This document discusses business model innovation (BMI). It defines a business model as explaining how a company's strategy will generate profits. BMI refers to reinventing the business itself, not just products/services. It involves innovating two or more elements of the business model, like customer value, revenue model, resources, or processes. Apple is cited as transforming its business model through innovations like the iPod, iTunes, iPhone, and iPad. Successful BMI often addresses new customer needs, leverages new technologies, focuses on customer "jobs to be done," responds to competition, or changes industry definitions of solutions. Examples of BMI centered around new business models include Tata Nano, Apple iTunes/iPod, Walmart, FedEx,