During the past two decades of e-commerce growth, the concept of a business model has become increasingly popular. More recently, the research on this realm has grown rapidly, with diverse research activity covering a wide range of application areas. Considering the sustainable development goals, the innovative business models have brought a competitive advantage to improve the sustainability performance of organizations. The concept of the sustainable business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural, or other contexts, in a sustainable way. The process of sustainable business model construction forms an innovative part of a business strategy. Different industries and businesses have utilized sustainable business models’ concept to satisfy their economic, environmental, and social goals simultaneously. However, the success, popularity, and progress of sustainable business models in different application domains are not clear. To explore this issue, this research provides a comprehensive review of sustainable business models literature in various application areas. Notable sustainable business models are identified and further classified in fourteen unique categories, and in every category, the progress -either failure or success- has been reviewed, and the research gaps are discussed. Taxonomy of the applications includes innovation, management and marketing, entrepreneurship, energy, fashion, healthcare, agri-food, supply chain management, circular economy, developing countries, engineering, construction and real estate, mobility and transportation, and hospitality. The key contribution of this study is that it provides an insight into the state of the art of sustainable business models in various application areas and future research directions. This paper concludes that popularity and the success rate of sustainable business models in all application domains have been increased along with the increasing use of advanced technologies.

Sustainable Business Models: A Review

The study stipulates phases to observe the proposed mechanism in formulating the travel and leisure industry's recovery strategies. The present pandemic COVID-19 has resulted in global challenges, economic and healthcare crises, and posed spillover impacts on the global industries, including tourism and travel that the major contributor to the service industry worldwide. The tourism and leisure industry has faced the COVID-19 tourism impacts hardest-hit and lies among the most damaged global industries. The leisure and internal tourism indicated a steep decline amounting to 2.86 trillion US dollars, which quantified more than 50% revenue losses. In the first step, the study explores the consequences and settings of the COVID-19 pandemic and how innovation and change can contribute to the tourism industry's revival to the next normal. Thus, the study determines that tourism enterprises and scholars must consider and change the basic principles, main assumptions, and organizational situations related to research and practice framework through rebuilding and establishing the tourism sector. In the second step, the study discusses direct COVID-19 tourism impacts, attitudes, and practices in gaining the leisure industry's boom and recovery. In the third phase, the study proposes to observe the characteristics and COVID-19 tourism consequences on the travel and tourism research. The findings provide insights in regaining the tourism industry's operational activities and offer helpful suggestions to government officials, scholars, and tourism firms to reinvest in the tourism industry to set it back to a normal position.

Exploring the impact of COVID-19 on tourism: transformational potential and implications for a sustainable recovery of the travel and leisure industry

The University Today International Seminar is presented and briefly described. The theme and the sub‐themes of the thirty‐fifth session of this seminar are also presented and linked to the current situation of Yugoslavia. The modus operandi of the sessions is described, and very short summaries of the major presentations and of the published papers are given. The article ends with a summary of the final recommendations of the seminar.

The internationalization of higher education

Purpose – The purpose of this paper is to analyse how a strategy based on the combination of tradition and innovation can offer a competitive advantage to a medium-sized family firm operating in the wine sector. Design/methodology/approach – This research focuses on one case study. The subject of the case study under analysis is Pio Cesare, an internationally recognized fine wine Italian company. Findings – Pio Cesare is characterized by a strong combination of tradition and innovation in terms of products and processes. Innovation and tradition are not opposites; on the contrary, a blend of the two has been crucial in achieving and maintaining a sustainable competitive advantage. Research limitations/implications – The formalization of an effective blend of tradition and innovation, especially in a family business, and an effective dissemination of the company philosophy to future generations, calls for a more in-depth study. This study has some limitations, which determined by the applied methodology. M...

Tradition and innovation in Italian wine family businesses

This study examines when established firms participate in corporate venture capital (CVC). We build on the resource-based view of interfirm collaboration and emphasize the strategic flexibility of CVC relationships. We use longitudinal data on 477 firms from 1990 to 2000 to test our hypotheses. We find that firms in industries with rapid technological change, high competitive intensity and weak appropriability engage in greater CVC activity. We also show that firms that possess strong technological and marketing resources and resources developed from diverse venturing experience engage in greater CVC activity. Finally, we find that these firm resources moderate the influence of the observed industry effects in paradoxical ways.

Towards understanding who makes corporate venture capital investments and why

Digital transformation and tourist experience co-design: big social data for planning cultural tourism

The (r)evolution of wine marketing mix: From the 4Ps to the 4Es

Institutional venture capitalists (IVCs) and corporate venture capitalists (CVCs) deploy analogous activities but adopt different approaches to financing innovation and value creation for venture-backed firms. Thus, this paper aims to investigate their potential ambidexterity as a result of knowledge management (KM) strategies and processes.,After a focused literature review showing evidence of KM behaviors as a source of potential ambidexterity for IVCs and CVCs, descriptive, inferential and discriminant analyses on the 15 most active IVCs and CVCs in the world in 2019 are presented. Correlations between numbers of deals, prevailing entrepreneurial intensity and potential ambidexterity are investigated.,Specific differences are analyzed from a KM perspective, revealing that the number/percentage of operations per round can result as a misleading criterion of knowledge accumulation. Finally, a theoretical model for ambidexterity for venture capitalists is developed.,The study shows that IVCs act with greater investment capacity because of their organizational structure and purpose and focus on financial goals; moreover, they are ambidextrous, although their exploration may more frequently entail exploitation than “real” exploration. CVCs tend to invest in sectors related to their core business, coherent with their strategic purpose and more oriented with KM strategies for accumulating intellectual capital.

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Knowledge management behaviors in venture capital crossroads: a comparison between IVC and CVC ambidexterity

In spite their significant wine heritage, even major wine-producing countries still lack a corresponding systemic vision. This research highlights the possible contribution of a relational perspective on the management of wine tourism systems, underlining the necessity for the development of chains, networks, constellations, flows, and service(s). Specifically, the research develops a scientific framework supportive of the relational perspective on wine tourism to aid all major stakeholders in understanding, designing, and developing a wine tourism structured system based on service-dominant logic. The research is based on a speculative analysis of relational governance in wine tourism, and develops a theoretical framework of the relational context of wine tourism. The research is further supported by a field investigation focusing on the Campania Region (Italy); and a case study that enhances the understanding of the subject and indicates the potential implications of the framework, as well as its practical and theoretical applications.

A value co-creation model for wine tourism

Since the 1990s, the importance of corporate venture capital (CVC) programs has grown around the world. CVCs are investments that established firms make in entrepreneurial companies. At the most basic level, CVC describes an equity investment made by a corporation or its investment entity in a high growth, high potential, privately held business. There is no systematic evidence that corporate venture capital investments create value for the investing firms. Firm value, however, can be created as a result of other benefits from investing (e.g., accessing a new technology). These considerations can explain why many firms currently choose to operate venture units: They have recognized the importance of CVC for strategic innovation in addition to its potential to generate financial returns. Some evidence from the US context described in this paper supports this intuition.

Giuseppe Festa

Papers

Digital transformation and tourist experience co-design: big social data for planning cultural tourism

The (r)evolution of wine marketing mix: From the 4Ps to the 4Es

Knowledge management behaviors in venture capital crossroads: a comparison between IVC and CVC ambidexterity

A value co-creation model for wine tourism

Financing knowledge-intensive enterprises: evidence from CVCs in the US