Companies tend to focus their entire innovation efforts on a new technology. Research, however, suggests that it is business model innovation that provides a higher rate of return. This was one of the key messages from Frost & Sullivan's GIL 2014: Europe - The Global Community of Growth, Innovation and Leadership annual congress attended by over 150 industry leaders in London.
Frost & Sullivan Partner and UK Director, Gary Jeffery, introduced the event and a keynote by Partner Dorman Followwill who captured the undivided attention of senior level business executives with his presentation 'Disrupt, Collapse, Transform'. The discussion focused on the new business models that will drive growth. "Companies like McDonalds which have revolutionized the food industry, Xerox Corporation who showed the world the way to pay based on consumption are all great examples of companies which innovated the biz model. We therefore urge companies to pay as much attention to the biz model innovation as they do to product and service innovation," explained Mr Followwill.
Frost & Sullivan's top Mega Trends presented by Partner Sarwant Singh stimulated the audience with fascinating trends that will shape our future lives. Meanwhile, Programme Manager Visionary Innovation Research Group Archana Amarnath discussed a $1.5 trillion market potential in smart cities by 2020.
Highlights of the congress included TechVision 2020, a session on emerging and disruptive technologies, and the 2014 Frost & Sullivan Growth Excellence Awards Banquet celebrating superlative achievements amongst 39 companies who deliver excellence in best practices across a broad spectrum of industries.
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