New Delhi, May 23 (IANS) The disruption caused by the COVID-19 pandemic will entail a drastic reimagining of business models in going forward says a new book on the subject that proposes frameworks with Design Thinking as the backbone for creating win-win situations.
"Today, more than ever, there is a strong need for re-imagining the way business needs to be conducted through deep empathy and exploring win-win situations for all stakeholders involved," writes Kaustubh Dhargalkar, an entrepreneur-turned-academician, innovation evangelist and start-up mentor, in "It's Logical: Innovating Profitable Business Models" published by Sage and which is available as an ebook on Amazon.
To this end, the book proposes "frameworks (with Design Thinking as the backbone) for creating win-win situations to visualize sustainable business models in times to come, which should prove useful in the prevailing, unprecedented circumstances".
Laced with multiple real life studies, the book advocates that innovation is not about flash in the pan ideas; it is driven by pure logic. It further explains how to map the ecosystem to understand synergies for creating innovative offerings.
In his foreword, Sudhakar Nadkarni (Founder, Industrial Design Centre at IIT-Bombay; Founder, Department of Design at IIT-Guwahati) writes: "It takes great effort and a long time to develop an innovative culture. Innovation, as is often said, does not fall from the heavens. It takes vision and a strong commitment to the objective."
Noting that he has "some reservations" about the "fashion" that innovation centres have become, Nadkarni says: One cannot innovate in the absence of an ecosystem that drives innovation. This book, supported by deep research and many case studies, shows that it is possible to come up with an innovative business model that does not stick to conventional paradigms."
Drawing an analogy with cricket, Nadkarni says that creating a good business model involves "searching for gaps, angling the bat and caressing the ball in the desired direction. It requires a creative yet trained mind. This book tells you exactly how to spot those gaps in the field and train your creative muscle."