Little is known about how managers can effectively approach business model innovation. Several studies delve into the process and consider the necessary stages for business model innovation. However, research insights are inconclusive whether business model innovation occurs in structured processes or in form of experimentation and intuition. Based on explorative insights from in-depth interviews, we identify four specific business model innovation approaches: the replication, the strategic, the planned and the visionary approach. We demonstrate that depending on the respective business model innovation approach the development process is either structured or intuitive. Overall, the four approaches can consist of up to five stages: (1) status quo analysis, (2) idea-scouting for business model innovation opportunities, (3) business model innovation experimentation, (4) business model innovation design, and (5) business model innovation market launch. The findings contribute to a more fine-grained and comprehensive understanding of business model innovation.
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