Abstract

Although business models are considered an important source for competitive advantage, little research has been conducted on the relationship between business model design and financial performance. While existing studies focus on the isolated analysis of singular design themes, our study introduces a set-theoretic approach investigating interdependencies of complementarity-, efficiency-, novelty- and lock-in-based business models. Thereby, we apply a qualitative comparative analysis to a unique data set of 41 entrepreneurial firms that went public on U.S. stock exchanges between 2009 and 2013. Our empirical results demonstrate the role of three yet unknown specific business model configurations fostering financial performance. Introducing a configurational perspective to the business model discussion we prove equifinality in business model design and advance theory concerning interdependencies within the business model construct.

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