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This study explores how open innovation (OI) can be instrumental for entrepreneurs in sensing and seizing entrepreneurial opportunities in small and medium enterprises (SMEs). This study also illustrates how OI can help SMEs overcome the liability of smallness.

This is exploratory research using an inductive, multiple-case study approach. This study capitalizes on five in-depth case studies of European SMEs to explore a phenomenon using replication logic and provide a robust basis for theory building.

This study presents a holistic view of the OI process in SMEs and illustrates the crucial role of entrepreneurs. The study provides a better understanding of how OI can help entrepreneurs sense and seize entrepreneurial opportunities by envisioning venture ideas and implementing business model innovation through the management of innovation partners.

The study emphasizes two critical roles of entrepreneurs in implementing OI in SMEs. First, the entrepreneur can be the instigator of strategic change, and second, he/she can orchestrate the innovation network. The findings emphasize that OI helps avoid knowledge corridors at the venture idea stage, leading to a (re)structuring of the business model and the emergence of a network of innovation partners, which should be managed hands-on. This study discusses in detail the two crucial roles of entrepreneurs.

Business model innovation (BMI) has been posited as essential for both new and existing digital business, as they commonly operate in competitive and fast-moving markets with limited entry barriers. However, it is highlighted within the literature that the understanding of how BMI contributes to business success and how new digital ventures develop competitive advantage is still unclear. This study aims to address this lacuna by exploring how young Chinese digital businesses develop and innovate their business models to survive in fast-moving and competitive markets.

This research adopted a multiple case study design, with qualitative data being collected from the founders of five Chinese digital businesses, to develop an understanding of the evolution of their business models and BMI from their inception.

The findings add support for the contention that BMI can play an important role and is beneficial in the success of such new digital ventures in highly competitive environments. The founders attribute their success to a willingness for continued BMI, an openness to new opportunities, developing customer relationships and continuous iteration.

This research addresses calls to further the authors’ understanding of how BMI contributes to business success and how new digital ventures develop competitive advantage by exploring the BMI of five highly successful digital businesses from their inception.

This paper reviews the literature on the business models of small and medium-sized enterprises (SMEs). It seeks to examine the profile, conceptual and intellectual structure of the literature whilst leveraging the findings to suggest promising future paths to advance our knowledge on business models of SMEs.

The study resorts to a systematic literature review that conducts descriptive, bibliometric (i.e. co-word occurrence analysis and bibliographic coupling of documents analysis) and content analyses to review the literature on business models of SMEs. The research protocol included 301 articles collected in the Web of Science (WoS) database in the descriptive and bibliometric analyses. The bibliometric analysis was performed using the VOSviewer software.

The descriptive analysis portrayed the profile of this research stream. The systematisation of the co-word occurrence analysis describes the four clusters that comprise the conceptual structure of this research field. The content analysis of the bibliographic coupling of documents’ clusters portrays the seven clusters that involve the intellectual structure of this research area.

The integrated and holistic approach adopted in this study provides a detailed overview of the literature on business models of SMEs. We propose an integrative framework for the literature that bridges the main themes that form the conceptual and intellectual structure of this field of research. A comprehensive agenda for future research is suggested and implications for theory, policy and practice are stated.

This paper aims to draw on the Dynamic Capabilities View to discuss how small and medium enterprises (SMEs) use digital technologies to develop digital capabilities that will enable them to change their current business model and trajectory, that is, to pivot-within turbulent environments, and subsequently to survive and grow.

The authors collected and analysed qualitative data from 26 SMEs in South-East England that have used digital technologies to pivot during the pandemic. The data was collected via in-depth semi-structured interviews. The authors analysed the data by creating first-order concepts, second-order themes, and aggregating dimensions.

The findings suggest that (1) digital technologies enable pivoting by facilitating the creation of the following digital capability types: “digital sensing”, “digital seizing” and “digital transforming”; (2) Each of these digital capability types is underpinned by micro-foundations (sub-capabilities) and shaped by the digital culture of the organisation. (3) these capabilities are triggered by the turbulent environment and the existing digital technologies, and are shaped by the digital culture.

