I hope you enjoyed watching the videos presenting the Odyssey 3.14 approach. We started with an extensive description of the three pillars of the business model and then explored fourteen directions to stimulate your creativity. I also hope that you found them inspiring because now, it is your turn to invent or reinvent a business model by applying the approach. That's the objective of this video: learn how to apply the Odyssey 3.14 approach. Here is how I suggest you proceed. First, choose the industry you would like to innovate in. You can choose any industry you want. If you have no ideas, you can, for example, identify your frustration as a customer. What makes you really unhappy? This is a very good way to start. Second, describe the reference offer or offers that exist in this industry at the current stage. To do so, you will draw a value curve with the existing offers. This is a good description of the value proposition. Then, describe the rest of the business model: the value architecture and the profit equation. Concerning the profit equation, you don’t necessarily have to go into the details of the numbers, but you have to indicate an order of magnitude or state that there is low or high level of capital employed, for example. Let me give you a piece of advice here, concerning those first steps. When you describe the current state, don’t forget to take into account all the existing offers, including those that are not businesses per se. For example, if your pain point is to cook the family diner at night, you will have several reference offers: either cooking it on your own, going to the restaurant or buying a takeaway dinner. Never forget to draw the value curve of what you can do on your own, in this case, cook for your family, on the value curve. Of course, there will be no business model to describe for this offer, but you might want to play with some of the nice attributes of home-cooked dinner in the value curve when thinking about the new business model. With those three steps, you have described the existing business model. Now it is time to reinvent it. To do so, explore the fourteen directions! Go back to your value curve and think: Are there any attributes that could be raised, created, eliminated or reduced? How would this change the value proposition? Remember that if you raise all the value attributes, you will probably add a lot of costs and what we try to do here is to introduce something like a game-changing strategy. It has to be both better and cheaper or at least different and cheaper. Go through the seven directions on the value proposition side. What type of ideas does this bring? Then explore the seven directions on the value architecture side. Remember that this is an iterative process and as mentioned before, let your imagination wander around! Don’t see it as a strict methodology, but rather as a guide to stimulate your creativity. While wandering around, you may find other directions to explore that we didn’t address in our fourteen directions and that’s perfectly fine! Let your imagination lead the way! Don’t hesitate to brainstorm with others. Teams are always much more powerful than individuals when creativity is required. So don’t hesitate to ask colleagues, friends or family to help you apply the Odyssey 3.14 approach, to have as many different points of view as you can. Finally, crystallize your ideas by drawing the new value curve and describing the new business model. Concerning the profit equation, again, try to indicate here how the profit equation has changed and give an order of magnitude. While doing this exercise for this course, please don’t start with a solution, but start with a problem. If you really want to understand and test the Odyssey 3.14 approach, start with an existing problem and see how the approach can help you solve this problem. That's the essence of the exercise. We will provide different templates to help you apply the approach. Here is another piece of advice: if you want to reinvent the business model of your current firm, our experience with our executive education participants here at HEC Paris shows that it is very difficult to directly come up with ideas for the company you work for every day. You are trapped in your industry recipes and have problems challenging them, this happens all the time. What we suggest you do to overcome this problem is a two-step process. First, apply the Odyssey 3.14 approach to any industry of your choice. Again, for example, think about your recent frustration as a customer and try to find a business model that would wipe out that frustration. This will allow you to go through the approach with a fresh look. Then, as a second step, you will be ready to apply it to your own industry. Now it’s your turn! And remember what Albert Einstein said: "Creativity is intelligence having fun." So have fun!