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Introduction
The “digitization” and “digitalization” of businesses is inevitable, i.e. technology will be a part of an organization’s operations and significant business relationships with customers, suppliers and employees digitally enabled and mediated; and where its core business processes are conducted through digital networks spanning the entire organization or linking multiple organizations.
Business models will incorporate and leverage on everything digital – from the Internet and Cloud solutions to digital marketing and cashless payment – to conduct eCommerce and mCommerce activities. Although digitalization will be at different pace for different businesses, it is something that will not change. These digital developments are providing current and future entrepreneurs with more opportunities than ever, albeit more complex with new challenges. At the heart of the entrepreneurial firm will be an innovative business model.
In today’s hyper-complex market place where companies have to address the needs of many customer segments at one time, a single business model might not be enough. To operate more than one business model though, can be difficult. Thus, it is not surprising that it is often cited as a leading cause of strategic failure. Yet, there are situations that call for a company to address several customer segments, using a particular business model for each one, and operating them in tandem. For example, to crowd out competitors or forestall potential disruptors in its current markets; to expand into new markets; to make more efficient use of fixed assets and other resources; or to develop new income streams.
Businesses need to have a flexible business model in order to respond to both internal and external forces, and this is where innovation kicks in. The need for innovation has always been there and as long as businesses need to have a competitive advantage over the competition, there will always be that need to innovate. Innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.
So, what are some of the innovative business models today and what will work for the future? Where are the opportunities for entrepreneurs and entrepreneurial firms?
The objective of this course is to provide participants with insights into the business innovations that have been taking place in companies. The main lessons to be learnt are the various ways that different types of firms can take to maximize value creation in a company.
In this course, the following topics will be covered:
- The different business types
- The different business models – both offline and online business models
- The business innovations in some of the more successful companies
- A method towards finding the right business innovation and model for a company
Through a mix of lecture, case studies and interactive workout sessions, participants will have a better understanding of what business innovation is and how it fits into developing business models for the digital economy.
Anyone who is interested in understanding what business innovation is and how it fits into developing business models for the digital economy.
Standard Course Fee: S$648.00
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SSG Funding Support |
Course fee |
Course fee payable after SSG funding, if eligible under various schemes |
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BEFORE funding & GST |
AFTER funding & 8% GST |
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Singapore Citizens (SCs) and Permanent Residents (PRs) (Up to 70% funding) |
S$600.00 |
S$194.40 |
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Enhanced Training Support for SMEs (ETSS) |
S$74.40 |
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SCs aged ≥ 40 years old |
• NTU/NIE alumni may utilise their $1,600 Alumni Course Credits. Click here for more information.
Francis Tay
Lecturer, NTU WKWSCI
Founder & CEO, NextGen Ventures Pte Ltd
Director, Singapura Management Pte Ltd
Francis is currently a lecturer at Nanyang Technological University (NTU) Wee Kim Wee School for Communications and Information (WKWSCI), teaching Business Intelligence and Information Entrepreneurship in the Master of Knowledge Management course. His courses are also taken up by students reading for their Master of Information Systems, Master of Information Studies and Master of Mass Communications. He has also taught Organizational Leadership and Information Sources and Services in the Master of Information Studies course. He has been teaching at NTU for more than 10 years.
Francis has authored three books “Latent Factors”, “Turning Good Ideas into Great Businesses” and “Picking Winners”. The first two books focus on business advantages and financial models and the third book is on market intelligence and building up market and sector models for benchmarking analysis. His market intelligence and benchmarking portal – www.profitstrail.com - was developed as a real-time update for “Picking Winners”.
He is concurrently a Director at Singapura Management Pte Ltd, a corporate services company providing bookkeeping, tax and other services to local and foreign SMEs. He founded NextGen Ventures Pte Ltd, an equity investment company that focuses on technology and Internet-related businesses. He has held senior positions in government and government-linked organizations.
Francis obtained his Honours degree from NUS, majoring in Economics and Computer Science & Applications, and his Master of Science in Management (Sloan Fellowship) from the London Business School in the UK. Francis served 5 years on the National Youth Council’s Singapore Youth Awards (SYA) Entrepreneurship committee and has provided mentorship to companies and others under various business programmes at universities and start-up accelerators.
