New Business Model Development Framework for Industry with Multi-stakeholders

Abstract

Business model has been a greatest issue in both industrial and academic field for many years. Traditionally business model has been developed in managerial perspective, but nowadays, as technology develops drastically and business environment becomes complicated, the business model development is needed to be systematic and more technology oriented.In this paper, business model development framework with eight steps is suggested and a case on Korean telecommunication company willing to expand its business domain toenergy industry is applied to the framework. By systematic and objective approach, three sustainable business models are derived, and visualized.The contribution of this research is to assist organizations to develop proper business model systematically, and to keep equilibrium in multi-stakeholders. Also, specific example for business model development in real world, especially in eco-industrial park industry, is also provided. This research can be applied to any other industries with multi-stakeholders.