Introduction

Abstract

Business models are often cited as a central success factor for today’s businesses. The rising importance of business models is a response to today’s intense competition in various industries. Enterprises with well-formulated and innovative business models are expected to gain competitive advantages and higher profits (Afuah and Tucci 2000, p. 45). According to a study by Economist Intelligence Unit surveying 4000 senior managers, the majority favored new business models over new products or services as source of innovation (Amit and Zott 2012, p. 41). As a consequence, firms aim at stimulating their businesses beyond traditional product and process innovations. Hence, the practical and economic importance of business models is remarkable.