Business models in motion: Insides from the case of Ferran Adrià

How do business models evolve? Recent studies have acknowledged the importance of business models in relation to strategy and innovation, examined their particularities in contexts, such as internet and the base of the pyramid, and put forward definitions and typologies. However, why and how business models evolve over time remainsunder-explored. Drawing on detailed observations, extensive interviews and a wealth of video and written sources, this study traces the business model evolution of renowned Spanish chef Ferran Adrià over a 25 year period. It reveals a multi-level cycle of business model evolution, set in motion by entrepreneurial creativity, alertness to opportunities and intent. These get realized through changes in activities, resources, and organizing (spatial and temporal coupling and decoupling of elements), which in turn allow for the creation, slippage, and capturing of value. The latter may trigger further transformation in activities, resources, and organizing as well as a modification of intent, thus initiating a new cycle of business model transformation. The study adds to the literature on business models by providing a dynamic, multi-level view that brings together insights from Entrepreneurship, Strategy, and Organization Theory. Further, it extends the notions of business model, drive, value creation and value capture to the context of talent driven ventures.