What can Strategy Learn from the Business Model Approach?

The use of the business model concept has grown dramatically over the past several years, yet it remains difficult to distinguish the concept from conventional strategy. Despite a lack of consensus on a definition of business model, proponents of the concept assert that it is quite different from strategy. We generate alternative definitions of the business model concept and compare these to the received strategy literature to determine where/if potential theoretical or empirical advances might be likely. We identify opportunities for business model concepts to yield theoretical contributions and highlight why the concept may be so attractive to entrepreneurs and managers.