If you’ve looked into designing a business, you’ve most likely come across a business model canvas. Made up of nine components — customer segments, value propositions, channels, customer relationships, revenue streams, resources, activities, partnerships and costs — it’s a wonderful, easy tool to describe what happens within a business.
But it has certain limitations. Osterwalder and Pigneur’s popular business model canvas does not capture the interconnectedness and complexities of the living ecosystems that businesses are inherently entangled in today. It is high time to acknowledge that it requires an urgent update for the world we live in; one that defines business success far beyond the net value of the two boxes at the bottom (revenues and costs).
Our "updated" business model canvas keeps the core of the original nested within what really matters today: