Title: Top 50 artificial intelligence startups: empirical research of their business models

Authors: Wilson Martinez

Addresses: Graduate School of Management, St. Petersburg University, St Petersburg, 199034, Russia

Abstract: All the industries are implementing artificial intelligence (AI) in their operations; it is a technology that is creating great expectations, but few academic studies have been done about how AI is included in the business models (BM). Existing research does not explain how companies can successfully implement AI solutions through their BM; AI as a core component of a commercial offer remain mostly unstudied. To address this gap, we analyse the top 50 startups (Forbes 2023). This study focuses in how startups use AI to create, deliver and capture value. This paper seeks to identify and analyse the business models (BM) implemented by the startups that include AI in their operations. The top 50 AI startups, as per Forbes annual publication, are analysed from a BM approach defining the main BM frameworks used by them. This research highlights the most frequently used elements in the BM of the most successful AI startups. This study contributes to the fundamental understanding of AI startups BM by identifying the main components in their structure, key characteristics and distinctive aspects.

Keywords: artificial intelligence; AI; startups; business model; BM; business model framework.

DOI: 10.1504/IJMCP.2025.148909

International Journal of Management Concepts and Philosophy, 2025 Vol.18 No.4, pp.539 - 560

Received: 01 Apr 2024
Accepted: 13 Apr 2024
Published online: 02 Oct 2025 *

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