Shaking up business models with creative strategies : when tried and true stops working

Purpose: The purpose of this paper is to provide guidelines for practitioners for developing creative strategies and new business models. Design/Methodology/Approach: This paper reviews more than 150 interviews with CEOs, directors and business unit heads from across functional areas over the past decade, and captures best practices in strategy development and business modelling. Findings: Findings of this study were combined with a review of relevant research papers from leading academic and practitioner journals to identify three critical management practices: challenging mental models, looking beyond logic and encouraging openness for new ideas, which enable organizations to develop creative strategies for building better business models. Originality/Value: This paper demonstrates how these three practices combined can serve as a much needed tool for creative strategy design and development, particularly for established companies, when confronted with new forms of competition.