Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


  • Compare and critically evaluate different theoretical approaches to business model concept – special focus on shared value and its “detrivialization”
  • Perform and critically reflect the systematic value proposition design processes
  • Identifying the core concepts of ecosystem-level business models
  • Identifying and comparing different approaches to platform economy
  • Applying stress-tests to your business designs
  • Applying all the gained knowledge to Industry 4.0 cases

Credits: 5

Schedule: 20.04.2021 - 20.05.2021

Teacher in charge (valid 01.08.2020-31.07.2022): Ville Eloranta

Teacher in charge (applies in this implementation): Ville Eloranta

Contact information for the course (applies in this implementation):

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):



  • Valid 01.08.2020-31.07.2022:

    Must know:

    • The concept of shared value and its most prevalent critique
    • The concept Industry 4.0 and its applications (cases)
    • Value proposition design process, and related tools (e.g., value mapping, customer job mapping)
    • The concepts of resilience, adaptability and agility in business model context; the process of stress testing business models
    • The concept of ecosystem in business context, platform business models, data sharing in platforms
    • Business model innovation as a concept, business model pattern tools (St. Gallen and sustainability archetype tool)

    The essentials of reflective writing (academic essays)

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    • Short keynotes given in contact sessions (reflecting the readings)
    • Short interactive team tasks in contact sessions inspired by the keynotes and the readings
    • Longer team tasks (~2h) around practical cases and tools/processes in groups during contact sessions, reflecting together as a class
    • Weekly reflective essays (600-900 words)
    • Independent writing task (take home exam: 4*600-900 words)

    Weekly essays 50% of the grade

    Attendance points 10% of the grade

    Take home exam 40% of the grade

  • Valid 01.08.2020-31.07.2022:

    • Interactive lectures and workshops 20h (Twice a week; 70% mandatory presence)
    • Preparing for the lectures and workshops 60h
    • Reflective essays 35h
    • Take home exam 20h

    Total: 135h

    Extra task for 6cr version 27h (extra tasks for the take-home exam)


Study Material
  • Valid 01.08.2020-31.07.2022:

    Ovans, A. (2015). What is a business model. Harvard business review, 23, 1-7.
    Pages 431-434 from: Massa, L., & Tucci, C. L. (2013). Business model innovation. The Oxford handbook of innovation management, 20(18), 420-441.
    Crane, A., Palazzo, G., Spence, L. J., & Matten, D. (2014). Contesting the value of “creating shared value”. California management review, 56(2), 130-153.
    Selected pages from: Osterwalder, A., Pigneur, Y., Bernarda, G., & Smith, A. (2014). Value proposition design: How to create products and services customers want. John Wiley & Sons.
    Haaker, T., Bouwman, H., Janssen, W., & de Reuver, M. (2017). Business model stress testing: A practical approach to test the robustness of a business model. Futures, 89, 14-25
    Cusumano, Michael A; Yoffie, David B; Gawer, Annabelle. The Future of Platforms. MIT Sloan Management Review; Cambridge Vol. 61, Iss. 3, (Spring 2020): 46-54.
    Van Alstyne, M. W., Parker, G. G., & Choudary, S. P. (2016). Pipelines, platforms, and the new rules of strategy. Harvard business review, 94(4), 54-62.
    Auvinen, H., Dufva, M., & Koivisto, R. (2018). Metaphors to describe and explore platform company strategies.
    Christensen, C. M., Bartman, T., & Van Bever, D. (2016). The hard truth about business model innovation. MIT Sloan Management Review, 58(1), 31.
    Evans, S., Vladimirova, D., Holgado, M., Van Fossen, K., Yang, M., Silva, E. A., & Barlow, C. Y. (2017). Business model innovation for sustainability: Towards a unified perspective for creation of sustainable business models. Business Strategy and the Environment, 26(5), 597-608.
    Gassmann, O., Frankenberger, K., & Csik, M. (2013). The St. Gallen business model navigator.
    Bocken, N. M., Short, S. W., Rana, P., & Evans, S. (2014). A literature and practice review to develop sustainable business model archetypes. Journal of cleaner production, 65, 42-56.
    There will be some minor updates to this list before the course starts.

Substitutes for Courses
  • Valid 01.08.2020-31.07.2022:

    Largely similar course to Business Model Design, 26E04350

  • Valid 01.08.2020-31.07.2022:

    Bachelor’s degree