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Article

Business Model Dynamics from Interaction with Open Innovation

La Salle Campus Barcelona, Innova Institute, Ramon Llull University, 08022 Barcelona, Spain
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J. Open Innov. Technol. Mark. Complex. 2021, 7(1), 81; https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc7010081
Received: 30 December 2020 / Revised: 20 February 2021 / Accepted: 23 February 2021 / Published: 3 March 2021
(This article belongs to the Special Issue Business Model Innovation)
In today’s competitive environment, firms face strong challenges. We live in a volatile, uncertain, complex and ambiguous (VUCA) environment where open innovation is a strategic choice and, on top of that, the COVID-19 pandemic has emphasized most of these disrupting forces. Incumbent companies must act strategically by adapting their business model to minimize the risk and to capture the new value that emerges. This article intends to contribute to the development of the nascent stream of research that seeks to understand the evolution of Business Models through time—known as Business Model Dynamics (BMD)—and explores how to better align this evolution to the implementation settings of strategy. This exploratory study is built upon a meta-synthesis approach to identify, analyze, and clarify how academics have dealt with the three terms used in the Business Model Dynamics research strand: Business Model Innovation, Business Model Adaptation, and Business Model Evolution. The results of the meta-synthesis show that a disambiguation of concepts is necessary as, from an organizational learning point of view, it is required to provide a better connection between strategic value appropriation and changes on Business Models. This article contributes to the researcher and practitioner’s literature on Business Model Dynamics offering a clear and rigorous definition of each term from a strategic point of view, thus preventing the conceptual incoherence and their reiterated wrong use as synonyms. View Full-Text
Keywords: business model innovation; BMI; business model adaptation; BMA; business model evolution; business model dynamics; change management; open innovation business model innovation; BMI; business model adaptation; BMA; business model evolution; business model dynamics; change management; open innovation
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MDPI and ACS Style

Peñarroya-Farell, M.; Miralles, F. Business Model Dynamics from Interaction with Open Innovation. J. Open Innov. Technol. Mark. Complex. 2021, 7, 81. https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc7010081

AMA Style

Peñarroya-Farell M, Miralles F. Business Model Dynamics from Interaction with Open Innovation. Journal of Open Innovation: Technology, Market, and Complexity. 2021; 7(1):81. https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc7010081

Chicago/Turabian Style

Peñarroya-Farell, Montserrat, and Francesc Miralles. 2021. "Business Model Dynamics from Interaction with Open Innovation" Journal of Open Innovation: Technology, Market, and Complexity 7, no. 1: 81. https://0-doi-org.brum.beds.ac.uk/10.3390/joitmc7010081

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