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Silicon Dragons' Business Model Innovation

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Silicon Dragons' Business Model Innovation Silicon Dragons’ Business Model Innovation An explorative case study Master Thesis May 7th 2019 Cand. Merc. International Business Cand. Merc. Finance and Strategic Management Denise Gaia Jennifer Stefansson Supervisor: Steffen Brenner Number of pages: 102 Number of characters (including spaces): 216.349 Title: Silicon Dragons’ Business Model Innovation. An explorative case study. Master Thesis in Cand. Merc. International Business and Finance and Strategic Management Authors: Denise Gaia and Jennifer Stefansson Supervisor: Steffen Brenner Copenhagen Business School 2019 Abstract The purpose of this thesis is to explore how Business Model Innovation is conducted in China. In particular, to unveil how the Innovation Ecosystem influences the process of BMI. The empirical context of the study is represented by Baidu, Alibaba, Tencent, Xiaomi, known as China’s Silicon Dragons. Furthermore, the nature of this paper is exploratory and follows a pragmatism philosophy. The study was conducted using an abductive research approach. Moreover, a qualitative strategy was used to gather empirical data, which was done through a multiple case study of BATX. The findings reveal that BMI was driven by external factors such as: ‘flaws in existing market’, ‘growing market’, ‘market disruption’, ‘changes in consumer preferences’. Furthermore, the companies pursued mainly adaptive and evolutionary BMI through micro-innovations. Among the capabilities fundamental to conduct the BMI process were strong leadership, entrepreneurship and being quick to seize and shape opportunities. The Innovation Ecosystem influenced the BMI process in several ways such as: ‘Access to a new market’; ‘Support to Technological Innovation’; ‘Co-Creation’; ‘Access to knowledge and resources’ leading to ‘Accelerate BMI process’. Furthermore, it was found that that the IE is a driver, enabler and success factors of Business Model Innovation. The study is limited due to the qualitative research strategy and should therefore be confirmed by a quantitative study. A further limitation is represented by the small number of interviewees gathered. Future research is suggested such as: conduct a similar study on other emerging companies in China, in particular unicorns. Alternatively, explorative the relationship between BMI and IE in a new industry. 1 Acknowledgements We would like to express our gratitude to those who have encouraged and supported us through the process and development of this master thesis First, we would like to thank our supervisor Steffen Brenner for his guidance and valuable feedback during the process. He gave us insights and advices which helped us to fulfill our purpose. We would also express our appreciation for his flexibility. Secondly, we would like to thank the interviewees for participating in our study with their valuable knowledge. Finally, we would like to express our gratitude to our families and friends who supported us during the whole process. ______________________________ ______________________________ Denise Gaia Jennifer Stefansson 2 Table of Content 1. Introduction ........................................................................................................................ 7 1.1 Research Background ............................................................................................................... 7 1.2 Problem Statement .................................................................................................................... 9 1.3 Purpose and Research Questions ............................................................................................ 10 1.4 Structure of the thesis .............................................................................................................. 10 1.5 Contributions of the thesis and relevance for the authors’ study programs ........................... 11 2. Theoretical framework ...................................................................................................... 13 2.1 Innovation ............................................................................................................................... 13 2.1.1 Defining “Innovation” ............................................................................................................................ 13 2.1.2 Classifying Innovations .......................................................................................................................... 14 2.2 Business Model ........................................................................................................................ 15 2.2.1 Business Model Concepts and Definitions ............................................................................................ 15 2.2.2 Business Model Elements and Frameworks ......................................................................................... 16 2.3 Business Model Innovation ...................................................................................................... 18 2.3.1 Business Model Innovation definitions ................................................................................................. 18 2.3.2 The importance of Business Model Innovation research .................................................................... 20 2.3.3 Business Model Innovation as an organizational change process ...................................................... 21 2.3.4 Business Model Innovation Drivers and Barriers ............................................................................... 23 2.3.5 BMI frameworks .................................................................................................................................... 25 2.4 Innovation Ecosystem .............................................................................................................. 27 2.4.1 Origins of the concept ............................................................................................................................ 27 2.4.2 The “Innovation Ecosystem” characteristics ....................................................................................... 30 2.4.3 Types of Innovation Ecosystems ........................................................................................................... 31 2.5 Summary ................................................................................................................................. 33 3. Methodology & Method ..................................................................................................... 34 3.1 Methodology ............................................................................................................................ 34 3.1.1 Research purpose ................................................................................................................................... 34 3.1.2 Research philosophy ............................................................................................................................... 35 3.1.3 Research approach ................................................................................................................................. 35 3.1.4 Research strategy ................................................................................................................................... 35 3.2 Method .................................................................................................................................... 36 3.2.1 Primary data and Secondary Data ........................................................................................................ 36 3.2.2 Sampling .................................................................................................................................................. 37 3.2.3 Trustworthiness of research .................................................................................................................. 39 4. Case Studies ...................................................................................................................... 41 4.1. Baidu ...................................................................................................................................... 41 4.1.1 Company overview ................................................................................................................................. 41 4.1.2 Defining the traditional Business Model ............................................................................................... 42 4.1.3 Baidu’s Business Model Innovations .................................................................................................... 43 4.1.4 Summary ................................................................................................................................................. 48 4.1.5 Defining the current Business Model .................................................................................................... 49 4.1.6 The interaction between Innovation Ecosystem and Business Model Innovation ............................ 50 3 4.2 Alibaba .................................................................................................................................... 52 4.2.1 Company overview ................................................................................................................................. 52 4.2.2 Defining the traditional Business Model ............................................................................................... 54 4.2.3 Alibaba’s
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