Most big companies such as Google, Amazon, Salesforce, and Tesla came into being through the discovery of new ways to generate value. New business models, so, are an old trend, they are the beginning of a growing business. Digitalization of business is a modern concept that tends to do away with all middlemen while bringing more control to the business platform through the use of digital technology. Identifying the need It is important to identify when we need a new business model. This may occur when you have large groups of users who seek newer solutions that are cheap and more accessible. Another instance might be when there is not enough focus on the work-at-hand because it doesn't exist. Or, if after developing technology for use by the military, the company offers the same technology for use in the commercial sector. This gives you a chance to use the new technology and leverage it to open new markets. Goals of the new business mechanism You re-engineer your te