Empirical Measurement Instruments for Business Model Innovation: A Review

Abstract

Recent studies have highlighted the significant impact that business model innovation (BMI) has on business strategy, performance, and competitive advantage. However, the literature is still quite fragmented; there is no commonly accepted definition of the term, and progress toward solid theoretical constructs is still under development. Thus, the need to identify empirical measurement instruments that enable the definition and measurement of BMI has been identified. The present paper conducts a systematic literature review, selecting four empirically validated BMI measurement scales for analysis. After comparing them, it was concluded that the four measurement instruments are helpful tools for managers to assess business models (BM), benchmark the competition or plan a strategy. In addition, the instruments contribute to a better understanding of BM and BMI, and establish the basis for further research in the field. Some limitations were found, however, namely, that the instruments are not generalizable to study a particular phenomenon and their reliability could be affected when applying them in a different context to the original study. Finally, some items used in the scales were found to be open to multiple interpretations and thus care must be taken to ensure alignment with the research question.