The suggestion is that companies adhere to a certain process, starting from their strategy. the value creation dimension of BM), after which they innovate the other BM components. (2016) involving small-, medium-sized and large firms found that when BMI is used alongside a formal strategic approach, most companies tend to focus first on the design or improvement of their key activities and resources (i.e. (2014) concluded that about 1 in 20 SMEs has innovated its BM. While SMEs are the economic driving force of many countries and de facto employ the most people ( EASME, 2015), few studies have thus far focussed specifically on their BMs and how they improve their BMs after analysing CIS survey data, Barjak et al. In general, BMI is seen to be derived from the strategic activities of a company ( Cortimiglia et al., 2016 DaSilva and Trkman, 2014), and managers are expected to maintain consistency between their strategic goals and the core components of the BM ( Demil and Lecocq, 2010). Business model innovation (BMI) is described as an activity or process in which core elements of a firm and its business logic are deliberately altered ( Bonakdar, 2015 Bucherer et al., 2012 Hartmann et al., 2013 Lindgardt et al., 2009 Pohle and Chapman 2006). The full terms of this licence may be seen at Īlthough recent research shows that micro-, small- and medium-sized companies (SMEs) can improve their performance by innovating their business model (BM), for researchers and practitioners it is still relatively unclear how SMEs actually innovate their BMs ( Barjak et al., 2014 Foss and Saebi, 2017). Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Copyright © 2018, Harry Bouwman, Marikka Heikkilä and Jukka Heikkilä License
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