The strategic nature of business and innovation models for firms’ competitiveness

Abstract

The purpose of this paper is to present the results of a theoretical review about business models and business model innovation, identifying representative authors and their contributions which have supported the work of researchers in these streams of knowledge over time in order to provide clarity on these concepts, particularly its strategic importance in a context of globalization and competition. A firm that has a different business model capable of creating more value than its competitors will have a competitive advantage. Empirical evidence supports that innovation plays an important role, therefore it requires a value creation process by which a firm manages ideas becoming products/services or processes that when developed and brought to market can create value for stakeholders and generate new economic streams, contributing to the survival and prosperity of the organization.