1. Business model innovation (BMI) has gained increasing attention in management research and among practitioners over the last 15 years.
2. The BMI literature lacks theoretical underpinning, construct clarity, and empirical inquiry is not cumulative.
3. Future research on BMI should focus on identifying antecedent conditions, contingencies, and outcomes, drawing on theorizing in innovation, entrepreneurship, complexity, and other streams of literature to overcome gaps in the BMI literature.
The article provides a comprehensive review of the literature on business model innovation (BMI) over the last 15 years. The authors identify and analyze 150 peer-reviewed scholarly articles on BMI published between 2000 and 2015, providing a critical assessment of these research efforts and offering suggestions for future research.
The authors argue that while the BMI literature addresses an important phenomenon, it lacks theoretical underpinning, and empirical inquiry is not cumulative. They suggest that the literature faces problems with respect to construct clarity and has gaps with respect to the identification of antecedent conditions, contingencies, and outcomes.
The article provides a simple organizing framework that outlines the causal web of potential antecedent, moderating, and mediating influences on BMI, as well as the consequences of such innovation. As part of the framework, they define BMI as “designed, novel, nontrivial changes to the key elements of a firm’s business model and/or the architecture linking these elements.”
The authors argue that BMI research may be advanced by drawing on theorizing in innovation, entrepreneurship, complexity theory, and other streams of literature. They suggest that these streams can help meet the gaps in the BMI literature.
Overall, this article provides a valuable contribution to understanding BMI research. However, it is important to note that there may be biases in their analysis due to their selection criteria for articles included in their review. Additionally, while they provide suggestions for future research directions based on existing literature gaps, there may be other areas or perspectives that have not been considered in their analysis.