This document discusses business model innovation and design thinking. It introduces the Business Model Canvas, a tool used to systematically describe, challenge, design and invent business models. The canvas breaks down a business model into nine building blocks: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partners, and cost structure. It argues that business leaders need to adopt a design mindset and use tools like the canvas to experiment with new business model ideas through building model prototypes. Successful business models often involve taking risks to experiment rather than trying to prove ideas in advance. The document advocates an ongoing process of research, business model design, and implementing business model prototypes to drive innovation.