The concept of the business model has captured the imagination of practitioners but has remained somewhat marginal in the academic community. For some, there is a sense that there is nothing new here that has not already been covered by our existing theories. And yet, this would not be the first time that idea leadership in the strategic management field came from practice rather than academia (Kiechel III, 2010). The concept's very popularity with those who are doing strategy suggests that we should perhaps be paying some attention to it. Are business models a worthwhile, theoretical concept, or do our existing theories in strategy and organization theory already cover the terrain? What can the business model concept explain, above and beyond our extant theories? If not a stand-alone theory, perhaps we are looking at a framework that allows us to organize existing theories. In general, what is the substance behind the sizzle?
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