A BizLab project is a concept for new revenue that needs evaluation. Each project is comprised of multiple experiments and evaluations and is complete when a recommendation can be made to WBUR leadership for either suspending evaluation or investing additional resources for launching as a business. Each project should take no more than 3 months.
Currently BizLab is in the process of launching evaluations of multiple projects. We have three Fellows joining BizLab for the summer with skills in behavioral analysis, experience design, and business, and they each have 10 weeks to build, test, and conclude a project.
We have frequent discussions with WBUR leadership about BizLab’s mission to identify new business models and the trade-offs of big ideas versus incremental improvements. Some of our projects are for “Revenue Expansion” and others are for “Value Expansion.” The third set, shown in the upper right quadrant of the diagram below are examining a combination of new revenues and new offerings, testing new business models. We are pursuing projects in all three quadrants.