Business Model Innovation: Strategies for Creating and Capturing Value Through Novel Business Concepts

Abstract

Business model innovation can be said to be central to the strategies that company employ when seeking to generate and appropriate value within most industries. As the business environment continues to evolve, so do the ways in which business ideas are created, this paper outlines approaches to creating new business concepts based on outcomes selling models, e-business model, and social enterprise model. It discusses the shift from a product to a service-dominant logic, digitalization effects, and organizational culture and leadership factors. The research design of the study incorporates a qualitative cross sectional multi-method approach for analyzing patterns of business model novelty across industries. The identification of key takeaways reveals the predominance of comprehensive value creation strategies, learning from various sectors, as well as the understanding that the path is filled with ongoing testing and refinements. However, risks like organizational inertia and regulatory uncertainties are factors that might act as a hurdle to the implementation of the strategy though benefits are enormous, especially with trends in AI application and Circular Economy.