Initial configurations and business models in new technology-based firms. Journal of business models

Purpose: The purpose of the paper is to analyse founders’ perceptions of initial configurations and businessmodels in new technology-based firms (NTBFs).Design: Case studies were performed using semi-structured interviews and interactive techniques involvingopen questions and activity cards to capture perceptions of activities that form the firms’ businessmodels.Findings: The Business Model template, commonly referred to as the Business Model Canvas, is frequentlyused among these companies and seemed to have shaped the business model discourse in our casecompanies. Our findings also indicate that founders of NTBFs perceive their customer value proposition asthe most valuable element of their business model. We also recognized signs of the influence of financialpartners on the founders’ perceptions of the initial business models. Furthermore, findings show thatsome NTBFs create parallel business models within their firms to ensure survival in the start-up phase.Originality / Value: The paper adds value to business model research by describing how NTBFs’ structuretheir initial business activities and the elements of their initial business models perceived to be as morecrucial during the early years as well as how these perceptions change