An Observation-Based Evaluation of the Initiation and Ideation Phases of a Business Model Innovation Process

This paper explores the initiation and ideation phases of the business model innovation (BMI) process, emphasizing the importance of recognizing the need for BMI and preparing accordingly. Using unstructured participant observation, the study reveals disparities between two case companies and proposes a generic BMI process model. The case companies are both incumbent, successful, globally operating, and family-owned production companies. This model outlines process steps, methods, key discussion points, and ideal outcomes, supported by flowcharts and tables. Additionally, it highlights common pitfalls to avoid. The investigation identifies disparities between the two case companies and weaknesses of the current established BMI process. Eventually, the findings offer valuable insights into improving BMI practices, stressing the need for empirical research and structured approaches for successful innovation adoption.