New Business Development is the most complex and riskiest way to generate new revenue. It needs to be possible to generate profits with a new product or service and a new business model in a hitherto unknown market.
A company has many opportunities to tap new sources of revenue. For example, it can generate new revenues through a business model innovation. A new product or service is offered, in a new form, to the market, which has already been developed. The car sharing subsidiaries of well-known car manufacturers are an example of this. A Swiss dairy farmer, for example, has shown that this form of increasing turnover is also suitable for smaller farms. Instead of selling the milk, he rents out his cows, continues to look after them on his farm as before, and offers the tenant the end product cheese, at a preferential price.
In a market innovation, a company tries to transfer its own technologies to new fields of application in new markets. For example, Uber not only transports people, but also delivers food in many cities.