In this paper, we reflect on an expanding literature that links theories of cognition and business models. Managers hold in their mind perceptual constructs or schemas of the business model. These guide the process of distinguishing between options and making choices. Those familiar with...

A successful business model creates a heuristic logic that connects technical potential with the realization of economic value. But this logic constrains the subsequent search for new, alternative models for other technologies later on. This logic gives rise to two behaviors that affect the...