Exploring the drivers of business model innovation and its significance for performance in high-tech sectors

Main Article Content

Mariola Ciszewska-Mlinarič
Khalil Elleuch
Piotr Wójcik


Business model innovation (BMI) has emerged as a vital determinant for the organization’s success and survival. This study explores the external (technological turbulence and market dynamism) and internal (knowledge management culture and inbound open innovation) antecedents of BMI and its effect on firm performance on a sample of high-tech companies from Poland (n=160). We find that external antecedents and inbound open innovation are positively related to BMI and that BMI positively affects company performance. This study contributes to the extant literature by emphasizing the role of organizational propensity to conduct open innovation, revealed by building strong ties with external parties and relying on their innovation through proactive search for external ideas, technological knowledge, and products.


Download data is not yet available.

Article Details

How to Cite
Ciszewska-Mlinarič, M., Elleuch, K., & Wójcik, P. (2024). Exploring the drivers of business model innovation and its significance for performance in high-tech sectors. Journal of Management and Financial Sciences, 16(49). https://doi.org/10.33119/JMFS.2023.49.5 (Original work published February 9, 2024)


Achtenhagen, L., Melin, L., Naldi, L. (2013). Dynamics of business models and strategizing, critical capabilities and activities for sustained value creation. Long Range Planning, 46, pp. 427–442.

Alavi, M., Kayworth, T. R., Leidner, D. E. (2005). An empirical examination of the influence of organizational culture on knowledge management practices. Journal of Management Information Systems, 22 (3), pp. 191–224.

Amit, R., Zott, C. (2012). Creating value through business model innovation. MIT Sloan Management Review, 53 (3), pp. 41–49.

Amit, R., Zott, C. (2020). Business model innovation strategy: Transformational concepts and tools for entrepreneurial leaders. John Wiley & Sons.

Baden-Fuller, C., Morgan, M. (2010). Business models. Long Range Planning, 43, pp. 156–171.

Bhatti, S. H., Santoro, G., Khan, J., Rizzato, F. (2021). Antecedents and consequences of business model innovation in the IT industry. Journal of Business Research, 123, pp. 389–400.

Bock, A. J., Opsahl, T., George, G., Gann, D. M. (2012). The Effects of Culture and Structure on Strategic Flexibility during Business Model Innovation. Journal of Management Studies, 49 (2), pp. 279–305.

Bogers, M., Zobel, A. K., Afuah, A., Almirall, E., Brunswicker, S., Dahlander, L.,… Hossain, M. (2017). The open innovation research landscape: Established perspectives and emerging themes across different levels of analysis. Industry and Innovation, 24 (1), pp. 8–40.

Bolton, R., Hannon, M. (2016). Governing Sustainability Transitions Through Business Model Innovation: Towards a Systems Understanding. Research Policy, 45 (9), pp. 1731–1742.

Brynjolfsson, E., McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. W. W. Norton & Company.

Burns, T., Stalker, G. M. (1961). The Management of Innovation. Tavistock Publications.

Casadesus-Masanell, R., Zhu, F. (2013). Business model innovation and competitive imitation: The case of sponsor-based business models. Strategic Management Journal, 34 (4), pp. 464–482.

Castaneda, D. I., Manrique, LF., Cuellar, S. (2018). Is organizational learning being absorbed by knowledge management? A systematic review. Journal of Knowledge Management, 22 (2), pp. 299–325

Chakravarthy, B. S. (1982). Adaptation: A promising metaphor for strategic management. Academy of Management Review, 7 (1), pp. 35–44.

Chen, Q., Liu, Z. (2018). How Does Openness to Innovation Drive Organizational Ambidexterity? The Mediating Role of Organizational Learning Goal Orientation. IEEE Transactions on Engineering Management, 99, pp. 1–14.

Chesbrough, H. (2010). Business model innovation: opportunities and barriers. Long Range Planning, 43 (2–3), pp. 354–363.

Chesbrough, H., Appleyard, M. M. (2007). Open innovation and strategy. California Management Review, 50 (1), pp. 57–76.

Christensen M. C., Bartman T., Bever V. D. (2016). The Hard Truth About Business Model Innovation. MIT Sloan Management Review, 58 (1), pp. 31–40.

Ciszewska-Mlinarič, M., Wójcik, P. (2023). What do we talk about when we talk about strategic renewal: a systematic literature review of 40 years of research. Central European Management Journal, 32 (3), pp. 416–441.

Clauss, T., Abebe, M., Tangpong, C., Hock, M. (2019). Strategic Agility, Business Model Innovation, and Firm Performance: An Empirical Investigation. IEEE Transactions on Engineering Management, 38 (3), pp. 767–784.

Cohen, W. M., Levinthal, D. A. (1990). Absorptive capacity: A new perspective on learning and innovation. Administrative Science Quarterly, 35 (1), pp. 128–152.

Demil, B., Lecocq, X. (2010). Business model evolution: In search of dynamic consistency. Long Range Planning, 43 (2–3), pp. 227–246.

