![Using Igbo Mythology to Explain Regenerative Revenue [video]](https://tkcdn.tekedia.com/wp-content/uploads/2024/07/31054906/road-768x425.jpg "Using Igbo Mythology to Explain Regenerative Revenue [video]")
What is your business model and how do you make money in that business? Remember, the most important decision a CEO could make in a business is the business model he or she decides to drive a company. And some of the finest entrepreneurs in our generation are actually business model pioneers, besides their technical mastery. If Microsoft had retained the business model of IBM, it would not have been super-successful. If Tesla had launched with Toyota’s business model, nothing would have changed that much.
In Igbo mythology, if you dream of going to fetch firewood, it is a bad omen. But if you dream of going to fetch water in the stream, it is a great one. While weeds take over the farm road after the firewood has been exhausted, the road to the stream is always there, because people need water in season and out of season. So, the road to the stream is life while the road to the farm for firewood has an end.
The business model of Apple is analogous to the road to the stream; you pay for the iPhone, and you keep sending money to Apple for the services which include whatever you buy in the App Store. But the Nokia feature phone is like fetching firewood, once you pay for that phone, that is it for Nokia as it never gets any other revenue from you.
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That Apple’s revenue model is regenerative in nature and it is a better business model than the one Nokia depends on. Indeed, Apple has better dreams!
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Academic institutions teach business models and cite plenty examples and use cases. But somehow, no one has questioned or challenged the worn out business model pretty much all educational institutions continue to adopt. How many schools have figured out regenerative revenue models whereby you keep earning revenue from your past and present students? The thinking in that space has been so pedestrian for centuries, to the point that no one even thinks business model innovation applies to educational institutions. No one thought it was possible in the automobile industry, until Elon Musk and Tesla did it.
When you think you have reached the limits of your industry, just wait for those who don’t think like you to step in and upend everything. Even your prestigious certificates can start having expiry dates, needing a renewal, at a fee…
There are many business models that can spring up in the educational sector, the irony is that those who teach others oftentimes fail to reform and reinvent themselves. They live in the past while pointing the future to you. Now wear your thinking cap and get to work…