Abstract
Incumbent firms typically operate a portfolio of business models. However, we still know little about how business model portfolios emerge and develop over time. We build on longitudinal data from a multiple-case study to explore how the evolution and dynamics of business model portfolios impact firm growth. Our findings suggest that business model portfolios emerge and develop in three phases: initiation and scale-up, diversification and transformation. A firm’s first viable business model strongly impacts the evolution of its business model portfolio and growth. New business models in the portfolio contribute to firm growth when they are synergistically interrelated with this core business model and specifically generate demand-side synergies. In a transforming portfolio, a new business model replaces the old core business model of a firm.
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