. This is true both for new products and services, and for rejuvenating ‘flagging’ existing commercial offerings. Research has illustrated that companies with well-formulated and innovative business models gain competitive advantages that result in higher profits.
What is B-MIDEA?
The objective of B-MIDEA is to develop the first dedicated Business Modeling Intelligent Design Evaluation Application with predictive and simulation capacity to enable better business decision making. The application, underpinned by an exemplar database, will enable companies to design and scenario test new products and services and their underlying business model. B-MIDEA will also enable companies to leverage past experiences and incorporate lessons learned into their innovation process. Past successes and failures, pertaining to new product/service innovations and business models will be incorporated into current decision making. The business value of B-MIDEA is that it will enhance management decision making and maximise the potential commercial success of new products and services for organisations.