Abstract
To survive in a constantly changing environment, technology-based start-ups must adapt their business models over time. Both external and internal forces require changes in business models, yet the evolution of business models and the interactions between business model elements over time are poorly understood. This paper explores changes in business models of technology-based start-ups during their growth stages. Drawing from literature on sustainable business model dynamics and company growth stages, we propose a comprehensive framework to visualize and analyse business model dynamics during the growth stages. The framework is applied to Dutch technology-based start-ups, revealing the various changes in their business models and the key factors influencing these changes during the growth stages. The framework helps to navigate technology-based start-ups during their growth stages. The results of our research have significant implications for entrepreneurship, both in theory and practice.
