Value capture for nonprofits. The case of museums’ new business models

Abstract

Utilizing a framework of innovation categories adapted from the private sector, this article sheds light on both the creation and capture of consumer value within the context of nonprofit organizations, specifically museums. With government budget cuts increasingly straining museums’ core resources, there is an urgent need to reassess their traditional business models. While museums have historically focused on innovation for value creation, opportunities for value capture remain underexplored. This study aims to elucidate the opportunities and constraints surrounding the evolution of nonprofit business strategies, offering insights into how museums can navigate the challenges posed by shrinking resources. By encouraging a shift toward unconventional thinking, we propose that nonprofits can discover new pathways to sustainability and resilience in the face of financial adversity.