%0 Journal Article %J Technology Innovation Management Review %D 2012 %T Designing Viable Business Models for Living Labs %A Bernhard Katzy %K business excellence model %K business models %K co-creation %K living labs %X Over 300 regions have integrated the concept of living labs into their economic development strategy since 2006, when the former Finnish Prime Minister Esko Aho launched the living lab innovation policy initiative during his term of European presidency. Despite motivating initial results, however, success cases of turning research into usable new products and services remain few and uncertainty remains on what living labs actually do and contribute. This practitioner-oriented article presents a business excellence model that shows processes of idea creation and team mobilization, new product development, user involvement, and entrepreneurship through which living labs deliver high-potential investment opportunities. Customers of living labs are identified as investors such as venture capitalists or industrial firms because living labs can generate revenue from them to create their own sustainable business model. The article concludes that living labs provide extensive support “lab” infrastructure and that it remains a formidable challenge to finance it, which calls for a more intensive debate. %B Technology Innovation Management Review %I Talent First Network %C Ottawa %V 2 %P 19-24 %8 09/2012 %U http://timreview.ca/article/604 %N 9 %1 University BW Munich Bernhard R. Katzy is Professor of Technology and Innovation Management at the University BW Munich in Germany and Leiden University in The Netherlands. He is founder and director of the Center for Technology and Innovation Management (CeTIM). Bernhard was invited to be the keynote speaker at the launch event of the European Living Lab movement in December 2006, is leading the knowledge-worker living lab (one of the first wave of living labs), and is founding member of ENoLL, the association of living labs. He started his professional career with an apprenticeship as car mechanic and later earned Master of Science degrees in electrical engineering and business management. He holds a PhD in industrial management from University of Technology (RWTH) Aachen in Germany and a second Ph.D. (Habilitation) in general management and technology management from University of St. Gallen, Switzerland. His research interest is about entrepreneurial management of fast-growing high-tech firms and the management of strategic change in the transition to the information age. %R http://doi.org/10.22215/timreview/604