Learning Through Taking Action : An empirical study into the early-stage business model development for a novel technology

Abstract: This thesis examines the critical factors shaping early-stage business model development. As a result, this paper provides insights and recommendations for the effective commercialization of innovations. The early-stage business model development process is notoriously complex and ambiguous, yet a limited amount if empirical studies have been conducted in this crucial phase. To address this research gap, an action research approach is employed to document learnings and challenges through an empirical case study into the early-stage business model development for a novel bioprinting technology. The study leverages existing literature to define specific actions and utilizes reflective analysis to gain comprehensive understanding of the factors shaping the process. Through this approach, important new lessons are uncovered for facilitators, highlighting both the facilitating role of tools and methods, as well as their limitations in enhancing the cognitive processes of understanding customer value, how to create value, and how to capture it efficiently. The research findings demonstrate the the business model development and innovation processes are iterative and complex, as well as heavily reliant on engagement and resource allocation. Furthermore, newfound theoretical considerations of commitment, organizational capabilities, and risk appetite arecrucial for the successful realizability of business models. Based on these findings, recommendations of future business model development in similar contexts are presented. These include the importance of achieving a common understanding among stakeholders, a thorough understanding of customer value, a thoughtful ideation process combining convergent and divergent thinking, and a comprehensive assessment of commitment and tolerance for ambiguity. This these contributes to the exisiting body of literature by holistically shedding light on the early-stage business model development process through documented action and by providing practical insights for practitioners and stakeholders involved in innovation commercialization.