Due to fast technological developments and innovations, firms need to be able to quickly adapt to changes in the competitive environment. This is the reason why Business Model Innovation (BMI) has gained importance. BMI refers to the discovery of new business logics of the company and new methods to both create and capture value.
Although BMI is needed to stay competitive, many attempts to implement a whole new business model have actually failed. Von den Eichen and Matzler (2015) describe the most important obstacles that impair successful Business Model Innovation:
AWARENESS-RELATED OBSTACLES: Our mind-set is often too narrowly focused and we are caught by our own thinking patterns which are guided by dominant logic. This leads us to associate BMI with products (innovation), which is logical because products make innovation more tangible. However, this way of thinking presents a major barrier to BMI, as it prevents us from thinking beyond innovations of products.
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