Business model innovation as a turnaround strategy
Chesbrough (2007) also argued that in order to achieve innovation, the development of technology and R&D is not sufficient, and business models should be innovated, and it can be done after “trial and error and ex-post adaptation.
As the key actions taken by these firms were categorized under the different dimensions of business model, the findings of this research exactly emphasized that business model innovation can be considered as a turnaround strategy at the time of decline.