But a plan is not enough. Business model innovation, then, describes the process in which an organization adjusts its business model. business model innovation is an important sub-stream of research in the corporate entrepreneurship domain (Amit and Zott 2012; Hacklin et al. managers consider business model innovation to be more important for achieving competitive ad-vantage than product or service innovation, and over 90 % of the CEOs surveyed in a study by IBM (2012) plan to innovate their company’s business model over the next three years. Business Strategy and Innovation Framework IIC:PUB:B01:V1.0:PB:20161115 - 7 - 1 OVERVIEW 1.1 INTRODUCTION This document is a deliverable of the Business Strategy Task Group, within the Industrial Internet onsortium’s (II) usiness Strategy and Solution Lifecycle ( SSL) Working Group. PDF | On Feb 1, 2015, Nicolai J. Foss and others published Business Models and Business Model Innovation | Find, read and cite all the research you need on ResearchGate . Your business model can make the difference between world-leading success and dismal failure. Business Models, Business Strategy and Innovation David J. Teece Whenever a business enterprise is established, it either explicitly or implicitly employs a particular business model that describes the design or architecture of the value creation, delivery, and capture mechanisms it employs. A business model innovation is thus the conscious change of an existing business model or the creation of a new business model that better satisfies the needs of the customer than existing business models. The process qualifies as a sustainable business model innovation or a business model innovation for sustainability, when it aims … Each working company has a business model. Often, this innovation reflects a fundamental change in how a company delivers value to its customers, whether that’s through the development of new revenue streams or distribution channels. When it comes to making the phenomenon tan-gible, people struggle. business model innovation in one or more areas of the customer value proposition can forge a stronger theory of the business to enhance, at least for a while,17 an archetypal large organization’s business structure, organization, supply chain, products and services, customer service, customer experience, and administration. Business Model Innovation Example: The Video Game Industry . 10 Key Facts about Business Model Innovation. Just ask the people behind the Xerox 914. The essence of a business model is in de- Similar to the understanding of conventional business model innovation scholars, business model innovation is seen as a process of business model exploration, adjustment, improvement, redesign, revision, creation, development, adoption, and transformation.