Metaverse and Society 5.0: Pivotal for Future Business Model Innovation

Authors

  • Claus Andrea Foss Gram Rosenstand Aalborg University
  • Jacob Brix Aalborg University
  • Christian Nielsen University of Bologna

DOI:

https://doi.org/10.54337/jbm.v11i3.8124

Abstract

The area of interest is future business model innovation in Society 5.0. This is important as the transition from Society 4.0 to Society 5.0 is happening at an exponential pace driven by the Metaverse. Thus, the research question is: how should companies think and do business model innovation in the Society 5.0 / Metaverse space? The method is conceptual, where the business model characteristics of Society 1.0 to 4.0 are empirically stated for inductive arguments for equivalent characteristics of Society 5.0. This is framed with Society 5.0 theory, Metaverse theory, and Osterwalder and Pigneur’s nine business model building blocks from their iconic Business Model Canvas (BMC). The contribution is a framework cross-tabulating Society 1.0 to Society 5.0 with the nine BMC elements. Finally, a discussion is provided with findings and implications for managers regarding business model innovation, new businesses, outcome logic, ecospheres, and currencies.

References

Aagaard, A. & C. Nielsen (2021). The fifth stage of business model research: The role of business models in times of uncertainty, Journal of Business Models, Vol. 9, No. 1, 77-90

Ahokangas, P. (2023), Hexa-X/6G as a general technology platform for business model innovation, Journal of Business Models, Vol. 11, No. 3, pp. 51-56

Brainport Eindhoven. (n.d.). Home. https://brainporteindhoven.com/int/Brix, J., & Jakobsen, H. S. (2015). Business model pretotyping: exploring pre-commercialisation opportunities in practice. International Journal of Innovation and Learning, 17(1), 98-110. https://doi.org/10.1504/IJIL.2015.066066

Brix, J., Krogstrup, H. K., & Mortensen, N. M. (2020). Evaluating the outcomes of co-production in local government. Local Government Studies, 46(2), 169-185. https://doi.org/10.1080/03003930.2019.1702530

Brix, J., Tuurnas, S., & Mortensen, N. M. (2021). Creating opportunity spaces for co-production: professional co-producers in inter-organizational collaborations. In Processual perspectives on the co-production turn in public sector organizations (pp. 157-175). IGI Global. DOI: 10.4018/978-1-7998-4975-9.ch009

Christensen, C. M., Hall, T., Dillon, K., & Duncan, D. S. (2016). Competing against luck: The story of innovation and customer choice. HarperBusiness.

Colon, M., & Guérin-Schneider, L. (2015). The reform of New Public Management and the creation of public values: compatible processes? An empirical analysis of public water utilities. International Review of Administrative Sciences, 81(2), 264–281. https://doi.org/10.1177/0020852314568837

Dionisio, J. D. N., W. G. B. Iii, and R. Gilbert, ‘‘3D virtual worlds and the metaverse: Current status and future possibilities,’’ ACM Compute. Surveys, vol. 45, no. 3, pp. 1–38, Jun. 2013, doi: 10.1145/2480741.2480751.

Finnemann, N. O. (2005): Internettet i mediehistorisk perspektiv [The Internet in a media historical perspec- tive]. Samfundslitteratur.

Funnel, S. C., & Rogers, P. J. (2011). Processes to identify or develop a program theory. Purposeful Program Theory: Effective Use of Theories of Change and Logic Models, 1, 95-148.

Haefner, N. and O. Gassmann (2023), Generative AI and AI-Based Business Model Innovation, Journal of Business Models, Vol. 11, No. 3, pp. 46-50

Hwang, G., S Chien, Definitions, roles and potential research issues of the metaverse in education: An artificial intelligence perspective, Elsevier, 2022, https://doi.org/10.1016/j.caeai.2022.100082

Japan Cabinet Office (N.d): https://www8.cao.go.jp/cstp/english/society5_0/index.html

Keeley, L., Walters, H., Pikkel, R., & Quinn, B. (2013). Ten types of innovation: The discipline of building breakthroughs. John Wiley & Sons.

Kringelum, L. B., & Brix, J. (2020). Critical realism and organizational learning. The Learning Organization, 28(1), 32-45. https://doi.org/10.1108/TLO-03-2020-0035

Kye, B., N. Han, E. Kim, Y. Park, S. Jo, Educational applications of metaverse: Possibilities and limitations, J. Educat. Eval. Health Prof., 18:32 (2021). https://10.3352/jeehp.2021.18.32

Lingens, B. (2023), How ecosystem management will influence business model innovation: Bridging the gap between theory and practice, Journal of Business Models, Vol. 11, No. 3, pp. 97-104

Massa, L. (2023), Why uncertainty and sustainability will be key drivers of business model innovation, Journal of Business Models, Vol. 11, No. 3, pp. 24-29

McKinsey & Company. (2022). Value creation in the metaverse. McKinsey & Company. https://www.mckinsey. com/capabilities/growth-marketing-and-sales/our-insights/value-creation-in-the-metaverse

Meta (N.d.) https://about.meta.com/what-is-the-metaverse/?utm_source=about.facebook.com&utm_ medium=redirect

Moore, M. H. (2019). Reflections on the public value project. In Lindgreen, A., Koenig-Lewis, N., Kitchener, M., Brewer, J. D., Moore, M. H., & Meynhardt, T. (Eds.). Public value: Deepening, enriching, and broadening the theory and practice (pp. 351–371). Routledge.

