Business Model Innovation
In an era where many markets have become saturated, the successful exploitation of innovative ideas become all the more vital for a business, whether it is through product and service offerings, processes or business models.
Last month, my team and I chanced upon Butterknife Folk, an artisanal gelato shop selling sorbets and gelatos of a diverse range of flavours, from run-of-the mill classics to extreme flavours such as Tiger Orchid Brew, Chicken Rice and Laksa. In a short conversation with co-Founder Jack Chan where she shared with us the inspiration behind Butterknife Folk’s concept, as well as its upcoming Mid-Autumn themed flavours, she remarked that “If you don’t innovate, you won’t be able to survive”.
Considered as a key driver of economic growth, innovation is integral to any business, from small startups to large multinational firms. It is a heartening sight, to see innovation of all types being practiced, especially in our home grown companies, in a bid to be at the forefront of their competition.