Title: Struggling with conservatism: entrepreneurships' challenges in business model design

Authors: Ignat Kulkov; Magnus Hellström; Kim Wikström

Addresses: Laboratory of Industrial Management, Faculty of Science and Engineering, Åbo Akademi University, Finland ' Laboratory of Industrial Management, Faculty of Science and Engineering, Åbo Akademi University, Finland; Department of Working Life and Innovation, School of Business and Law, University of Agder, Norway ' Laboratory of Industrial Management, Faculty of Science and Engineering, Åbo Akademi University, Finland

Abstract: The purpose of this paper is to investigate the conservative business ecosystem and to identify opportunities for new companies to create value. Authors used a design-oriented case study with a start-up concentrating on the commercialisation of the university research. The authors consider a novel business model used by the start-up company. By analysing the model, methods are proposed for accelerating the company and the business ecosystem. The results indicate that cooperation between the product suppliers and opinion leaders plays a key role in supporting the biomedical business ecosystem. The probability of success for a new product depends on the interest of the professional community. The results add to the existing knowledge on business models for start-up companies to succeed without business expertise and extensive business network. The transformation of customers to partners stimulates the emergence of a new business model that takes into account the new role of a 'customer-partner'.

Keywords: conservative business; business model design; business barriers.

DOI: 10.1504/IJVCM.2021.112844

International Journal of Value Chain Management, 2021 Vol.12 No.1, pp.45 - 61

Received: 01 Feb 2020
Accepted: 17 Apr 2020
Published online: 07 Feb 2021 *

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