What special skills can an economist bring to help innovative startups explore new business models more effectively?
It has been claimed that almost all innovative startups are really just small bands of spirited but unproven explorers in search of viable new business models, rather than being the capable and confident entrepreneurs ‘developing a game-changing solution’ that they unfailingly believe and profess themselves to be.
In practice, the requirement for their ‘solution’ is almost inevitably insufficiently validated and they will find themselves having to ‘pivot’ repeatedly as they discover its shortcomings and are consequently compelled to explore different potential market opportunities and business models.
As a consequence, it sounds like it might be a good idea for those involved in the operation, investment in and support for innovative startups to be in constant discussion with an experienced professional economist who specialises in business modelling, in order to share relevant ideas and experiences in the course of exploring new business models.
Are there any professional economists out there who have any interest in, or insight into the practicalities of addressing such a requirement?