Business model idea screening: Advancing toward the Bullseye

Abstract

Business model innovation—designing new business models—is a complex and multifaceted activity. Business model design teams frequently brainstorm long lists of potential ideas and are then left with the challenge of culling the list to a manageable set to pursue further. Drawing from the strategy, business model, entrepreneurship, and innovation literatures, we develop a screening framework that facilitates the practical evaluation of business models. Our approach consolidates and extends the previously mentioned approaches through a careful analysis that results in eleven strategic lenses—which can help managers more robustly assess the strengths and weaknesses of potential business model ideas. We provide specific questions that will aid teams in rating the degree to which each strategic lens is fulfilled by their business model ideas. Further, we present three different process methodologies to match the time investment and analysis robustness desired by specific organizations. Overall, our strategic business model assessment framework, which we call the Bullseye Framework, provides a structure and process for practical and comprehensive business model idea screening.