Towards a dynamic process for business model innovation: A review of the state-of-the-art

Business models are not only necessary for entrepreneurs starting a company but also for established companies wishing to sustain a competitive advantage. Knowing when or how to change a model is difficult and implementation is risky. Business model innovation takes art and skill and implementation requires an iterative process. Despite the often experimental nature of creating a successful business model, there are few dynamic methods for business model generation. The most frequently referenced method - The Business Model Canvas (BMC) - maps business models into a framework but is static and leaves entrepreneurs and managers to struggle with ad-hoc trial and error experimentation. This paper lays the groundwork for improved approaches to business model innovation by outlining directions for future process and tool developments.