How to Build up New Technology-based Business Models

You’ll get a lot of technology-based business model advice. “Switch to blockchain technology, it shall replace the internet!” or “Hey, metaverse has mighty potential. Put your bets!!”

Of all the advice floating around, your favorite should be knowing not every technology is meant to grow your business.

Yes! There’s a whole stream of shiny things in the market. But what’s important is to not get carried away without getting into the nuances of technology.

Apple, Amazon, or Volvo didn’t build technology-based business models for the sake of the technology. These companies first

• assessed the emerging technologies
• determined the implication of the technology on the company and customers

Check out how Apple got the best out of emerging technologies.

Two things you want to know about early or late adoption

You have certain degrees of early adoption or first-mover advantage. But unless you understand how technology is going to impact your business and people around, the first-mover advantage won’t have many advantages technically.

So you don’t want to be the benchmark of “what shouldn’t be done” in the industry.

Second, turning a blind eye to any technology and waiting for other players to execute the technology-driven business models may make the market more competitive for you. Maybe you wanted them to be the guinea pigs. We get you, but what if their experimental models succeed?

For full article read here.

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