Intelligent product innovation refers to the process of creating new products or improving existing ones by leveraging advanced technologies such as artificial intelligence (AI), machine learning, Internet of Things (IoT), and data analytics. These technologies can enhance product functionality, improve user experience, and create new value propositions.

For example, a traditional refrigerator can be transformed into a smart refrigerator by integrating IoT technology. The smart refrigerator can monitor its contents, suggest recipes based on what's inside, order groceries when they're running low, and even alert users when food items are about to expire.

New business models can also emerge from intelligent product innovation. For instance:

Subscription Models: Instead of selling a product outright, companies can offer it as a service for a recurring fee. This model provides a steady stream of revenue and can improve customer retention.

Data-Driven Models: With intelligent products, companies can collect a vast amount of data about how customers use their products. This data can be analyzed to gain insights and make data-driven decisions, or it can be monetized directly.

Platform Models: Companies can create platforms that connect users with other users, service providers, or developers. For example, a smart home platform can connect users with various smart home device manufacturers and service providers.

Outcome-Based Models: Instead of selling a product, companies can sell the outcome that the product provides. For example, instead of selling a smart thermostat, a company can sell a service that guarantees a certain temperature range in the customer's home.

In summary, intelligent product innovation and new business models are closely intertwined. By leveraging advanced technologies, companies can create innovative products that offer new value propositions, and these products can in turn give rise to new business models.