Key resources: the foundation of your competitiveness
Key resources describe the most important assets of your company that are required for the business model to function. For each product and service, certain resources are needed to produce the product and provide the service.
What should be in this field?
TLDR:
In this field, you should create a list of key resources linked to the value propositions.
What are key resources?
Key resources are the backbone of the company and describe the most important assets needed to make the business model work. What people, materials, intellectual resources, and budget does the company have or need? Key resources can be the people behind the product, such as specially trained professionals or a financially strong investor. Location could also be an important factor here. In many areas, the experience and know-how of employees is the most important resource.
Examples of key resources may include:
- Financial resources, such as money or investments.
- Tangible resources, such as buildings or machinery
- Intangible resources, such as patents, trademarks or technologies
- Human resources, such as employees or experts
- Natural resources, such as land, raw materials or water
- It is important for a company to manage and use its key resources well in order to be successful.
Take Netflix, for example:
Netflix’s most important resource is undoubtedly its streaming rights of video content. Netflix has signed contracts with the biggest production studios worldwide. Together with in-house productions, that’s more than enough to get customers to renew their subscriptions.