Nabatchi, T. (2018). Public values frames in administration and governance. Perspectives on Public Management and Governance, 1(1), 59–72. https://doi.org/10.1093/ppmgov/gvx009

Nielsen, C. (2023a). The Impact Report: The Report that all Companies with a Conscience should be Disclosing. Working paper, University of Bologna, available at https://ssrn.com/abstract=4594438

Nielsen, C. (2023b), How Regulation Affects Business Model Innovation, Journal of Business Models, Vol. 11, No. 3, pp. 105-116

Nielsen, C., & Brix, J. (2023). Towards Society 5.0: Enabling the European Commission’s Policy Brief ‘Towards a sustainable, human-centric and resilient European Industry’. Journal of Behavioural Economics and Social Systems, 5(1), 112-124.

Nielsen, C., & Lund, M. (2018). Building Scalable Business Models. MIT Sloan Management Review, 59(2), 65-69. Nielsen, C., Montemari, M., Paolone, F., Massaro M., Dumay J. and M. Lund. (2018). Business Models: A Research

Overview. London, Routledge.

Osterwalder, A., & Pigneur, Y. (2010). Business Model Generation: A Handbook for Visionaries, Game Changers,

and Challengers. John Wiley & Sons.

Pawson, R., & Tilley, N. (1997). Realistic evaluation. Sage.

Peronard, J. P., & Brix, J. (2018). Sensemaking in collaborative networks: creating and balancing activities in open business models. International Journal of Entrepreneurship and Innovation Management, 22(6), 545-561. https://doi.org/10.1504/IJEIM.2018.095044

Ricart, J.E. (2023), Business Model Innovation as the new strategy arena, Journal of Business Models, Vol. 11, No. 3, pp. 18-23

Ritterbusch, G. D. and M. R. Teichmann, “Defining the Metaverse: A Systematic Literature Review, IEEE Ac- cess, 2022

Rosenstand, C. A. F. (2021). Selecting, Combining, and Cultivating Digital Ecosystems in a Digital Eco-sphere. I D. Schallmo, & J. Tidd (red.), Digitalization: Approaches, Case Studies, and Tools for Strategy, Transformation and Implementation (s. 305-312). Springer Nature. Management for Professionals https://doi.org/10.1007/978-3-030-69380-0_17

Rosenstand, C. A. G. F. (2023). Ecosystem carryover in a digital ecosphere and market explosion. I XXXIV ISPIM Innovation Conference

Schmück, K. (2023), How Blockchain disrupts business model innovation counting on lock-in effects, Journal of Business Models, Vol. 11, No. 3, pp. 57-61

Statista (N.d.): https://www.statista.com/statistics/591181/global-augmented-virtual-reality-market-size/ Stephenson, N. (1992). Snow Crash. Bantam Books.

Taran, Y., Boer, H., & Nielsen, C. (2022). The Business Model Innovation Process: Preparation, Organization and Management. (1 Ed.) Routledge. Routledge Studies in Innovation, Organizations and Technology

Taran, Y., Nielsen, C., Thomsen, P., Montemari, M., & Paolone, F. (2016). “Business model configurations: a five-V framework to map out potential innovation routes”, European Journal of Innovation Management, Vol. 19. No. 4, pp. 492–527. https://doi.org/10.1108/EJIM-10-2015-0099

Vistisen, P., Krishnasamy, R., & Nikolic, L. T. (2023). Motion Capture in the Metaverse - embodied co-present hybrid theater. I J. Hagler, W. Hochleitner, & B. Hosea (red.), Synaesthetic Syntax Symposium IV: The Ghost vs the Machine.

Zott, C., Amit, R., & Massa, L. (2011). The business model: recent developments and future research. Journal of Management, 37(4), 1019-1042.

Downloads

Published

17-11-2023

Issue

Vol. 11 No. 3 (2023): The Future of Business Model Innovation: Core Themes and Pivotal Technologies

Section

Special issue: The Future of Business Model Innovation, Core Themes and Pivotal Technologies

License

Articles published in Journal of Business Models follow the license Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported (CC BY-NC-ND 3.0)

Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License: Attribution - NonCommercial - NoDerivs (by-nc-nd). Further information about Creative Commons