Unlocking the hidden value of concepts: A cognitive approach to business model innovation
Abstract
We advance a theory of how business models can be innovated proactively in the absence of exogenous changes, through processes of generative cognition. We contribute to the cognitive perspective in strategy by analyzing business models as schemas that organize managerial understandings about the design of firms' value‐creating activities and exchanges and by theorizing how they can be innovated through processes for proactive schema change. Drawing on cognitive psychology research on two major cognitive processes through which individuals change their schema to cope with novelty, analogical reasoning and conceptual combination, we theorize firm‐level strategic processes for designing innovative business models. Copyright © 2015 Strategic Management Society.
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BMI takes place through a learning process in which discovery via experimentation is more appropriate than conventional analytical or cognitive-oriented approaches.
“BMI takes place through a learning process in which discovery via experimentation is more appropriate than conventional analytical approaches (McGrath, 2010) or more cognitiveoriented approaches (Berends, Smits, Reymen, & Podoynitsyna, 2016;Martins, Rindova, & Greenbaum, 2015;Tikkanen, Lamberg, Parvinen, & Kallunki, 2005).”
From Digitalization, business models, and SMEs: How do business model innovation practices improve performance of digitalizing SMEs? (2019) · cites this paper as Martins, Rindova, & Greenbaum, 2015
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Cognitive change, strategic action, and organizational renewal
Barr, P. S., Stimpert, J. L., & Huff, A. S. (1992) · Strategic Management Journal · doi:10.1002/smj.4250131004 · Cited by 1,290 · see citing works
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Bouwman, H., Nikou, S., & de Reuver, M. (2019) · Telecommunications Policy · doi:10.1016/j.telpol.2019.101828 · Cited by 653 · see citing works
Learning while (re)configuring: Business model innovation processes in established firms
Berends, H., Smits, A., Reymen, I., & Podoynitsyna, K. (2016) · Strategic Organization · doi:10.1177/1476127016632758 · Cited by 274 · see citing works
Bidmon, C. M., & Knab, S. F. (2018) · Journal of Cleaner Production · doi:10.1016/j.jclepro.2017.12.198 · Cited by 260 · see citing works
From strategic goals to business model innovation paths: An exploratory study
Heikkilä, M., Bouwman, H., & Heikkilä, J. (2018) · Journal of Small Business and Enterprise Development · doi:10.1108/jsbed-03-2017-0097 · Cited by 147 · see citing works
Hautamäki, P., & Heikinheimo, M. (2025) · Journal of Business Research · doi:10.1016/j.jbusres.2025.115396 · Cited by 31 · see citing works
Rittershaus, P., Aryan, V., & Renner, M. (2025) · WIREs Energy and Environment · doi:10.1002/wene.70006 · Cited by 6 · see citing works
- Authors
- Martins, L. L., Rindova, V. P., & Greenbaum, B. E.
- Affiliations
- The University of Texas at Austin (US)
- McCombs School of Business University of Texas at Austin Austin Texas U.S.A.
- Corresponding author
- Martins, Luis L.
- Venue
- Strategic Entrepreneurship Journal
- Publisher
- Wiley
- Published
- 2015-02-10
- Volume
- 9
- Issue
- 1
- Pages
- 99-117
- ISSN
- 1932-4391 (ISSN-L)
- 1932-443X
- OpenAlex
- W1552495738
- Cited by
- 581
- References
- 1
- Citations by year
- 2026: 31 · 2025: 64 · 2024: 56 · 2023: 61 · 2022: 67 · 2021: 58 · 2020: 69 · 2019: 49 · 2018: 54 · 2017: 45 · 2016: 15 · 2015: 11
- FWCI
- 116.69
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Strategic Entrepreneurship Journal (publishedVersion)
- Topics
- Social Sciences › Business, Management and Accounting › Strategy and Management › Innovation and Knowledge Management
- Social Sciences › Business, Management and Accounting › Strategy and Management › Business Strategies and Innovation
- Social Sciences › Business, Management and Accounting › Marketing › Service and Product Innovation
- Keywords
- business model innovation, schema change, analogical reasoning, conceptual combination, proactive innovation, value-creating activities
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