Developing an early-stage nutrition start-up business model by using an adapted version of the Business Model Canvas
Healy, Michael (2022)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2022120125510
https://urn.fi/URN:NBN:fi:amk-2022120125510
Tiivistelmä
With today’s international operating environments undergoing rapid and unpredictable changes (e.g., COVID-19 and the conflict in Ukraine), there is a vital need for businesses to take immedi-ate action to avoid emergent risks and to also better exploit the new market opportunities that arise from major socio-political change. Business model innovation, through business model development can provide an effective solution, facilitating strategic decision making and enabling businesses to navigate and adapt to market changes.
The Business Model Canvas (BMC) is a well-established and popular tool for validating the viability of new business concepts. There are various academic studies that have explored the modification and adaptation of the BMC to increase its effectiveness for businesses in specific industries (e.g., circular economy, ecotourism). In this study, the use of the BMC in the nutrition industry by start-up businesses is explored. Narrative inquiry methodology is applied, leading to qualitative data collection from four semi-structured interviews of European founders of nutrition-related start-ups. Narrative analysis is utilised to evaluate the effectiveness of the BMC as a tool for business model planning and validation. Findings are used to inform the creation of a modified BMC template, the “Nutra Canvas,” a variation of the BMC tailored for use by nutrition-related start-up business.
In order to test and evaluate the effectiveness of the “Nutra Canvas” and related guidance, the canvas is applied to a business case example. This business case is the product of market re-search conducted for this study and is a concept for a nutritional start-up snack bar brand targeting the esports market segment, using Finland as a test market. Testing the “Nutra Canvas” with this case example, reveals several strengths and weaknesses, resulting in further identified modification to the canvas template and guidance.
The study provides valuable insight into the validation of the business case example, as well presenting for the first a new variation of the BMC which can be specifically used by nutrition-related start-up businesses. As a point for future development and study, the “Nutra Canvas” could be applied to different business models and on a wider scale to collect feedback to further improve its effectiveness.
The Business Model Canvas (BMC) is a well-established and popular tool for validating the viability of new business concepts. There are various academic studies that have explored the modification and adaptation of the BMC to increase its effectiveness for businesses in specific industries (e.g., circular economy, ecotourism). In this study, the use of the BMC in the nutrition industry by start-up businesses is explored. Narrative inquiry methodology is applied, leading to qualitative data collection from four semi-structured interviews of European founders of nutrition-related start-ups. Narrative analysis is utilised to evaluate the effectiveness of the BMC as a tool for business model planning and validation. Findings are used to inform the creation of a modified BMC template, the “Nutra Canvas,” a variation of the BMC tailored for use by nutrition-related start-up business.
In order to test and evaluate the effectiveness of the “Nutra Canvas” and related guidance, the canvas is applied to a business case example. This business case is the product of market re-search conducted for this study and is a concept for a nutritional start-up snack bar brand targeting the esports market segment, using Finland as a test market. Testing the “Nutra Canvas” with this case example, reveals several strengths and weaknesses, resulting in further identified modification to the canvas template and guidance.
The study provides valuable insight into the validation of the business case example, as well presenting for the first a new variation of the BMC which can be specifically used by nutrition-related start-up businesses. As a point for future development and study, the “Nutra Canvas” could be applied to different business models and on a wider scale to collect feedback to further improve its effectiveness.
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