De Reuver, M., Bouwman, H., MacInnes, I. (2009). Business models dynamics for start-ups and innovating e-businesses. International Journal of Electronic Business, 7 (3), pp. 269–286.

Desyllas, P., Salter, A., Alexy, O. (2022). The breadth of business model reconfiguration and firm performance. Strategic Organization, 20 (2), pp. 231–269.

Dilger, M. G., Jovanović, T., Voigt, K. I. (2017). Upcrowding energy co-operatives – Evaluating the potential of crowdfunding for business model innovation of energy co-operatives. Journal of Environmental Management, 198, pp. 50–62.

Enkel, E., Mezger, F. (2013). Imitation Processes and Their Application for Business Model Innovation: An Explorative Study. International Journal of Innovation Management, 17 (1), p. 1340005.

Ferreras-Méndez, J. L., Olmos-Penuela, J., Salas-Vallina, A., Alegre, J. (2021). Entrepreneurial orientation and new product development performance in SMEs: The mediating role of business model innovation. Technovation, 108, p. 102325.

Field, A. (2013). Discovering statistics using IBM SPSS Statistics. Sage.

Foss, N. J., Saebi, T. (2017). Fifteen years of research on business model innovation: how far have we come, and where should we go? Journal of Management, 43 (1), pp. 200–227.

Foss, N. J., Saebi, T. (2018). Business models and business model innovation: Between wicked and paradigmatic problems. Long Range Planning, 51 (1), pp. 9–21.

Futterer, F., Schmidt, J., Heidenreich, S. (2018). Effectuation or causation as the key to corporate venture success? Investigating effects of entrepreneurial behaviors on business model innovation and venture performance. Long Range Planning, 51 (1), pp. 64–81.

Garzella, S., Fiorentino, R., Caputo, A., Lardo, A. (2021). Business model innovation in SMEs: The role of boundaries in the digital era. Technology Analysis & Strategic Management, 33 (1), pp. 31–43.

Gassmann, O., Enkel, E., Chesbrough, H. (2010). The future of open innovation. R&D Management, 40 (3), pp. 213–221.

Gold, A. H., Segars, A. H., Malhotra, A. (2001). Knowledge management: An organizational capabilities perspective. Journal of Management Information Systems, 18 (1), pp. 185–214.

Hannan, M. T., Freeman, J. (1977). The population ecology of organizations. American Journal of Sociology, 82 (5), pp. 929–964.

Hock-Doepgen, M., Clauss, T., Kraus, S., Cheng, C. (2021). Knowledge management capabilities and organizational risk-taking for business model innovation in SMEs. Journal of Business Research, 130, pp. 683–697.

Hung, K.‑P., Chou, C.. (2013). The Impact of Open Innovation on Firm Performance: The Moderating Effects of Internal R&D and Environmental Turbulence. Technovation, 33 (10), pp. 368–380.

Jansen, J. J. P, Van Den Bosch, F. A. J., Volberda, H. W. (2005). Managing potential and realized absorptive capacity: How do organizational antecedents matter? Academy of Management Journal, 48 (6), pp. 999–1015.

Jaworski, B. J., Kohli, A. J. (1993). Market orientation: antecedents and consequences. Journal of Marketing, 57 (3), pp. 53–70.

Johnson, M. W., Christensen, C. M., Kagermann, H. (2008). Reinventing Your Business Model. Harvard Business Review, 86 (12), pp. 50–59.

Karimi, J., Walter, Z. (2016). Corporate Entrepreneurship, Disruptive Business Model Innovation Adoption, and Its Performance: The Case of the Newspaper Industry. Long Range Planning, 49 (3), pp. 342–360.

Klein, S. P., Spieth, P., Heidenreich, S. (2021). Facilitating business model innovation: The influence of sustainability and the mediating role of strategic orientations. Journal of Product Innovation Management, 38 (2), pp. 271–288.

Latifi, M., Nikou, S., Bouwman, H. (2021). Business model innovation and firm performance: Exploring causal mechanisms in SMEs. Technovation, 107, pp. 102274.

Leppänen, P., George, G., Alexy, O. (2023). When do novel business models lead to high performance? A configurational approach to value drivers, competitive strategy, and firm environment. Academy of Management Journal, 66 (1), pp. 164–194.

Liao, S., Liu, Z., Ma, C. (2019). Direct and configurational paths of open innovation and organisational agility to business model innovation in SMEs. Technology Analysis & Strategic Management, 31 (10), pp. 1213–1228.

Loon, M., Otaye‐Ebede, L., Stewart, J. (2020). Thriving in the new normal: The HR microfoundations of capabilities for business model innovation. An integrated literature review. Journal of Management Studies, 57 (3), pp. 698–726.

Mehta, N., Bharadwaj, A. (2015). Knowledge integration in outsourced software development: The role of sentry and guard processes. Journal of Management Information Systems, 32 (1), pp. 82–115.

Monios, J., Bergqvist, R. (2015). Using a “virtual joint venture” to facilitate the adoption of intermodal transport. Supply Chain Management: An International Journal, 20 (5), pp. 534–548.

