Business Model Innovation Portfolio Strategy for Growth Under Product-Market Configurations

Abstract

Purpose: The research links three concepts: product market growth strategy, the magnitude of innovation and Business Model Innovation, merging them together into a dynamic Business Model Innovation strategy framework. Design/Methodology/Approach: The paper is conceptual and exploratory in nature and builds on existing literature and the author’s experience with developing business models. Findings: The BMI strategy framework can help managers establish a BMI portfolio strategy following six pathways within four categories. Conclusions lead to avenues for future research in Business Model Innovation portfolio strategy, dynamic Business Model Innovation processes, and market innovation. Originality/Value: The article deepens the theoretical understanding of Business Model Innovation strategy and provides an enriched dynamic classification of Business Model Development and Business Model Innovation, new to the rm, new to the market and new to the world and the expected outcome being more or less novel (incremental, evolutionary, transformative). Our analysis brings new insights into the recent development in the literature from a static to a more dynamic view on Business Model Innovation, supporting a dynamic analysis of strategy development and Business Model Innovation processes.

Keywords

• business model innovation
• innovation portfolio
• entrepreneurial strategy
• product market innovation
• growth strategy