Business Model Innovation the Red Sox Way
We entered the EMC Club at Fenway Park on a crisp December evening, about 10 minutes before the scheduled start of Innosight’s year-end party. We gaped like little kids at what John Updike memorably called a “lyrical little bandbox of a ballpark” illuminated with wreaths. Then we turned to the scoreboard and saw what seemed a 300-foot-tall sign saying, “Fenway Park welcomes Innosight” (they even had our new logo!).
Why am I writing about Innosight’s holiday party? Because Fenway can show us some novel ways to grow a seemingly mature business.
When John Henry and Tom Werner led the purchase of the Red Sox in 2002, pundits believed they had to leave Fenway Park. After all, the tiny stadium built in 1912 lacked many modern amenities and had the second smallest seating capacity in the major leagues. It seemed to constrain the team’s ability to generate sufficient revenues to compete against the team’s hated rivals, the New York Yankees.
Scott D. Anthony is managing director, Innosight Asia-Pacific.