A value-based approach to business model innovation: Defining the elements of the concept

Arash Rezazadeh () and Ana Carvalho ()
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Arash Rezazadeh: School of Economics and Management and NIPE, University of Minho
Ana Carvalho: University of Minho: School of Economics and Management and NIPE

No 12/2018, NIPE Working Papers from NIPE - Universidade do Minho

Abstract: Business model innovation (BMI) has increasingly attracted attention by proposing the business model (BM) as a new unit of analysis in the study of innovation. However, the definition and dimensioning of the concept is still unclear. This paper thereby aims to identify a consistent set of interdependent BMI elements, aligning with a configurational approach. Taking a value-based perspective, we review the existing contributions to date and arrive at five elements of BMI, each focused on one facet of the company’s BM: (1) value creation innovation; (2) value proposition innovation; (3) value delivery innovation; (4) value capture innovation; and (5) value network innovation. This study contributes to the growing BMI literature by proposing a unique classification underpinned by a value-grounded theory of the firm. Furthermore, we describe how these five dimensions interact and explore its implications. Throughout, we illustrate our ideas with the examples of existing companies.

Keywords: business model; business model innovation; value-based perspective; configurational approach (search for similar items in EconPapers)
JEL-codes: L10 L20 L26 M10 O31 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-ent
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