Innovation can be as much about finding new business models as about inventing new technologies, writes Robert Shelton. A survey of senior executives found five key strategies for business-model innovation, from seeking to anticipate new customer needs to trying to reach new markets with radically more affordable versions of existing products. "For companies in search of growth, business model innovation is critical," Shelton writes. "As the recovery goes into full gear, it may well be what puts them ahead of the pack."

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