Business concepts can also be referred to as business models. When discussing innovation business concepts are the model by which the business creates new products. Business concepts are needed in order to proceed and succeed in business. Without the business concepts to further the business industry it would be difficult to expand our knowledge or even technology.
Innovation is all about solving a problem for the consumer. The business model works to make this solution. There are a range of different models that can be used. Over time these business concepts have changed. For example today we have many other models that did not used to exist. We also have a language for these models like infrastructure and offering that helps us understand the models.