Table of Contents:

Concluding Remarks

The evidence in this chapter demonstrates the importance of stakeholder collaborations, business mind-sets and model innovations in times of crisis. The effectiveness of collaborations has been enhanced by a shared purpose and belief in proactively engaging with each other at all levels and cooperating to turn threats into positive changes and trustful relationships. The inclusion of stakeholder empowerment and engagement in societal, environmental and economic matters leads to effective results and repercussions. Furthermore, the nature of business priorities and value creation shifts towards integrated social, economic and environmental goals simultaneously.

The COVID-19 crisis has shed light on the fact that the responsibility of the business organisation is given—being the engine that moves the industry—but at the same time each part of the industry participates in the process of value creation and, in some cases, to the process of value cocreation (Goodstein &c Wicks, 2007), especially when urgent matters require immediate reactions.

The fact that the firm is engaged and linked to a plurality of interests, expectations and needs results in a major challenge, which is even greater during times of crisis: the reconsideration of responsibilities of each group of stakeholders. While firms attempt to demonstrate that they are creating the maximum possible value for both stakeholders and for their business, the COVID-19 pandemic has highlighted that part of the responsibility of such value creation must be put on the stakeholders themselves.

A cooperative attitude and shared responsibilities among stakeholders create a situation where business models can be innovated and reconfigured towards a new purpose, which includes objectives that were traditionally seen as requiring a trade-off affecting the company’s core business. In fact, in today’s world this represents the only option for creating value.

There are some questions that need to be answered: Will the stronger social engagement and collaborations remain stable in the COVID-19 recovery period? To what extent will stakeholders at different levels realise that social innovation stemming from business model reconfiguration builds both short-term and long-term resilience? Will people care more about a common and shared vision of environmental, social and economic wellbeing? Will third-sector and business organisations see a higher convergence of intents and sources of value creation in their business model configuration? How will this affect value creation initiatives? Will social relationships actually substitute a logic of transaction when establishing new business models from this moment onwards?

These are open questions that we wish to explore in future research by adopting and adapting the relationship-based view and the stakeholder approach to the traditional business model narrative.

Notes

  • 1 https://shopappy.com (accessed May 27, 2020).
  • 2 https://www.cityharvest.org (accessed May 27, 2020).
  • 3 Data from the GoFundMe platform. Available from https://www.gofi.mdme. com/f/coronavirus-terapia-intensiva (accessed May 27, 2020).
  • 4 Video from the ‘La Repubblica’ YouTube channel. Available from https:// www.youtube.com/watch?v=848kapapk8I (accessed May 27, 2020).
  • 5 Video from the ‘Burger King’ YouTube channel. Available from https://www. youtube.com/watch?v=IsQ7WtoOFJg (accessed May 27, 2020).
  • 6 Video from the ‘Lavazza’ YouTube channel. Available from https://www. youtube.com/watch?v=P9cxIxMatnE (accessed May 27, 2020).
  • 7 https://www.tutticonnessi.it (accessed May 27, 2020).
  • 8 http://www.trinijove.org (accessed May 27, 2020).
  • 9 http://www.vita.it/it/article/2020/04/07/dynamo-academy-e-bmw-italia- propongono-smart-learning-gratuito-alle-sc/154917/ (accessed May 27, 2020).
  • 10 Interview conducted with the founders of the Mercou platform on May
  • 6, 2020.
  • 11 https://athenahealthcare.com (accessed May 27, 2020).

References

Andriof, J., Waddock, S., Husted, B., & Rahman, S. S. (2002). Unfolding stakeholder thinking: Theory, responsibility and engagement. Routledge. E-book: 2017.

Bridoux, F., &; Stoelhorst, J. W. (2016). Stakeholder relationships and social welfare: A behavioral theory of contributions to joint value creation. Academy of Management Review, 41(2), 229-251.

Calia, R. C., Guerrini, F. M., & Moura, G. L. (2007). Innovation networks: From technological development to business model reconfiguration. Technovation, 27(8), 426^132.

Cinelli, M., Quattrociocchi, W., Galeazzi, A., Valensise, С. M., Brugnoli, E., Schmidt, A. L., ... Scala, A. (2020). The covid-19 social media infodemic. Scientific Reports, 10, 16598 arXiv preprint arXiv:2003.05004;

Civera, C., & Freeman, R. E. (2020). Stakeholder relationships and responsibilities: A new perspective. Sympbonya. Emerging Issues in Management, (1), 40-58.

Dawkins, С. E. (2014). The principle of good faith: Toward substantive stakeholder engagement. Journal of Business Ethics, 121(2), 283-295.

Dawkins, C. (2015). Agonistic pluralism and stakeholder engagement. Business Ethics Quarterly, 25(1), 1-28.

Elkington, J. (1998). Partnerships from cannibals with forks: The triple bottom line of 21st-century business. Environmental Quality Management, 8(1), 37-51.

