Business Model Reconfiguration during COVID-19

In this chapter, we aim to provide early insights about a reconfiguration of business models and the dominant logic of value creation through the lens of stakeholder theory and a relationship-based view of business model dynamics. Our analysis of partnerships and collaborations among stakeholders during COVID-19, resulting in a stronger cooperative strategic posture and engagement to address an urgent matter, in three different countries (Italy, Spain and the UK) and across various industries highlights the need to rethink business models with an integrated view of value creation. Our argument supports the idea that business models are evolving towards the creation of integrated value beyond trade-off logics, and thus business organisations must recognise that cooperation with stakeholders is one of the main drivers of their business models. Furthermore, we show that stakeholders’ power, roles and responsibilities are overlapping during the current health crisis, and a convergence of interests could function as a catalyst for rethinking the source of value creation and competitive advantage.