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09 May 2024 | Posted by Innova Institute

UNDERSTANDING SUSTAINABLE TRANSFORMATION: BUSINESS MODEL ADAPTATION IN THE CULTURAL AND CREATIVE INDUSTRIES

Dr. Montserrat Peñarroya presents to us her recently completed PhD research, which she successfully defended at the Innova Institute on December 2023.

This dissertation investigates the intersection of business model adaptation and sustainability in the context of cultural industries. The study comprises three main parts.
First, the various instances of business model dynamics are examined, demonstrating the potential effectiveness of Business Model Adaptation as a strategic response to changing environments.

Second, the impact of the COVID-19 crisis on cultural industries, such as museums, monuments, theatres, music festivals, artists, and editorials, is analyzed to better understand the adaptation of companies that managed to survive. The study highlights the importance of support from Open Innovation Ecosystems, such as professional associations, in fostering adaptation.

Finally, the mechanisms influencing managers' intention to implement changes towards a more sustainable organization are explored through a quantitative study based on the responses of 122 managers from cultural and creative companies.

The study reveals the importance of Open Innovation Ecosystems as an influencing factor on the attitude towards sustainability and the perceived easiness of adopting sustainable practices. Overall, this thesis contributes to understanding how managers can adapt their company's business models to become more competitive and, at the same time, more sustainable, particularly in the cultural industries.

Author: Montserrat Peñarroya

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