Conclusion and Implications
Kindled by today’s profound environmental dynamics, the ability of firms to sustain business models with returns above the industry average is steadily decreasing. BMI offers firms a path back to high returns and profitable growth. It aims at the seizure of new opportunities by crafting the right new business model and requires an “entrepreneurial drive” in the strategy design of established firms. However, organizational rigidities may immobilize established industry players, causing them to execute their existing business model for too long. Moreover, these rigidities may contribute to a new business model being initially conceived from or later adapted towards the traditional business model. Most likely, in such cases, the new opportunity’s greater potential would remain unexploited. Therefore, scholars deem a deliberate approach to BMI necessary, which most firms currently do not employ. In fact, among a broad range of industries, top management is seeking guidance on how to innovate in their business models. So far, scientifically-derived recommendations supporting managers in realizing BMI are still lacking. This final chapter reviews how this dissertation contributes to closing such research gap. Section 7.1 first provides an overall conclusion of the dissertation. Sections 7.2 and 7.3 then illuminate the findings’ managerial and theoretical implications. Finally, section 7.4 discusses limitations and avenues of further research.
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