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Determinants of Business Model Performance in Softwarerajala: Firmsristo Determinants of Business Model Performance in Software Firms A-357 Risto Rajala A Determinants of Business Model Performance in Software Firms Software in Performance Model Business of Determinants Risto Rajala: Determinants of Business Model Performance in Software Firms A-357 A-357 A-357 Risto Rajala Determinants of Business Model Performance in Software Firms HELSINKI SCHOOL OF ECONOMICS ACTA UNIVERSITATIS OECONOMICAE HELSINGIENSIS A-357 © Risto Rajala and Helsinki School of Economics ISSN 1237-556X ISBN 978-952-488-369-6 E-version: ISBN 978-952-488-370-2 Helsinki School of Economics - HSE Print 2009 Abstract The antecedents and consequences of business model design have gained increasing interest among information system (IS) scholars and business practitioners alike. Based on an extensive literature review and empirical research, this study investigates the factors that drive business model design and the performance effects generated by the different kinds of business models in software firms. The main research question is: “What are the determinants of business model performance in the software industry?” To address this question, the study conceptually and empirically investigates three topical issues in the software industry: (1) the prolific service dominance in software delivery; (2) the growing role of information technology in business; and (3) the openness of innovation activity in software development. These issues and the manifestations of software firms’ diverse business models are analyzed in five separate essays included in this dissertation. First, the study formalizes the definitions of software firms’ business models as the theoretical and conceptual layer between corporate strategies and operational processes. Second, it investigates the antecedents to business models through an empirical multimethod approach. It organizes the extant interdisciplinary research centered on the three firm-level orientations of service orientation, technology orientation, and openness of innovation activity, into a research model that explains the variation evident in software firms’ business models. Third, the study discusses the contingent role of business model type in the determination of firm performance. The performance effects of different types of business models are analyzed through a quantitative empirical study using structural equation modeling of data gathered from almost 200 software firms. This study makes several contributions to theory and practice. Overall, it adds to the understanding of the complex relationships among business model determinants, business model type, and firm performance. The results add to the resource-based theory of the firm and its extensions, as well as to the research on services and open innovation. According to the analysis, software firms with a service-oriented mind- set are likely to focus on customer proximity in their business models. Such business models have a stronger relationship with financial performance than with market performance. Conversely, firms engaged in open innovation focus mostly on product uniformity, meaning that their innovation activity emphasizes the development of products and services that are new to the industry. Such companies have better market performance than financial performance. Moreover, the findings indicate that technological issues constitute an important antecedent in all types of business models. Keywords: Business model, Software, Service, Open innovation, Information systems Acknowledgements There are many people to whom I owe my thanks for making this dissertation a reality. In doing so, I wish to express my gratitude for the inspiration, encouragement, ideas and advice that all of you have provided so kindly. I am particularly indebted to my fellow student, Mika Westerlund, who has a significant role in this dissertation as a co-author in its research. I owe you many warm thanks for your inspiring ideas and encouraging support throughout this project. Our co-learning has been advantageous and productive in many respects, and it paves the way for a great deal of future research opportunities. Similarly, I wish to thank my other co-authors, Sami Kajalo and Kristian Möller, for your invaluable contributions in our joint projects. Notably, I would like to thank Professor Virpi Tuunainen, who served as the scientific advisor and custodian of my thesis, and Professor Matti Rossi, who acted as its methodological advisor. In short, your encouragement, guidance, and advice have been invaluable throughout the duration of this project. Our discussions regarding the adoption of a multimethod approach, which was essential in this study, and a variety of feasibility issues regarding the methodological and practical choices within this research, have been of