Business Model Research: Past, Present, and Future

Business model research has grown into an insightful area of inquiry, and articles in the Journal of Management Studies (JMS) have greatly contributed to this topical area. This introductory article to the thematic collection of business model research offers an overview of the pertinent literature as well as foundational knowledge, so it is suitable for scholars who are familiar with the topic, but it is also helpful for those wishing to join the conversation. Business model research has thrived at the intersection of strategy, innovation management, and entrepreneurship studies. This body of research is characterized by both a bold vision to improve our understanding of the architecture and building blocks of business models as well as conceptual and empirical debates about the way forward in the digital age of continuing disruption, platformization, and ecosystem transformations. We suggest three promising areas for future research: business model portfolios, competitive dynamics between heterogeneous business models, and business model design for more sustainable economy.