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Few previous studies have investigated methods for improving or innovating BMs. Palo and Tahtinen (2013) used services based on novel technologies to develop an Internet BM; Hsia et al. (2008) proposed a target-oriented methodology for guiding businesses toward e-commerce application demands. Barquet et al. (2013) proposed a BM conceptual framework by performing a literature review for guiding entrepreneurs in analyzing their business environments, and Seidentricker et al. (2014) applied a morphological analysis methodology for describing and benchmarking BMs at all phases of idea development and prototyping.
Key Terms in this Chapter
Intellectual assets (IA): Important enterprise assets such as patents, trade secrets, knowledge, experience, and staff skills that can be converted into profits, create value, as well as enhance business performance and economic growth.
Collaborative Innovation: Knowledge or products are created cooperatively by members of a virtual team, bringing together various individuals and enterprises with complementary ideas, knowledge and skills.
Business model: A business operation approach involving a series of planned activities or business processes by which an enterprise can generate revenue.
Electronic Commerce (E-Commerce): A popular and growing electronic business model that enables the trading of physical products on the Internet.
Knowledge commerce (k-commerce): A series of planned business processes that generate profits by trading and exchanging knowledge via the Internet, forming virtual teams for offering unique knowledge services to knowledge requesters, and refining existing knowledge or combining different types of knowledge to create new knowledge.
Business Model Canvas: A shared common language that can used to describe, visualize, assess, and change BMs and create new strategic alternatives.