In order to gain and maintain a competitive advantage, it is no longer sufficient for companies to focus only on product and service innovation. Managers must also allocate time and resources to focus on innovating their business models. In relation do developing their strategies and innovative their business models, managers can apply Open Strategy (OS), through which they open up their organisations to external stakeholders who they include in their strategic planning. By combining the two constructs of Business Model Innovation (BMI) and OS, this thesis develops a concept referred to as Open Business Model Innovation (OBMI). There are various strategic management tools that managers can use to strategize and innovate their business models as well as apply the OS. This paper examines a new tool, the Millennial Board (MB), as a strategic management tool in relation to the theoretical concept of OBMI. The MB was developed by a Finnish strategy agency, D11 Helsinki (D11). By applying qualitative method, interviews with individuals from D11 as well as interviews with three CEOs from different client companies of the MB has been conducted. Thus, this thesis examines the MB from both an internal perspective as well as an external one. The findings of this thesis reveal that the MB meets the theoretically based premises of OBMI. Thus, this thesis concludes that the MB can be assessed as a strategic management tool for OBMI.
|Educations||Cand.merc.smc Strategic Market Creation, (Graduate Programme) Final Thesis|
|Number of pages||114|