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    Teece (2010, p172) has suggested that:

    The essence of a business model is in defining the manner by which the enterprise delivers value to customers, entices customers to pay for value, and converts those payments to profit. It thus reflects management’s hypothesis about what customers want, how they want it, and how the enterprise can organize to best meet those needs, get paid for doing so, and make a profit. ------ Without a well-developed business model, innovators will fail to either deliver - or to capture - value from their innovations.

    In the context of technology-push strategies, Chesbrough (2007) has suggested: 

    There was a time, not so long ago, when ‘‘innovation’’ meant that companies needed to invest in extensive internal research laboratories, hire the most brilliant people they could find, and then wait patiently for novel products to emerge. Not anymore. The costs of creating, developing, and then shipping these novel products have risen tremendously (think of the cost of developing a new drug, or building a new semiconductor fabrication facility, or launching a new product into a crowded distribution channel). Worse, shortening product lives mean that even great technologies no longer can be relied upon to earn a satisfactory profit before they become commoditized. Today, innovation must include business models, rather than just technology and R&D. 

    In long-established enterprises, some analysis may be needed to enunciate the current business model in use. The ‘business model canvas’ (Osterwalder, 2004) presents a popular way of doing this by reaching common understandings about key actors, activities and resources involved, customer segments, channels and relationships, cost structures and revenue sources, and the value proposition offered. 

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