Business model tools are commonly used to describe and communicate business model ideas. However, studies do not sufficiently address whether and how business model tools support the early, exploratory phase in which new business models are initiated, conceptualized, assessed and planned. In this exploratory phase, offerings and addressable markets are highly uncertain, which requires extensive idea generation, reframing, comparison and evaluation. This paper examines whether and how business model tools facilitate the process of business model exploration. Through action research, we find three ways in which business model tools can better facilitate the process of exploring, reframing and comparing alternative business models. The paper contributes to business model literature and managerial practice by providing empirical evidence on how tooling facilitates business model exploration.
Bibliographical noteSpecial Issue on "Business model innovation: Tools and Innovation patterns"
- Action research
- Business model exploration
- Business model innovation
- Business model tooling