ABSTRACT
This chapter explores the intertwined nature of internationalization and innovation with a more specific aim to understand the process of business model transformation. Within the business model literature, business model innovation has become an established research stream wherein a business model is approached one of the innovative key elements in analyzing, designing, and implementing strategic activities in companies. Reflecting the variety in approaches, the extant literature, business model innovation refers to processes that are different in scale and scope. From the evolutionary perspective, business model innovation is process of incremental modification under the circumstances of external uncertainty. Lappset has nearly 50 years of experience in the production of playground equipment and is one of the benchmark companies in the industry in the international arena. The two northern play experts, Antero Ikaheimo and his brother Risto, were known throughout Finland and even beyond: by the 1970s, the brothers were already making sales calls in Scandinavia, the Benelux countries, and even Japan.
