@article {604, title = {Designing Viable Business Models for Living Labs}, journal = {Technology Innovation Management Review}, volume = {2}, year = {2012}, month = {09/2012}, pages = {19-24}, publisher = {Talent First Network}, address = {Ottawa}, abstract = {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 {\textquotedblleft}lab{\textquotedblright} infrastructure and that it remains a formidable challenge to finance it, which calls for a more intensive debate.}, keywords = {business excellence model, business models, co-creation, living labs}, issn = {1927-0321}, doi = {http://doi.org/10.22215/timreview/604}, url = {http://timreview.ca/article/604}, author = {Bernhard Katzy} }