Despite growing interest, research in business model innovation is relatively recent and fragmented and we need more clarity about the theoretical building blocks of the business model (innovation), its antecedents, consequences, and the mechanisms through which it works (Zott et al., 2011; Schneider & Spieth, 2013; Wirtz et al., 2016; Foss and Saebi, 2017). Since most of the studies on business model innovation are conceptual and qualitative case studies, so several systematic literature reviews attempted to legitimatize the various dimensions related to the concept of business model. But efforts have not been directed to quantitatively analyze the empirical research concerning the business model innovation (Wirtz et al., 2016).