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The role of a business model in market growth: The difference between the converted industry and the emerging industry

The role of a business model in market growth: The difference between the converted industry and the emerging industry
Yun, Jinhyo JosephWon, DongKyuPark, KyungBaeJeong, EuiSeobZhao, Xiaofei
DGIST Authors
Yun, Jinhyo Joseph
Issue Date
Technological Forecasting and Social Change
Article Type
Author Keyword
Business model; Open innovation; Converted industry; Emerging industry; Autonomous car; Intelligent robot; System dynamics; Simulation
System Dynamics; Intelligent robots; Autonomous vehicles; Commerce; Intelligent well technology; Patents and inventions; System theory; Business modeling; Business models; Current situation; Literature reviews; Market growth; Open innovation; Simulation
This paper investigates the role of business models: What differences exist between the roles of an already-existing market-based converted industry and a newly appearing market-based emerging industry? This study analyzed the status of the technologies and business models in the autonomous car and intelligent robot industries, as well as their recent two-year growth, using technology and business model patents. In addition, it investigated the current situation of the technologies, business models, and markets of the two industries based on literature reviews. This study then simulated the market growth of the autonomous car and intelligent robot industries using system dynamics. The simulations were established and verified by analyzing the references and citations of the technology patents and business model patents of the two industries. This study reached three conclusions. First, in the case of a converted industry such as autonomous cars, a strategy focused on a business model is useful in the early stage, whereas one focused on technology is efficient in the mature stage. Second, in the case of an emerging industry such as intelligent robots, a strategy focused on technology is somewhat more useful in the early stage than one focused on a business model; conversely, a strategy focused on technology is slightly more useful in the mature stage. Third, a business model is also important to supplement technology such as intelligent robots at a mature stage in Canada or autonomous cars at a mature stage in Japan. © 2019
Elsevier BV
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