The business model is a.....

The business model is a cognitive device to convert technical aspects of a product or service into economic value. Any successful innovation (vs. invention) needs a business model, and that model must do two things: first, it must create value in its ecosystem, and second, it must capture a portion of that value for the innovator, so that additional advancements will be forthcoming

Henry William Chesbrough provides a very concise view of a business model that nails value creation. Every project undertaken should have a value-based model, sure it doesn’t have to be economic, it could be social, personal, but there is a reward, in some form, that results, so that we do it again!