How to turn an idea for a smart product into a working business model?

Definitely not by abandoning your idea or starting to build right away. The masterclass 'Finding a working business model for your smart product' will provide you with a proven approach and tips to increase the chances of success of your business idea.

The number of IoT solutions has exploded in recent years. Especially when it comes to consumer products for smart home applications. However, it’s in B2B applications that the highest economic value is expected, even though that growth lags somewhat behind the most positive prognosis, when IoT was still a hype. Yet, the underlying IoT technology has become increasingly mature and available. Contradictory? Not really! The main problem today mainly comes from the challenge for companies to get enough value out of their smart product innovation. It invariably revolves around the same questions: Are customers actually willing to pay for our smart solution? How do we achieve a working solution in the value chain? How can my company make a profit from this?

The impact of a smart product on the business model

Smart products allow you to create value for parties other than those you have always considered customers. With a smart maintenance solution, you may want to target the maintenance department of your existing customers, for example, or rather the service companies that provide maintenance services to your customers. Serving 'new' customers with a new value proposition means fine-tuning the business model anyway. For product builders who do not reach end customers directly, it is also important to work with other parties in the value chain to bring the value to the end customer. It is quite often a matter of how to successfully bring about the solution, especially with a longer value chain. Whether you also provide the maintenance service yourself or only the connected product solution that triggers the maintenance, will obviously also determine how much of the delivered value you can capture as a product builder. With the right revenue model, the value that accrues to your business should be sufficient to cover the costs of developing and operating your solution over its lifetime.

Increase the chances of success of your business idea

So, as a company, you don't want to start building without closely examining the impact of your smart product idea on your business model. Neither do you want to miss opportunities in the incipient stage. In order to help you steer your business towards a working business model, we are organising the masterclass 'Finding a working business model for your smart product'. During the group session on 22/3, we will provide a proven practical approach and tips to increase the chances of success of your business idea. At the same time, you can exchange experiences with other companies. Through an individual follow-up discussion, we will ensure you can translate the insights into concrete steps.

Would you like to participate? You can find more information and the possibility to register for the masterclass here (in Dutch). The number of participants is limited, so react fast.

This programme is part of Industriepartnershap in which 17 Flemish innovation partners offer an integrated service to stimulate growth and innovation in the Flemish industry in the 3 following themes: Digitisation, Sustainability & Industry 4.0. They do so under the leadership of Agoria and Sirris and with the support of Agentschap Innoveren & Ondernemen.

#industriepartnerschap #sterkondernemen 

(Source picture: https://nl.dreamstime.com)