Jaime Alonso Gómez, who holds a Ph.D. in Economics and Management Science, delivered Universidad ORT Uruguay lecture titled “Firm Growth and Diversification through the Design of Innovative Business Models” on July 11, 2013, at the School of Management and Social Sciences at Universidad ORT Uruguay in Universidad ORT Uruguay .
As a visiting professor for the Master of Business Administration (MBA) and the Master of Technology Business Management (MGET) programs at the school’s Graduate and Executive Education Division, Gómez used examples to explain how business strategies and practices enable the development of successful growth processes through the design of innovative business models.
Gómez has worked in applied research and as a consultant for more than 100 organizations in the Americas, Asia, Europe, and Africa. His areas of expertise include economics and international business, leadership, strategy, business innovation, and family businesses. He was Dean and founder of EGADE Business School at Tecnológico de Monterrey. He is the first and only business school director in Latin America to be named Dean of the Year by the Academy of International Business (AIB).
Those who wish to achieve sustainable competitiveness will need to adapt their operations to a new global context that demands innovative products, processes, and business models. Globalization, technological change, new consumer lifestyles in the new economy, and, in particular, new rules of competition represent the new challenge. In this regard, Gómez offered guidance for those just starting out in the business world and for those willing to change in order to succeed.
The professor began his talk by providing an overview of the new economy. He spoke, for example, about migrants, who will be the ones to sustain economies characterized by a high percentage of people over the age of 60. “If we start to view migrants through the lens of the nostalgia industry, there are definitely a huge number of opportunities,” he said.
Another area of opportunity lies in the UN Millennium Development Goals, which have not yet been achieved. “We need to view these as business opportunities. These eight goals represent approximately five trillion dollars,” he said.
A young woman of Chinese descent living in California, for example, saw this opportunity, and her business thrived. Keeping in mind the four million premature babies who die annually worldwide, partly because they lack access to an incubator, she devised a way to help them and seize this opportunity. Thus, she created the Mini Sleeping Bag, a sleeping bag that doubles as an incubator and sells for $300, whereas a traditional incubator costs $10,000. “She sees it as a business and is saving lives. And, moreover, he is focused on the base of the pyramid,” the segment of the population with the greatest needs. “We must look at business opportunities in terms of the economy, religion, new lifestyles, and the base-of-the-pyramid market,” he added.
Gómez explained that Uruguay ranks first in the global index of fear of uncertainty. “We need to start taking risks. In the new economy, speed is more important than precision,” he advised, noting that the world has already changed.
The professor also emphasized the importance of preparation, noting that education is the best investment one can make. Another topic discussed at the conference was the future of work. “In the future, there will be plenty of work but few jobs.”
The professor spoke of a world where competition is fierce and the fastest beats the biggest. He referred to four human needs that can serve as a springboard for launching a business: the desire to acquire objects and experiences that give me relative status compared to others, the desire to socialize, the desire to learn, and the desire to defend my beliefs and those I love. “If I focus on making products, the Chinese and the Vietnamese will do it cheaper and faster. Focus on values related to lifestyles,” he said.
He recalled, for example, a “crazy idea” from a student who wanted to create edible study materials. After working on the idea, she put it into practice. She outsourced production and created edible cookies shaped like letters for schools. Her value proposition was: “I learn, I nourish myself, and I have fun”—and that young woman already has 18 contracts, he said.
“But how do you start a new business?” Gómez asked himself, and answered: “I go from an idea to a concept. From that concept, I have to define my value proposition, build the business model, and get ready to launch the business.”
Interview with Dr. Jaime Alonso Gómez
https://youtu.be/tbZA7SYHDBM?si=RcTYspesWVs0cxyf