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The author provides the first formal model of business model innovation in a game-theoretic framework. The analysis focuses on sponsor-based business model innovations where a firm monetizes its product through sponsors rather than setting prices directly to its customer base. They provide a comprehensive analysis of the range of possible strategic interactions between an innovative entrant and an incumbent where their choices of business models are endogenously determined and where the incumbent may imitate an entrant's business model innovation once it is revealed.
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