Business, Management and Accounting
4 years ago

Adapting Business Models for Success in a VUCA World

Journal of Open Innovation Technology Market and Complexity
Business Model Dynamics from Interaction with Open Innovation
Montserrat Peñarroya-Farell, Francesc Miralles

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Firms need to adapt their business models in today's competitive and uncertain environment, especially with the impact of the COVID-19 pandemic. A study looked at how business models change over time and found that it's important to clarify concepts like Business Model Innovation, Adaptation, and Evolution. By better connecting strategic value and changes in business models, companies can avoid confusion and misuse of these terms. This research helps both academics and practitioners understand how business models evolve and align with strategy.