The authors contribute to the literature of digital entrepreneurship as the authors illustrate (1) how the micro-foundations of digital capabilities, as facilitated by digital technologies, assist pivoting; and (2) the process from key activities during pivoting to second-order themes that represent micro-foundations to digital (dynamic) capabilities for pivoting in turbulent environments. The study highlights the importance of digital pivoting for businesses in the UK Southeast that have many aspirations for growth and innovation, whilst striving to address multiple challenges including digital divide and literacy, inflation and cost of living crisis, as well as supply chain issues.

The effects of the spread of COVID-19 across the world are devastating, both from a health and an economic perspective. However, we also see encouraging examples of collaborative and innovative initiatives, in society and in organizations. The purpose of this paper is to focus on initiatives related to digital business model innovation. The authors explore how organizational characteristics provide a variety of opportunities for digital responses to the COVID-19 pandemic and discuss the potential consequences for the speed of digital transformation in organizations and society.

In this paper, the authors analyze how organizations attempt to mitigate the negative effects of fighting COVID-19 using digital business model responses. The authors draw on a qualitative study where they have collected data from the retail and service industries. They have analyzed the data in relation to theory to better understand this ongoing phenomenon.

The authors have identified four categories of organizations (crisispreneurs, accelerators, endurers and thrivers). Each category faces different challenges and shows a different intensity in their digital transformation. The authors propose that the rapid turn toward digital business models will have enduring effects, as organizations have gained transformational capabilities that will remain, and that the digital trajectory has, as a result, changed forever.

The findings in this paper point toward new challenges for leaders and policymakers in terms of how to support initiatives and meet the needs of different categories of organizations while simultaneously being conscious of the potential societal effects of this rapid digital shift. The authors hope that this paper can be of value for managing this shock and learning how to adapt for the future taking certain aspects of current business models as the departure point.

The purpose of this study is to address why managers enter the excessive market. A comparison of the facts and perceptions of entrants relative to success in the market shows that many entrants are confident about the viability of their businesses and enter the market. Accordingly, the authors simulate market entry decisions to detect behavioral biases.

The authors adapted the entry decisions simulation method, which is supported by the theoretical foundations of signal detection theory (SDT) and signaling theory. The simulation model is implemented on the Anaconda platform and written in Python 3.

The results of this study suggest that overestimation relates to excess market entry. Also, the proportion of excess entry under difficult conditions is always higher than under easy conditions.

This research helps managers and firms think about their and their competitors' abilities and evaluate them before entering the market. Policymakers and practitioners can also design programs such as experiential learning to help entrants assess their skills.

So far, no research has investigated the role of overconfidence under different market conditions. Accordingly, this study contributes to the current market entry literature by disentangling the debate between absolute and relative confidence and by considering the role of task difficulty.

This study aims to develop and validate a multidimensional scale to measure the motivating factors that lead to opportunity recognition in social entrepreneurship among higher education institute (HEI) students.

The scale was developed through two phases; in phase 1, semi-structured interviews with social entrepreneurs and aspiring students were conducted to explore themes for item generation. Phase 2 included developing and validating the scale using exploratory (EFA) and confirmatory factor analysis (CFA). The sample included HEI students (n = 300 for EFA, n = 300 for CFA) with either academic background or volunteering experiences in social entrepreneurship.

A 24-item scale is developed in the study, with six factors measuring the motivating factors influencing opportunity recognition in social entrepreneurship: life experiences, social awareness, social inclination, community development, institutional voids and natural option for a meaningful career.

The scale facilitates the development of theories and models in social entrepreneurship. The scale also enables policymakers and social entrepreneurship educators to understand the motivating factors that lead to opportunity recognition among students. It would help them to provide target-specific support to students.

To the best of the authors’ knowledge, this study is the first attempt to develop a scale that measures opportunity recognition in social entrepreneurship based on specific motivating factors. The study used the model by Yitshaki and Kropp (2016) as the conceptual framework. This study is the first attempt to triangulate the model’s findings using a quantitative methodology and through the development of a measurement scale. Besides, the scale adds value to social entrepreneurship research, which lacks empirical research on HEI students.