great help in seeing this dissertation project through to its completion. Furthermore, I extend my thanks to Professor Timo Saarinen, Vice Rector for Research at Helsinki School of Economics, who provided the scientific advice, conversational support and resources I needed early in the PhD process and acted as the administrative supervisor of my thesis. It was my honor to have had Professor Pasi Tyrväinen from the University of Jyväskylä and Assistant Professor Juhani Warsta from the University of Oulu as the examiners of my dissertation. I thank these distinguished scholars for having the ability and energy to examine the outcome of my research. I am deeply grateful for your constructive and careful scientific recommendations, which have certainly improved the quality of this study. I also want to thank Associate Professor Jonas Hedman from Copenhagen Business School, who was my opponent at the public defense of my work. Your words of advice will be valuable to me long after the PhD graduation as I disseminate the results of this study through academic journals. I wish to express my warm gratitude to the faculty members and staff of Information Systems Science at the Department of Business Technology. The members include but certainly are not limited to Johanna Bragge, for taking the time to read through and comment on my manuscript, and Esko Penttinen, Juho Lindman, Petri Hallikainen, Hannu Kivijärvi, Pentti Marttiin, Anssi Öörni, Hilkka Merisalo- Rantanen, Theresa Lauraeus, Miira Juntumaa, Heikki Lempinen, Antti Nurmi, Miia Äkkinen, Sami Relander, Tuure Tuunanen, Janne Vihinen, Merja Mäkinen, and Professors Pekka Korhonen, Jyrki Wallenius and Kalle Lyytinen for the enjoyable 4 conversations, invaluable comments and suggestions they offered regarding the research, and for maintaining only the highest spirits for academic life. In addition, I wish to thank the many members of the business network and service research communities within Helsinki School of Economics and the Aalto University for their shared ideas and collaboration. Of note, I wish to thank Henrikki Tikkanen, Arto Rajala, Olli-Pekka Kauppila, Arto Lindblom, Jaakko Aspara, Petri Parvinen, Johanna Moisander, Matti Tuominen, Matti Jaakkola, Annukka Jyrämä, Anna Multanen, Erika Luukkonen, Jari Salo, Timo Järvensivu, Katri Nykänen, Jukka Partanen, Pirjo-Liisa Johansson, Seppo Leminen, and indeed everyone in the Department of Marketing and Management at Helsinki School of Economics. These people deserve my sincerest gratitude for having provided companionable collaboration in the research connected with this dissertation. As well, I want to thank Professors Reijo Sulonen and Matti Hämäläinen at Helsinki University of Technology, and Jussi Nissilä at Turku School of Economics, all of whom offered inspiring ideas and encouraging conversations during this project. I also wish to thank the numerous organizations and people that have been involved, including the director of HSE Research, Professor Risto Tainio, and Tuula Ratilainen, Head of Research Services, for your efforts in arranging the resources and support I needed for this thesis. During this project, I have received financial support from several organizations, including the Finnish Funding Agency for Technology and Innovation; the Academy of Finland; the Helsinki School of Economics Foundation; the Small Business Center Foundation; the Yrjö Uitto Foundation; the Jenny and Antti Wihuri Foundation; the Marcus Wallenberg Foundation; the Foundation for Economic and Technology Sciences (KAUTE); the Foundation for Private Entrepreneurs (Yksityisyrittäjäin säätiö); the Foundation for Economic Education (Liikesivistysrahasto); the Paulo Foundation; the Foundation of Nokia Corporation; and the Foundation for Research and Education of TeliaSonera Finland. Please accept my sincerest gratitude for all of the support each of you has given, which certainly made this study possible. I am also indebted to my dearest friends, who have continuously showed great interest in my activities and the progress of my work. You have indeed supported me in many ways, and I realize that you would have provided even more help and support than I ultimately accepted. I sincerely thank you for being there for me. I wish to offer my warmest thanks to my wonderful family for your love and support in everything that really matters to me. Finally, I wish to thank my beloved wife, Saija, for the unlimited encouragement and patience you gave me throughout this project. Simply put, there are not enough words to ever thank you enough. Helsinki, November 2009 Risto Rajala 5 LIST OF FIGURES FIGURE 1. BUSINESS MODEL ELEMENTS .......................................................................................... 24 FIGURE 2. RESEARCH PROCESS ....................................................................................................
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