Challenging many widely held views about business models because it stresses the model dimension, is intellectually robust and is built on firm philosophical and practical foundations.
It can be used to understand the economic dynamics of firms and industries, and it is also a 'device' that can assist managers and policy makers in thinking about their world. The business model system describes cause and effect relationships, and is both cognitive and real. Business models are fundamentally linked with technological innovation generally and digital innovation in particular, yet the business model construct is essentially separable from technology. It deals with both value creation and value capture. The business model is the system that connects sensing customer needs, engaging with those needs, delivering satisfaction and monetising the value. Take a look at publications from the Centre for Business Models and Technology.
Supported by a £1 million grant from the Engineering and Physical Sciences Research Council (EPSRC), and with matching funding from Bayes Business School, the Mack Centre at Wharton Business School and other sources, Professor Charles Baden-Fuller, Centenary Professor of Bayes Business School, City, University of London is leading an international team of experts to conduct research "Building Better Business Models" While technological advances provide opportunities to innovate and develop successful businesses, it is the managers’ business model choices that are critical to realise such potential.
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