This study is an analysis that aims to understand the rationale behind the concept of value creation contained in the integrated reporting (IR) framework. As such, the authors examined the quality of the disclosures made in integrated reports by measuring the level to which the six capitals (6Cs) have been integrated into disclosures on value creation.

The IR framework’s value creation model focuses on six content elements and three guiding principles. Hence, the present analysis combines content analysis with quantitative measures in the form of a bespoke Integrated Disclosure Index. The index measures the level of integration found in the disclosures instead of the mere presence or absence of mentioned capitals, content elements and guiding principles in isolation. The present sample comprised the 2016 integrated/sustainability reports for 184 listed companies sourced from the Integrated Reporting Examples Database.

The 6Cs are well disclosed in form but only partially disclosed in substance. Further, overall levels of integration between the capitals, the content elements and the guiding principles are higher than average. Disclosures on materiality, business models and stakeholder relationships are somewhat lacking, as are the related medium- and long-term disclosures on outlook.

The paper contributes to the academic debate on IR by building a case for holistically assessing the substance of integrated reports. Considering that the IR value creation model can underpin and align with the 17 UN sustainable development goals, the authors show how the fundamental concept of the 6Cs sustaining value creation is understood and implemented differently across the various elements and principles of the IR framework.

This research also provides guidance for overcoming some of the practical hurdles associated with assessing the quality of reports because the authors provide tools for spotlighting the substance of disclosures over their form.

This paper delves into the substance of integrated reports by assessing how well the 6Cs have been integrated into disclosures on the content elements and guiding principles of the IR framework. In contrast to previous IR research that has mainly analysed capital, elements and principles in isolation, the authors develop an index assessing the integration of these three fundamental concepts of IR.

Drawing on the knowledge-based view, this study investigates how IT–business alignment influences business model design via organizational learning and examines the moderating role of data-driven culture in the relationship between IT–business alignment and business model design via organizational learning.

Using multi-respondent survey data collected from 597 Chinese firms, mediation and moderated mediation analyses were used to examine this study's hypotheses.

The mediation test results revealed organizational learning served as a mediator between IT–business alignment and two types of business model design (i.e. novelty- and efficiency-centered). In addition, data-driven culture strengthened the indirect effects of IT–business alignment on these two types of business model design via organizational learning.

This study extends current understandings of the relationship between IT–business alignment and business model design by revealing the mediating role of organizational learning and investigating its indirect effects under various degrees of data-driven culture. As such, it contributes to the literature on the business model and IT–business alignment and provides insights for managers seeking to achieve the expected business model design.

Novel and emerging technologies such as cognitive analytics attract a lot of hype among academic researchers and practitioners. However, returns on investments in these technologies are often poor. So, identifying mechanisms through which cognitive analytics can add value to firms is a critical research gap. The purpose of this paper is to theorize how cognitive analytics technologies can enable the dynamic capabilities of sensing, seizing and reconfiguring for an organization.

This conceptual paper draws on the extant academic literature on cognitive analytics and related technologies, the business value of analytics and artificial intelligence and the dynamic capabilities perspective, to establish the role of cognitive analytics technologies in enabling the sensing, seizing and reconfiguring capabilities of an organization.

Through arguments grounded in existing conceptual and empirical academic literature, this paper develops propositions and a theoretical framework linking cognitive analytics technologies with organizations’ dynamic capabilities (sensing, seizing and reconfiguring).

This paper has critical implications for both academic research and managerial practice. First, the authors develop a framework using the dynamic capabilities theoretical perspective to establish a novel pathway for the business value of cognitive analytics technology. Second, cognitive analytics is proposed as a novel antecedent of the dynamic organizational capabilities of sensing, seizing and reconfiguring.

To the best of the authors’ knowledge, this is the first paper to theorize how cognitive analytics technologies can enable dynamic organizational capabilities, and thus add business value to an organization.