Reinvent: Transforming SMEs in Creative Sectors through Business Model Innovation
Business model innovation has to do with inventing and implementing new models for doing business and creating value. As such, business model innovation can be viewed as a process of transformation and reinvention (hence, the acronym for this project).
Because of the unique importance of small and medium-sized enterprises (SMEs) and the creative sectors for Europe, Reinvent has SMEs in creative sectors as its empirical focus.
Reinvent develops knowledge about how SMEs in creative sectors – SMEs operating in both digital and non-digital markets - can implement business model innovation as a means to enhance competitive advantage, and puts this knowledge into practice in three SMEs. Reinvent creates opportunities to evaluate and validate business model innovation as a competitive tool for European SMEs through empirical research among SMEs in the partner countries.
This research is particularly relevant right now as Europe faces the challenge of finding ways out of the current economic recession. Identifying the keys to creating successful business models with which recovery based on innovation and entrepreneurship in the creative sectors can be achieved is particularly urgent.