Business models in project business

Recent management and business research has demonstrated the importance of business models for value creation and company performance. So far, extant research on business models has not investigated the particular requirements, characteristics and combinations of business models in project business. This paper seeks to fill this void. The paper reports on findings from an exploratory multiple case study comprising six project-based firms operating in such industries as shipbuilding, telecom, and power systems. 19 business models were identified and compared through a framework utilizing elements of business models. The identified business models are further grouped into three categories based on the organizational entity. The paper points out the diversity of business models in project business and their inclination to span organizational levels. The results demonstrate the importance of addressing the combination of business models across organizational boundaries.