Myers, M. (2009). Qualitative Research in Business and Management. London: Sage.

Nooteboom, B., van Haverbeke, W., Duysters, G., Gilsing, V., van den Oord, A. (2007). Optimal cognitive distance and absorptive capacity. Research Policy, 36 (7), 1016–1034.

Nunes, M. P., Pereira, R. D. V. (2021). Business model innovation and business performance in an innovative environment. International Journal of Innovation Management, 25 (03), p. 2150036.

Osiyevskyy, O., Dewald, J. (2015). Explorative versus exploitative business model change: the cognitive antecedents of firm‐level responses to disruptive innovation. Strategic Entrepreneurship Journal, 9 (1), pp. 58–78.

Osterwalder, A., Pigneur, Y. (2010). Business model generation: A handbook for visionaries, game changers, and challengers. John Wiley & Sons.

Pateli, A. G., Giaglis, G. M. (2005). Technology innovation-induced business model change: A contingency approach. Journal of Organizational Change Management, 18 (2), pp. 167–183.

Pedersen, E. R. G., Gwozdz, W., Hvass, K. K. (2018). Exploring the relationship between business model innovation, corporate sustainability, and organisational values within the fashion industry. Journal of Business Ethics, 149, pp. 267–284.

Ritter, T., Lettl, C. (2018). The role of dynamic capabilities in business model innovation: A review and future research agenda. Journal of Management, 44 (5), pp. 1793–1820.

Rosenkopf, L., Nerkar, A. (2001). Beyond local search: Boundary-spanning exploration, and impact in the optical disk industry. Strategic Management Journal, 22 (4), pp. 287–306.

Sabatier, V., Craig-Kennard, A., Mangematin, V. (2012). When technological discontinuities and disruptive business models challenge dominant industry logics: Insights from the drugs industry. Technological Forecasting and Social Change, 79 (5), pp. 946–962.

Sabaruddin, L. O., MacBryde, J., D’Ippolito, B. (2023). The dark side of business model innovation. International Journal of Management Reviews, 25 (1), pp. 130–151.

Santoro, C., Quaglia, R., Pellicelli, A. M., De Bernardi, M. (2020). The role of knowledge management culture in innovation. Journal of Business Research, 116, pp. 567–574.

Santos, J., Spector, B., Van der Heyden, L. (2009). Toward a theory of business model innovation within incumbent firms (Working Paper No. 16). Fontainebleau, France: INSEAD.

Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of Management Review, 26 (2), pp. 243–263.

Schneider, S. (2019). How to approach business model innovation: the role of opportunities in times of (no) exogenous change. R&D Management, 49 (4), pp. 399–420.

Spieth, P., Schneckenberg, D., Ricart, J. E. (2014). Business model innovation – state of the art and future challenges for the field. R&D Management, 44 (3), pp. 237–247.

Spieth, P., Schneckenberg, D., Matzler, K. (2016). Exploring the Linkage between business model and innovation and the strategy of the Firm. R&D Management, 46 (3), pp. 403–413.

Teece, D. J., Pisano, G., Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18, pp. 509–533.

Teece, D. J. (2007). Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28 (13), pp. 1319–1350.

Teece, D. J. (2010). Business Models, Business Strategy and Innovation. Long Range Planning, 43 (2-3), 172–194.

Teece, D. J. (2018). Business models and dynamic capabilities. Long Range Planning, 51 (1), pp. 40–49.

Visnjic, I., Wiengarten, F., Neely, A. (2016). Only the brave: Product innovation, service business model innovation, and their impact on performance. Journal of Product Innovation Management, 33 (1), pp. 36–52.

White, J. V., Markin, E., Marshall, D., Gupta, V. K. (2022). Exploring the boundaries of business model innovation and firm performance: A meta-analysis. Long Range Planning, 55 (5), p. 102242.

Wirtz, B. W., Schilke, O., Ullrich, S. (2016). Strategic development of business models: Implications of the Web 2.0 for creating value on the internet. Long Range Planning, 49 (2), pp. 93–107.

Xiao, H., Yang, Z., Hu, Y. (2021). Influencing mechanism of strategic flexibility on corporate performance: the mediating role of business model innovation. Asia Pacific Business Review, 27 (3), pp. 470–492.

Yan, S., Hu, B., Liu, G., Ru, X., Wu, Q. (2020). Top management team boundary-spanning behaviour, bricolage, and business model innovation. Technology Analysis & Strategic Management. 32 (5), pp. 561–573.

Yu, J., Li, X., Ma, Z. (2021). Inter-Organisational Collaboration and Business Model Innovation: The Joint Moderating Effects Of Absorptive Capacity And Collaboration Depth. International Journal of Innovation Management, 25 (05), p. 2150050.

Zhou, K. Z., Wu, F. (2010). Technological capability, strategic flexibility, and product innovation. Strategic Management Journal, 31 (5), pp. 547–561.

Zott, C., Amit, R. (2008). The fit between product market strategy and business model: Implications for firm performance. Strategic Management Journal, 29 (1), pp. 1–26.