Advancing the Innovation Canvas: A Tool for Developing the Business Model and Business Offering

 

When technical and business students get together to work on a new venture or project, what common language and tools do they use? The innovation canvas is an interactive template that offers a common tool and encourages team based communication and development of the business model and new product or service offering. The approach is unique because its use parallels the complexity and evolutionary nature of developing a successful business case or model in practice. It merges technical and market themes, it encourages both sequential and simultaneous thinking, and it promotes repetitive testing and refinement of the themes in the canvas. The innovation canvas is envisioned to be valuable in educational and professional settings at both the business venture and business case levels. In educational settings, the canvas can be used in an entrepreneurship course to more fully include business offering issues. In a design course, the canvas can be used to more fully include the market and business model issues. Although still a prototype, the innovation canvas has received favorable educator feedback that warrants further testing and refinement.

Project Members:

William Kline, Rose-Hulman Institute of Technology

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