Business Model Innovation in the Age of AI

I took Business Model Innovation because I wanted to expand my thinking and discover if there was more to innovation beyond a product-centric approach. I’ve been with my company for over 23 years, and in that time, what I learned, I learned by doing on the job. As a manufacturer, our approach at the company has always been very product-centric. I enrolled in the program because I thought I could learn something new and expand my thinking. I most certainly did.

Business Model Innovation helped me see a new way to create and sustain a competitive advantage beyond our products and the demand side of our business. It opened my eyes up to new possibilities.

I felt the program struck a perfect balance between depth and breadth. I learned new frameworks that helped structure my larger thinking, such that I could pursue individual concepts and ideas in greater detail afterwards. In other words, the program functioned as a springboard that encouraged my learning process long after. The entire teaching team was fantastic. I want to especially mention Serguei Netessine and Scott Snyder.

I’m part of Wharton’s General Management Program (GMP) and I can honestly say that every course has been great. Business Model Innovation was really impactful for me and one of my favorites.”

Phil Kim Chief Strategy & Creative Officer, Universal Nutrition

I'm the founder and president of DMD America, Inc. I offer pharmaceutical and biotech companies a data solution around drug product and pricing information. Our company has had a great run, but as you get bigger, you get nervous about somebody else coming along with a better strategy or way of executing. That’s why I took Business Model Innovation.

To my delight, Professor Netessine and the other faculty taught me how to think differently, so we can protect our company’s future.

My key takeaway really was understanding how to redefine our business model as it relates to our overall and long-term strategy, and we’ve done quite a bit at my company since I returned from the course. The business model we were shown in the class applies to any company of any size in any industry. So we adapted our thinking, and it helped us frame the secret sauce our company has that makes customers want to work with us. It got everyone excited, and we’re not looking back. This is how we’re doing things in the future.

I’d recommend the course 100%, to any business. It would be especially good for companies who are incumbents, to challenge their thinking and clear out the cobwebs of what seems to be working now but might not work so well in six months or a year. I enjoyed the class so much that I decided to take another Wharton Executive Education course, Strategy and Management for Competitive Advantage."

Bill Little Founder and President, DMD America, Inc.

I am a senior manager of lean transformation at Westpac Banking group. My role is that of an internal consultant with the business banking division in Westpac, enabling innovative solutions and ideas in pursuit of our group CEO’s vision of becoming one of the world’s greatest service organizations.

I became interested in the Business Model Innovation course because lately one can sense that digital disruption is everywhere and forcing the traditional brick-and-mortar (incumbent) business model to change. I knew that I had to get out of that older mentality, go head-on and understand how digital is impacting today’s businesses. There is no doubt that digital is an enabler for disruptive innovations, and traditional businesses must be able to influence key stakeholders towards innovation-led growth mindset. I’ve been reading and talking with people about the subject, but it’s important to have a place where you can get a good overview of the whole and a pathway to get a deeper understanding of the subject.

The program was terrific. Professor Serguei Netessine’s set up and the delivery of the core concept and hands-on exposure were very impressive. The course revolves around business model innovation, my field of interest, however the course also is able to seamlessly introduce concepts of machine learning, platform ecosystem, patterns based on historical events, etc., that may influence innovations.

The insights you can get from the discussion with faculty members and other participants are very valuable. There were some really innovative thinkers there. Plus, we worked through potential solutions for real-world issues that some of the attendees were actually dealing with in their companies. That was a great experience.

One of the key highlights for me based on the insights from the course was exploding the myth that large incumbent businesses owing to the size are somehow helpless to move swiftly and innovate their business models. I realized that large incumbents possess great strengths and can easily audit, experiment with, fine-tune, or pivot their business models. It is quite reassuring to know from the people in the course from different industries who have taken this on and been successful.

Some of us have stayed in touch through a Slack community to brainstorm concepts and share articles and book recommendations. It’s quite helpful and keeps you motivated. Overall, I think Wharton is doing a great job with this program.”

Binu Chacko Senior Manager, Lean Transformation, Westpac Banking Corporation, Sydney, Australia

I decided to enroll in Business Model Innovation because I wanted to strengthen my understanding, and get the right tools, to drive transformational change in an organization. I was interested in capitalizing on digital opportunities and also in overcoming the challenges that digital disruption is presenting to the world.

I loved the program. I got a very clear, practical way to find paths to innovation. The course went beyond just theoretical approaches. It demonstrated how to experiment, allow oneself to risk failure, and to take learnings out of that experience. It helped change my mindset. I think we are still living in a world where failing and experimenting — when it does not directly link to a specific success — is not valued enough, and it prevents us from capitalizing on opportunities. Another topic I really enjoyed, and that I think is critical for business success, was about getting buy-in in order to drive change. The course showed me how to make a real-life impact in a business or organization.

I thought the faculty were very solid. In addition to being professionals with academic backgrounds, they work with leading companies that have gone through transformations or are in the process. This makes their teaching approach very down-to-earth, which in my experience was extremely effective.

Another strong element of the course was that the attendees were a rich blend of multi-industry, multi-functional areas and came from different leadership backgrounds and cultures. That made for a very interesting mix within the dynamic of the program. It fostered a lot of our interaction and enabled well-rounded and inspiring discussions.

I would recommend the program; in fact I’ve already recommended it to several people. I’m still very excited about the things I learned and how much the course inspired me. I think we all realize that there are big opportunities and challenges in the digital space, and Business Model Innovation is a very strong program to help you face that more effectively. I’m now considering taking another Wharton program, the Executive Negotiation Workshop.”

Manuel Dulitzky Executive leader of multinational companies, Santiago, Chile

Business Model Innovation is an incubation on the topic of business models — it gives you a really good sense of what to think about and how to begin to address challenges in bringing your ideas to market.

I am a leader in a large, well-established organization that is slowly pivoting, and was happy to see that the program is geared for someone like me. We learned best practices that are extremely relevant and timely. I picked up good ideas in every session that related to my own challenges and have been able to apply them. All of the professors brought their own unique point of view and expertise, and I truly enjoyed having such a diverse group of attendees in terms industry segments, and geographies. I learned a lot from them.

It’s a phenomenal program for someone in an organization that is trying to innovate. If that is you, I would say absolutely you should attend.”

Keyur Parikh IT Department Head, The Vanguard Group

Business Model Innovation is a novel idea. You typically think of innovation in the form of technology or products. Serguei Netessine challenged that. Innovating your business model can give you a greater advantage than coming up with a new product or service. That’s important for my company because our industry is the most disrupted one. We know it is mandatory that we innovate, not just with new initiatives and digital, but throughout the company.”

Frank Filippo EVP Print Group, Dow Jones