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Business model innovation in a knowledge revolution: An evolutionary theory perspective
Author(s) -
Downs James B.,
Velamuri Vivek K.
Publication year - 2018
Publication title -
managerial and decision economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.288
H-Index - 51
eISSN - 1099-1468
pISSN - 0143-6570
DOI - 10.1002/mde.2926
Subject(s) - clarity , scope (computer science) , evolutionary theory , perspective (graphical) , knowledge management , business model , evolutionary economics , artifact centric business process model , ontology , management science , conceptual model , business , industrial organization , computer science , economics , neoclassical economics , marketing , business process modeling , epistemology , business process , artificial intelligence , philosophy , biochemistry , chemistry , database , programming language , work in process
For knowledge‐intensive industries, a need remains to increase clarity on the dynamics through which business model innovation occurs. Progress has been limited owing to complexities in these industries and to the underlying ontology of the business model concept itself. Through a conceptual methodology, our findings expose impediments to current business model theory and propose economic evolutionary theory as a useful alternative lens through which to address these limitations. This research contributes to the literature by broadening the traditional scope of the economic evolutionary view as relevant for business model innovation research and by offering a corresponding framework for future research.