TOWARDS A THEORY OF BUSINESS MODEL ADAPTATION

Research in the field of Business Models is a recent and rapidly growing phenomenon. It brings to bear strands from a variety of disciplines, including Entrepreneurship, Strategy, and Commercialisation. One aspect that is especially lacking in the research is that of Business Model adaptation among firms commercialising new technology. This study is part of a broader process research program investigating Business Model change. In particular, it is attempting to fill the lack of theory on Business Model adaptation, by seeking direction from the theory of strategic decision- making in entrepreneurial environments (including corporate entrepreneurship) where innovation is a strong feature. Strands of theory surveyed in this study include: high speed decision-making; emergent strategy; open innovation; effectuation. Tentative hypotheses are developed for further elaboration and incorporation into the broader research program.