Elkington, J. (2018). 25 years ago I coined the phrase “triple bottom line.” Here’s why it’s time to rethink it. Harvard Business Review, 25, 2-5.

Franceschelli, M. V., Santoro, G., 5c Candelo, E. (2018). Business model innovation for sustainability: A food start-up case study. British Food Journal, 120(10), 2483-2494.

Freeman, R. E. (1984). Strategic Management: A Stakeholder Approach. B. The politics of stakeholder theory: Some future directions. Business Ethics Quarterly, 4(4), 409-421.

Freeman, R. E. (2017). The new story of business: Towards a more responsible capitalism. Business and Society Review, 122(3), 449-465.

Freeman R. E., Wicks A., Harrison J., Parmar B., 5c S. de Colle (2010). Stakeholder theory: The State of the Art. Cambridge University Press, Cambridge.

Freudenreich, B., Liideke-Freund, F., & Schaltegger, S. (2020). A stakeholder theory perspective on business models: Value creation for sustainability. Journal of Business Ethics, 166, 3-18.

Goodstein, J. D., 5c Wicks, A. C. (2007). Corporate and stakeholder responsibility: Making business ethics a two-way conversation. Business Ethics Quarterly, 17, 375-398.

Gordijn, J., 5c Akkermans, H. (2001). Designing and evaluating e-business models. IEEE Intelligent Systems, 16(4), 11-17.

Greenwood, M., &: Van Buren III, H. J. (2010). Trust and stakeholder theory: Trustworthiness in the organisation-stakeholder relationship. Journal of Business Ethics, 95(3), 425-438.

Kuckertz, A., Brandle, L., Gaudig, A., Hinderer, S., Reyes, С. A. M., Prochotta, A.,..., Berger, E. S. (2020). Startups in times of crisis - A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13, e00169.

Massa, L., Tucci, C. L., 5c Afuah, A. (2017). A critical assessment of business model research. Academy of Management Annals, 11(1), 73-104.

McVea, J. F., 5c Freeman, R. E. (2005). A names-and-faces approach to stakeholder management: How focusing on stakeholders as individuals can bring ethics and entrepreneurial strategy together. Journal of Management Inquiry, 14, 57-69.

Mirvis, P., &: Googins, B. (2018). Engaging employees as social innovators. California Management Review, 60, 25-50.

Mirvis, P., Herrera, M. E. B., Googins, B., 5c Albareda, L. (2016). Corporate social innovation: How firms learn to innovate for the greater good. Journal of Business Research, 69(11), 5014-5021.

Mirvis, P. H., Googins, B., 5c Kiser, C. (2012). Corporate social innovation. Wellesley, MA: Lewis Institute, Social Innovation Lab, Babson University.

Mitchell, R. K., Agle, B. R., &: Wood, D. J. (1997). Toward a theory of stakeholder identification and salience: Defining the principle of who and what really counts. Academy of Management Review, 22(4), 853-886.

Mongelli, L., 5c Rullani, F. (2017). Inequality and marginalisation: Social innovation, social entrepreneurship and business model innovation: The common thread of the DRUID Summer Conference 2015. Industry and Innovation, 24(5), 446^167.

Morris, M., Schindehutte, M., 5c Allen, J. (2005). The entrepreneur’s business model: Toward a unified perspective, journal of Business Research, 58(6), 726-735.

Phillips, R. A. (1997). Stakeholder theory and a principle of fairness. Business Ethics Quarterly, 7: 51-66.

Phillips, W., Lee, H., Ghobadian, A., O’Regan, N., &: James, P. (2015). Social innovation and social entrepreneurship: A systematic review. Group & Organization Management, 40(3), 428-461.

Shams, S. R. (2016). Entrepreneurial challenges in the 21st century: Creating stakeholder value co-creation. Springer.

Shams, S. R., Vrontis, D., Weber, Y., Tsoukatos, E., 5c Galati, A. (2019). Chapter 13: How does stakeholder engagement affect business model sustainability?. In: Stakeholder Engagement and Sustainability, 195. Routledge.

Strand, R., 5c Freeman, R. E. (2015). Scandinavian cooperative advantage: The theory and practice of stakeholder engagement in Scandinavia. Journal of Business Ethics, 127(1), 65-85.

Wirtz, B. W., Pistoia, A., Ullrich, S., 5c Gottel, V. (2016). Business models: Origin, development and future research perspectives. Long Range Planning, 49(1), 36-54.

Zeyen, A., Beckmann, M., 5c Wolters, S. (2016). Actor and institutional dynamics in the development of multi-stakeholder initiatives. Journal of Business Ethics, 135(2), 341-360.

Zott, C., Amit, R., 5c Massa, L. (2011). The business model: recent developments and future research. Journal of Management, 37(4), 1019-1042.

12 Business Model Innovation

 
Source
< Prev   CONTENTS   Source   Next >