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THE ROLE OF THE BUSINESS MODEL IN CAPTURING VALUE FROM INNOVATION: EVIDENCE FROM
XEROX CORPORATION'S TECHNOLOGY SPIN‐OFF COMPANIES
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Henry Chesbrough,
Henry Chesbrough
H. Chesbrough and R. S. Rosenbloom: Harvard Business School, Morgan Hall T‐35,
Boston, MA 02163, USA. Email: hchesbrough@hbs.edu; rrosenbloom@hbs.edu.
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Richard S. Rosenbloom
Richard S. Rosenbloom
H. Chesbrough and R. S. Rosenbloom: Harvard Business School, Morgan Hall T‐35,
Boston, MA 02163, USA. Email: hchesbrough@hbs.edu; rrosenbloom@hbs.edu.
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Industrial and Corporate Change, Volume 11, Issue 3, June 2002, Pages 529–555,
https://doi.org/10.1093/icc/11.3.529
Published:
01 June 2002
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Henry Chesbrough, Richard S. Rosenbloom, The role of the business model in
capturing value from innovation: evidence from Xerox Corporation's technology
spin‐off companies, Industrial and Corporate Change, Volume 11, Issue 3, June
2002, Pages 529–555, https://doi.org/10.1093/icc/11.3.529
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ABSTRACT
This paper explores the role of the business model in capturing value from early
stage technology. A successful business model creates a heuristic logic that
connects technical potential with the realization of economic value. The
business model unlocks latent value from a technology, but its logic constrains
the subsequent search for new, alternative models for other technologies later
on—an implicit cognitive dimension overlooked in most discourse on the topic. We
explore the intellectual roots of the concept, offer a working definition and
show how the Xerox Corporation arose by employing an effective business model to
commercialize a technology rejected by other leading companies of the day. We
then show the long shadow that this model cast upon Xerox's later management of
selected spin‐off companies from Xerox PARC. Xerox evaluated the technical
potential of these spin‐offs through its own business model, while those
spin‐offs that became successful did so through evolving business models that
came to differ substantially from that of Xerox. The search and learning for an
effective business model in failed ventures, by contrast, were quite limited.
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The role of the business model in capturing value from innovation: evidence from
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