NewbizDev is not an innovation. It is neither just an abbreviation of words (business=biz, dev=development)) . It refers to evolution of business development in a way that there is a clear difference between everyday business development (incremental business development) and new business development (next level business development).
There are many well known drivers that cause business life-cycles to shorten. Even if a company operates in the same context in the future as what it does now, it has to change its businesses (business models and ways it operates) more and more often to avoid problems at the end of every business life cycle or due to competition or change in needs. Here it is important to be able to separate a company and a business. A company provides space for businesses.
Most companies rely on development models originating from the past decades. Especially companies in the mid-sized category rely on product or service development. That is no longer sufficient. Of course there are products and services also in the future, but if development is focused on only them it is like you would focus on developing a new motor when trying to build a new machine.
Innovation activities have received lot of attention. They are not a business rainmaker as such. Most companies are involved in some innovation activities, but from business point of view they are typically too fragmented and disintegrated to lead to any significant business. Typically an innovation project ends just before business development gets really going on.
Every business leader would love to have portfolio full of cleanly scalable innovations where the only variable would be production numbers. However, only part of innovations are such product or service innovations that they don´t require changes in business.
When innovations that require business level changes, are pushed to a typical product development funnel, it is highly probable that the outcome will be a fake innovation which is some kind of a novelty cut out of its value added.
It is not a wonder that among companies that want to stay on top of competition, business centred development has become more and more popular.
These companies also understand that there is no customer without business. Business and customer are symbiotic and integrated and in a fast changing world there is always a risk that customer only approach leads to same kind of problems that we have encountered in previous supply driven world. Investing in business centred development is therefore a safe bet.
NewbizDev has already been there although under different names and in different contexts! It started roughly 20 years ago in start up contexts and last ten years have shown its triumphal march among corporations. Now it is time for mid-sized companies to join in.
No quick change is yet to be expected. There is a lack of leaders and managers that have understanding and experience in modern new business development and there are few that can do NewbizDev productively on a practical level.