Evaluating Business Model Innovation Approaches: A Criteria-based Analysis and Foundation for Future Research

Business model innovation (BMI) approaches are critical for maintaining a competitive advantage, yet assessment methods are limited. This foundational study identifies eight criteria to assess BMI approaches. The research uses a hybrid comparative analysis, assessing four prominent approaches using a multi-criteria decision analysis framework, anchored in quantitative content analysis, as an input to the analytical hierarchy process, combined with qualitative validation. The findings indicate that, while current approaches achieve theoretical saturation in value creation, they exhibit critical deficits in financial feasibility and temporal efficiency, revealing a significant gap between design capability and execution readiness. The analysis provides a pathway for academics and industry practitioners seeking to optimise business models.