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Understanding token-based ecosystems – a taxonomy of blockchain-based business models of start-ups

Author

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  • Stefan Tönnissen

    (Osnabrueck University, School of Business Administration and Economics)

  • Jan Heinrich Beinke

    (Osnabrueck University, School of Business Administration and Economics)

  • Frank Teuteberg

    (Osnabrueck University, School of Business Administration and Economics)

Abstract

Start-ups in the blockchain context generate millions by means of initial coin offerings (ICOs). Many of these crowdfunding endeavours are very successful, others are not. However, despite the increasing investments in ICOs, there is still neither sufficient theoretical knowledge nor a comprehensive understanding of the different types of business models and the implications for these token-based ecosystems. Scientific research equally lacks a thorough understanding of the different business model forms and their influence on collaboration in token-based economies. We bridge this gap by presenting a taxonomy of real-world blockchain-based start-ups. For this taxonomy, we used 195 start-ups and performed a cluster-analysis in order to identify three different archetypes and thus gain a deeper understanding. Our taxonomy and the archetypes can equally be seen as strategic guidance for practitioners as well as a starting point for future research concerning the token-based business models.

Suggested Citation

  • Stefan Tönnissen & Jan Heinrich Beinke & Frank Teuteberg, 2020. "Understanding token-based ecosystems – a taxonomy of blockchain-based business models of start-ups," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 307-323, June.
    • Handle: RePEc:spr:elmark:v:30:y:2020:i:2:d:10.1007_s12525-020-00396-6
    DOI: 10.1007/s12525-020-00396-6
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    Cited by:

    1. Muneer M. Alshater & Mayank Joshipura & Rim El Khoury & Nohade Nasrallah, 2023. "Initial Coin Offerings: a Hybrid Empirical Review," Small Business Economics, Springer, vol. 61(3), pages 891-908, October.
    2. Marchewka-Bartkowiak Kamilla & Wiśniewski Marcin, 2022. "Energy tokens as digital instruments of financial investment," Economics and Business Review, Sciendo, vol. 8(3), pages 109-125, October.
    3. Anthony Jnr. Bokolo, 2022. "Exploring interoperability of distributed Ledger and Decentralized Technology adoption in virtual enterprises," Information Systems and e-Business Management, Springer, vol. 20(4), pages 685-718, December.
    4. Rômy Bergman & Antragama Ewa Abbas & Sven Jung & Claudia Werker & Mark de Reuver, 2022. "Business model archetypes for data marketplaces in the automotive industry," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(2), pages 747-765, June.
    5. Anton Miglo, 2022. "Theories of Crowdfunding and Token Issues: A Review," JRFM, MDPI, vol. 15(5), pages 1-28, May.
    6. Ali Sunyaev & Niclas Kannengießer & Roman Beck & Horst Treiblmaier & Mary Lacity & Johann Kranz & Gilbert Fridgen & Ulli Spankowski & André Luckow, 2021. "Token Economy," Business & Information Systems Engineering: The International Journal of WIRTSCHAFTSINFORMATIK, Springer;Gesellschaft für Informatik e.V. (GI), vol. 63(4), pages 457-478, August.
    7. Roger W.H. Bons & Johan Versendaal & Liudmila Zavolokina & Weidong Larry Shi, 2020. "Potential and limits of Blockchain technology for networked businesses," Electronic Markets, Springer;IIM University of St. Gallen, vol. 30(2), pages 189-194, June.
    8. Christoph Heinbach & Jan Beinke & Friedemann Kammler & Oliver Thomas, 2022. "Data-driven forwarding: a typology of digital platforms for road freight transport management," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(2), pages 807-828, June.
    9. Oscar Lage & María Saiz-Santos & José Manuel Zarzuelo, 2022. "Decentralized platform economy: emerging blockchain-based decentralized platform business models," Electronic Markets, Springer;IIM University of St. Gallen, vol. 32(3), pages 1707-1723, September.
    10. Mansurali Anifa & Swamynathan Ramakrishnan & Shanmugan Joghee & Sajal Kabiraj & Malini Mittal Bishnoi, 2022. "Fintech Innovations in the Financial Service Industry," JRFM, MDPI, vol. 15(7), pages 1-19, June.

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