ABSTRACT
This chapter focuses on the complexity, uncertainty, and risks involved in the process of business model innovation. Most innovation researchers have adopted Schumpeter’s categorization to a larger or lesser extent. Change is very common in organizations. One of the main reasons that could explain this is that the business model concept simply lacks sufficient theoretical grounding in economics and business studies, including organizational, strategic, and marketing studies. Innovation research has produced a wealth of theory, especially on radical product and incremental process innovation, but has hardly addressed business model innovation. Business model innovation can take many forms, ranging from a company innovating its existing business model, through the company developing a new business and business model adjacent, i.e., in addition, to its existing business, as a new division or in a joint venture with another company, to a new company building up its business model from scratch.
