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What are the ways of achieving business model innovation?

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Business model innovation for sustainability can be achieved by focusing on key capabilities such as Architecture, Reputation, and Innovation, which are crucial for accumulating over time to reach BMI . Additionally, integrating sustainability principles like efficiency, consistency, and sufficiency into company activities through business model innovation can help in proactive approaches to corporate sustainability . Furthermore, the combination of internal innovation culture and external innovation policies plays a significant role in accelerating firms towards achieving business model innovation outcomes . Adapting business models to personalized products in the context of Industry 4.0 can also drive innovation by incorporating customer preferences into the production process .

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Journal Article•DOI Corporate key capabilities, innovation policy and business model innovation Chih-Hung Chen 31 Mar 2023-International Journal of Innovation Management	Key capabilities such as Architecture, Reputation, and Innovation are essential for achieving Business Model Innovation (BMI), with Innovation Policy acting as a significant external support for firms in this process.
Open access•Posted Content•DOI Sharpening Key Capabilities and Illuminating Integrative Ways Towards Business Model Innovation Reinhard Larsen 27 May 2022	Key capabilities such as Architecture, Reputation, and Innovation, along with fostering innovation culture and utilizing innovation policies, are essential ways to achieve business model innovation.
Open access•Journal Article•DOI Business Modeling Innovation Using Artificial Intelligence Technology Riya Widayanti, Lista Meria - Show less +1 more 06 May 2023	Utilizing Artificial Intelligence technology enables business model innovation through advanced analytics, automation, and predictive capabilities, enhancing decision-making processes and fostering competitive advantages.
Book Chapter•DOI Business Model Innovation for Sustainability 30 Mar 2023	Business model innovation for sustainability achieves corporate sustainability by integrating sustainability principles, extending value creation to non-financial stakeholders, and supporting proactive approaches.

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What are the business model innovations?5 answersBusiness model innovations encompass various aspects such as understanding the theoretical connection between business models and strategy, exploring sources and outcomes of business model innovation, and addressing challenges faced by established firms when disruptive models enter their markets. These innovations involve cognitive elements like values, roles, and identities, influencing organizational structures and processes. Business model innovation is crucial for the success of digital ventures in competitive environments, with four key characteristics identified as significant. Enterprises must adapt their business models to evolving market environments driven by rapid technological advancements to ensure sustainable operation and development. Innovation, including technological advancements like internet-enabled mobile devices, plays a vital role in improving processes, introducing new products/services, enhancing efficiency, and boosting profitability for forward-thinking organizations.

How AI contribue to business model innovation?4 answersAI contributes to business model innovation by enabling new value propositions, leveraging data for value creation, and influencing general business reasoning. Startups embracing AI as part of their business models are emerging, and a taxonomy of AI business models has been created, including deep technology researchers, data analytics suppliers, AI product and service providers, and facilitators of AI development. Additionally, AI-powered systems, online shipping platforms, and digital payment methods are proposed as innovative business models that can enhance operational efficiency and revenue generation. Software-based tools for business model design, including AI-based decision support systems, can support the creative task of business model innovation and increase trust in suggested solutions. Top management plays a critical role in encouraging and facilitating AI-enabled business model innovation, requiring specific competencies and roles.

What are the Models that can be adopted for Entrepreneurial Success?4 answersThere are several models that can be adopted for entrepreneurial success. One model is the Logistic Regression (LR) and Multivariate Adaptive Regression Spline (MARS) models, which were compared in terms of their ability to predict entrepreneurial success in a specific district. Another model is the Total Quality Management (TQM) system, which focuses on continuous improvement and customer satisfaction to enhance organizational performance. Additionally, a theoretical model of the entrepreneurial decision of individuals was developed, which measured the effect of variables such as income, age, gender, education level, and entrepreneurial skills on the decision to become an entrepreneur. Furthermore, a model for entrepreneurship competencies was developed, focusing on innovation, knowledge management, and intellectual capital, with the aim of improving efficiency, productivity, and performance. Finally, a review of entrepreneurial models identified the importance of micro and macro factors, as well as social, financial, and human capital, in building a comprehensive model of entrepreneurial success.

What are drivers to business model innovation?5 answersBusiness model innovation is driven by various factors. One driver is the need to create value for individuals by offering free services and capturing value through the collection and sale of personal data. Another driver is the desire to implement sustainable practices and reduce resource depletion, waste, and emissions, which is achieved through circular business model innovation. Additionally, the successful implementation of sustainable business model innovation is influenced by factors such as institutional, organizational, strategic, resource allocation, technological, and financial barriers. Furthermore, the performance of business model innovation is influenced by conditions related to processes, resources, market, and business model structure. In the context of social enterprises, drivers of business model innovation include environmental, organizational, and individual factors, which can be explored through PESTEL analysis, dynamic capabilities, and the abilities and attitudes of people.

What are the different frameworks of business model innovation?5 answersDifferent frameworks of business model innovation have been proposed and discussed in the academic community. One well-known framework is the Business Model Canvas by Alexander Osterwalder, which is widely recognized worldwide. Other frameworks have also been proposed, and new ones are emerging. However, there is still no generic business model framework that has been empirically proven. In an effort to address this gap, a new tool called the Business Model Innovation Canvas (BMIC) has been developed, which provides a systematic solution set and roadmap for business model innovation practitioners. The BMIC consists of three levels and seven modules, and it includes 145 business model innovation options. Another framework, the Ecosystem View of Business Model Innovation, has been developed to highlight the connectivity between internal and external components of a business and their impact on surrounding networks and ecosystems.

How innovation in business model works?4 answersBusiness model innovation is a crucial factor in supporting firms' competitiveness and has gained significant momentum in recent years. It involves changing the way businesses create and deliver value to their customers by harnessing new technologies and empowering consumers. The literature on business model innovation has been steadily developing, with a focus on identifying trends and clusters of research. Understanding the concept of business models and classic innovation management is necessary to better comprehend business model innovation. It is not just about innovating new products and services but also about rethinking the entire business model to achieve organizational sustainability. The effects of business model innovation can be seen in organizational design, governance, and the role of different stakeholders in the innovation process. Overall, business model innovation is about adapting and evolving the way businesses operate to meet the changing demands of customers and the market.

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