Business model revisited: a novel canvas for digital transformation

Purpose - Digital businesses defy the models and theories of traditional entrepreneurship. This study proposes a refined digital business model canvas (DBMC) to address digital entrepreneurship’s unique challenges and opportunities. Design/methodology/approach - We conducted a systematic literature review alongside a double-round validation of semi-structured interviews and qualitative research. We interviewed digital entrepreneurs from university spin-offs until we reached data saturation in the first round, contributing to internal validity. Then, the new model was validated in the second round of interviews. Findings - The DBMC successfully bridges gaps identified in the conventional BMC by enhancing strategic focus, clarifying financial planning and improving early adopter identification. Validation interviews confirm that the adapted framework is better aligned to the operational realities of digital ventures, reinforcing its theoretical contribution through a nuanced application of the resource-based view. Research limitations/implications - The study’s qualitative design and sample from a single innovation agency may limit generalizability; further testing in diverse settings is recommended. Practical implications - The DBMC provides a robust, adaptable framework for digital entrepreneurs, offering valuable insights for strategic planning, entrepreneurial education and policy development. It integrates new components – such as early adopters, investment sources, pricing and employee relationships – and adapts existing elements. Originality/value - The originality is twofold: we examined the business model canvas using additional resources in a digital context, enhancing the likelihood of success for digital business practitioners; we also revamped Barney´s VRIO (value, rarity, imitability and organization) model, stressing the importance of resources and capabilities in the novel (digital) context.