Business Model Innovation: Development, Concept and Future Research Directions

Although business model innovation (BMI) has gained substantial importance in recent years, there is still a limited understanding of this phenomenon. Yet, the corresponding scholarly literature has previously been characterized by a heterogeneous comprehension of the concept. This situation demands an analysis that synthesizes current scientific knowledge, uncovers research gaps and underdeveloped areas, and establishes a solid foundation for future research.

The study applies an extensive quantitative and qualitative analysis of extant BMI literature, making the concept more transparent and manageable for science and management.

The study presents a set of yielding definitions of the extant BMI literature and an integrated definition to promote a common understanding of BMI. In addition, it classifies the field into six particular research areas. Given the identified dominance of exploratory research designs, future research should put more emphasis on well-founded conceptual articles that stabilize and consolidate basic research as well as confirmatory quantitative empirical investigations.