How Can Systems Thinking Add Value to Business Model Innovation

Systems thinking (ST) is a powerful way of thinking that is being revitalized in several economic fields in order to discover new answers to current challenges and to support a deeper understanding of business. As part of this revitalization, it makes sense to apply systems thinking to business model innovation, as the process of business model innovation requires more than merely filling a business model canvas, it is a challenging and complex management task. We have reviewed the literature on systems theory and business models to identify a way to combine both ‘theories’ in order to gain new insights and identify value for business model innovation. We then selected one appropriate ST approach, applying it to a case example. Our results demonstrate that the application of ST to business model innovation is valuable for both academia and practice.