Theorizing business model innovation: an organizing framework of research dimensions and future perspectives

Abstract

In this perspective piece, we aim to broaden understanding of business model innovation (BMI) by expanding and deepening extant theoretical dimensions and positions in the literature. While a significant amount of research has been carried out on the phenomenon of BMI, the current theory does not fully capture the broad diversity and inherent implications of the various approaches taken. We address this lack of common ground by developing an organizing framework for BMI research. To do so, we first delineate the business model (BM) concept’s multifaceted properties that provide the foundation for theorizing BMI. Using topical identification, we then situate and substantiate a range of theoretical lenses within strategy, innovation, and entrepreneurship, as three central research axes informing studies on BMI. By revealing the relevant research perspectives, theoretical lenses, and positioning choices in the framework, our work expands and further details the conceptualization of BMI and provides orientation for future studies in the field.