When Apple introduced the iPod and iTunes in 2003, they were not the first to bring digital music players to the market, yet they revolutionized portable entertainment.  Apple did something far smarter  than take a good technology and wrap it in a snazzy design. It took a good technology and wrapped it in a great business model. Apple's true innovation was to make downloading digital music easy and convenient. To do that, the company built a groundbreaking business model that combined hardware, software, and service.      

Business model innovations have reshaped entire industries and redistributed billions of dollars of value. Retail discounters such as Wal-Mart and Target, which entered the market with pioneering business models, now account for 75% of the total valuation of the retail sector. Low-cost U.S. airlines grew from a blip on the radar screen to 55% of the market value of all carriers.  And now hospitals and physicians are being called to reinvent how they provide care.  This Harvard Business Review article discusses why leaders across industries are embracing business model reinvention and are excited about what it can bring.   Read the article