Business model is an institution.

One of very important understandings on business model is that “business model is an  institution”.

When you develop a business model, you should behave as you deal with a new institution.

Therefore, the study on institution so far contributes to the theory on business models.

By Kyoung Jun Lee (Quoted from his lecture)

Published by Kyoung Jun Lee

Professor of Kyung Hee Univ.