How do we think creatively about creating markets with new business models? This chapter examines the role that business models play in the development of new markets. This chapter provides an overview of the theory of market creation, and the logics of competition, and discusses some of the appropriate frameworks in the context of business model innovation. The chapter will also address how senior management could refresh the cognitive framing of the dominant design in order to identify and enable business model innovation.

Why are digital platforms becoming ubiquitous and what are the business model implications? This chapter examines the benefits and challenges inherent in managing platform-based business models. It introduces the concept of layered modular architecture (LMA) and how platform business models evolve over time. In addition, the chapter discusses the strategic issues of managing platforms within a business-to-consumer (B2C), compared to a business-to-business (B2B), setting.

This chapter reviews the role of new technologies in fostering business model innovation to enable industrial revolutions by glancing into business history. It revisits some of the general principles of the design of economic systems and the role of government in influencing the design of business models. This chapter provides some concluding thoughts, from a theoretical and practical perspective, for fruitful and impactful research opportunities on business model innovation in the future.

What are the business model challenges for small- and medium-sized enterprises (SMEs) and start-up firms trying to commercialise new technologies? This chapter explores the challenges of SMEs, which are part of major supply chains, to innovate their business model and improve performance. In addition, it explores the process that entrepreneurs go through when developing new business models as part of commercialising new technologies such as spin-outs from university labs. In particular, the chapter examines the challenge that start-up firms face when designing new business models to help create markets and subsequently evolve the business model into a profitable proposition.

What are the key digital technologies affecting business model innovation? This chapter examines new digital technologies, such as additive manufacturing, blockchains, the Internet of Things (IoT) and artificial intelligence, and their potential to reshape industries. The chapter also highlights an early-stage emerging technology, quantum technology, as it promises major business model innovation opportunities, as well as challenges, to provide benefits to society that would not be possible with existing digital technologies. It examines the conceptual underpinnings to better understand the kinds of new business models that might emerge.

How do we think creatively about creating markets with new business models? This chapter examines the role that business models play in the development of new markets. This chapter provides an overview of the theory of market creation, and the logics of competition, and discusses some of the appropriate frameworks in the context of business model innovation. The chapter will also address how senior management could refresh the cognitive framing of the dominant design in order to identify and enable business model innovation.

What are the principles of designing business models to address socio-economic challenges? This chapter examines business model design to address issues related to healthcare, poverty, education and general well-being. In particular, it addresses novel business model design, where market solutions and government intervention alone might not be sufficient to address the issues.

What are the principles of designing business models to ensure fair customer and market outcomes? This chapter explores how the global financial crisis highlighted the need to design business models in financial institutions that are profitable while ensuring fair customer outcomes and the integrity of markets. It introduces the concept of conduct risk and its relevance for sectors more generally beyond financial services. The principles of designing business models to manage conduct risk, and the implications, are discussed.

What are the benefits and challenges inherent in designing business models to address the major global sustainability challenges? This chapter examines the challenges related to climate change and the sustainability agenda, as well as the benefits of maintaining biodiversity. In particular, it looks at the different challenges involved in value creation and value capture from a multiple-stakeholder perspective. It examines how to internalise externalities and design business models that encompass economic, social and environmental goals.