Business model innovation: an integrated approach based on elements and functions

Abstract Business model innovation can be used to acquire competitive advantages. In this paper, we applied an integrative approach to study business model in terms of elements and functions. In the paper, three types of business model innovations were discussed: original innovation, induced innovation, and imitative innovation. The major contributions of this paper are: (1) improving the understanding of the business models; (2) providing a new perspective on business model innovation; and (3) proposing the paths for business model innovation. The paper also discussed how new information technology may promote business model innovation.

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