Business Model Innovation (BMI) Process: A Systematic Literature Review with Bibliometric Analysis

Abstract

This paper explores the characteristics of publications related to the topic of business model innovation (BMI) process. In this review, a science-mapping technique was applied to assess 362 Scopus-indexed articles and conference papers concerned with the BMI process. Due to technological progress, competitive changes, or governmental and regulatory alterations, the need to develop and adapt a firm's business model has become an important task to sustain any organizations. The successful adaptation of an existing business model to a new environment closes the gap between the firm's basis of competitive advantage in the industry and its extant resources and capabilities. However, innovating the business model remains one of today's most challenging tasks. The aim of this review is to reveal the size, growth trajectory and geographic distribution of the BMI process knowledge base. Moreover, the goal is to detect key journals, authors and publications, as well as to give an overview of the intellectual structure of the literature and possibly highlight actual trends in the domain of BMI process. The review attested a modest-sized knowledge base concentrated in Western countries. Furthermore, three ‘Schools of Thoughts’ were identified and further explained. It is a first attempt of a bibliometric review for this field, and thus shall give guidance for future research and practical implications.