The next environmental forces block is related to key trends.
The “Key Trends” block is used to evaluate if your Business Model Canvas takes advantage of emerging market trends. Are there any new technologies on the horizon that may undercut your business model?
Don’t just look at the advances in your industry that may affect your canvas. Disruptive technologies often come from other industries. For example, the rise of the internet replaced the role of travel agents since anyone could now search, compare, and purchase tickets online. Moreover, when cell phones became ubiquitous, many people began using their cell phone to check the time, displacing wristwatches.
Sometimes you have to look at key trends outside your industry in addition to the advances in your industry. Nokia was well ahead of the curve when it came to how cell phones would be used. They foresaw such things as the emergence of text messaging by observing how kids used their phones.
On the flip side, are their disruptive technologies that may supercharge your business model? For example, the McDonald brothers saw that increased car ownership would create a demand for the carhop restaurant.
Another key trend is regulatory changes. When the President signed the JOBS Act in 2012, it changed the general solicitation rules. Changing the solicitation rules had a profound impact on my oil and gas investors education business since oil and gas producers could now advertise in ways previously prohibited.
Finally, you need to assess how society is changing. In “Next: The Future Just Happened,” Michael Lewis looks at how the internet has changed the social fabric and our attitudes. For example, consider how Facebook or LinkedIn have changed how we interact with our friends and the way we work with others.
What are the key trends that will affect your Business Model Canvas?
Next post in the series: Industry Forces
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