Navigating Innovation: An Enhanced Business Value Calculator and Its Impact on Library Service Innovations for Entrepreneurs and Businesses

Abstract

The article offers a thorough analysis of the Enhanced Business Value Calculator and how it could revolutionize library services designed for patrons, especially entrepreneurs. By letting them choose which services they have used and how often, the calculator calculates the economic value of services. This facilitates the observation of consumer usage trends by libraries, enabling them to make strategic decisions regarding service advancements. It gives libraries the capacity to close talent shortages, improve services, strategically adopt new technologies, spot opportunities for open innovation partnerships, encourage patron co-creation, and gain a better awareness of user demands, which allows them to better tailor their offerings. These breakthroughs subsequently become business prospects. The calculator serves as a driving force behind ongoing advancements in services.

Keywords:

• Co-creation
• enhanced business value calculator
• entrepreneurship
• libraries
• service innovation

Disclosure statement

No potential conflict of interest was reported by the author.

Institutional review board statement

The conducted study was approved by the Institutional Review Board of Gisma University of Applied Sciences, Potsdam, Germany under protocol number 02/2023.

Notes

1 https://www.urbanlibraries.org/initiatives/workforce-economic-development/business-value-calculator

2 https://www.vencolibrary.org/library-use-value-calculator

3 https://ilovelibraries.org/what-libraries-do/calculator/

Additional information

Funding

This research is funded by the European Union’s Horizon research and innovation programme (Project ID: 101061516, Project Acronym: LibrarIN). This publication solely reflects the views of the authors, and the Agency cannot be held responsible for any use made of the information contained herein. The paper was also co-funded by Winning Scientific Management, Portugal (Project ID: WINBUSMOD001).