Business Model Change in Early-Stage Entrepreneurial Firms Facing High Uncertainty
Changing business models is inevitable for early-stage entrepreneurial firms striving to survive in transitional and high uncertainty environments. This inductive paper explores how business models change in entrepreneurial firms, and how this process links to performance, by following changes in elements of business models in a set of eight early-stage university spin-offs. Findings suggest that highly committed management teams change their business models faster. Teams with higher market, entrepreneurial, and managerial knowledge change their business models less often, and rarely change their customer-related elements.