Taking advantage of Trends to grow your business requires implementing projects outside the normal flow of business. To do this successfully you need Blank Space teams that have the opportunity, and permission, to color outside the lines – to Get Outside the Box, Then Think. These teams can figure out how to build on the trend creating new revenue opportunities, unhindered by the existing business model, existing industry norms and existing culture.
Virgin has long been a company launching Blank Space Teams to create new revenue opportunities, moving the company into a plethora of businesses – including space exploration with Virgin Galactic. Virgin Galactic is 19 years old, but is now bringing to fruition a new business that Branson sees generating a $1trillion industry. And Sir Richard Branson is 70 years old, demonstrating that such opportunity development is not just “a young man’s game.”
Sir Richard Branson, Jeff Bezos and Elon Musk are part of the new “space race,” pioneering a new industry with new revenue streams. And they all share this ability to launch Blank Space teams, searching out new opportunities and unleash resources untethered by old mores to figure out the value proposition, value delivery system and monetization opportunities. Thus making them billionaires.
- How many growth projects do you have in Blank Space, figuring out ways to grow?
- Do you set aside resources for new business development untethered by the existing business model?
- Do you set aside Blank Space in your personal life to think about trends and the opportunities they create?
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