Evolution of business models during the Covid-19 pandemic

Purpose - The purpose of this study is to propose a comprehensive definition for business models, reviews and summarizes the findings of a previous work by Guckenbiehl and Corral de Zubielqui (2022) about how business models have evolved by providing insights from reshaped businesses during the COVID-19 pandemic. Methodology - In this study, an extensive literature review is followed to learn about definition of business models and how business model have been adapted or even innovated during the times of the COVID-19 pandemic. Findings - Construction of a well-planned business model is a requirement for an organization to reach success. In the times of disruptive events, business models go through adaptive or innovative changes which is a necessity for survival and further success. It is observed that organizations generate different responses to crises (e.g., the COVID-19 pandemic) in means of business model changes. The understanding of these differences is facilitated by the aforementioned work through grouping organizations in six different clusters. Conclusion - The structure of a business model prior to the COVID-19 pandemic was also one of the determinants of a business’s response to the pandemic. Businesses either made no changes in their business models, or made notable innovations, or little adaptations in response to the disruptive environment.Publisher's Versio

Digital transformation in businesses: the process and its outcomes

Purpose- The purpose of this study is to serve as an extensive outlook about digital transformation. Its content comprises the elements of digital transformation, the ways of adapting to digital transformation, reasons for failure, means of digital transformation, and insights and discussions on new business environment. Methodology- In this study, a comprehensive literature review is followed to learn about the current business circumstances regarding digital transformation and have a deep understanding on the previous studies conducted about digital transformation. Findings- The literature review reveals that digital transformation has provided positive impract on businesses at different levels. Although challenges against digital transformation may arise, they can be tackled if the nature of digital transformation is understood well. The success of digital transformation is dependent on numerous factors from different aspect which should be studied carefully before and during the adoption of digital transformation. Conclusion- It may be concluded that the COVID-19 pandemic has accelerated the digital agenda of businesses. At first, it should be understood that digital transformation is not a mere upgrade of technology or technical equipment within an organization but requires time, curiosity, creativity, recognition of opportunities, and cultural transformation. A successful adoption of digital transformation requires the recognition of means of digital transformation, the steps for adaptation to digital transformation, the analysis of failure, the outcomes of digital transformation. The recent evolutions related to digital transformation is evident in different aspects of business. The most recent observed changes in businesses are required skills of employees, organisational culture, business models, and customer relationship management practices.Publisher's Versio

An overview of angel investor ecosystem

Purpose - The dynamics of the startup ecosystem exhibit variety from a country to another. A similar alteration applies for the characteristics of angel investors as they are an integral part of the startup ecosystem. Thus, it is required to have a closer look to the most recent local statistics to understand how the trends are swiftly changing in Turkey. This study distinguishes itself from the majority of the literature that it comes with suggestions for improving particularly the Turkish angel investor ecosystem. Methodology - In the study, a comprehensive literature review is conducted to learn about the current circumstances of the European angel investor ecosystem and have a deep understanding about the Turkish angel investor ecosystem so that further improvements could be developed. Findings - At the end of the literature review, seven major points open for the improvement of Turkish angel investor ecosystem are spotted. The issues present in the ecosystem such as the absence of strong connection among angel investors, the shortfall of angel investors’ skills in certain fields, the insufficient technical knowledge of some entrepreneurs, the reservations caused by geographical remoteness, the underrepresentation of female angel investor, the lack of knowledge about the benefits of angel investing to both parties, the hardships in reaching out to early adopters are of utmost importance to be addressed. Conclusion - In angel investing context, Turkey has a significant potential to be uncovered but needs to resolve the mentioned issues. It requires notable attention both from public and private sectors. This aim could be achieved through facilitating the networking practices among angel investors, nourishing the soft skills of angel investors, encouraging knowledge sharing, benefiting technological advancements to eliminate the problems caused by geographical remoteness, incentivizing participation of more female angel investors, raising awareness about the possible benefits of angel investment to both sides, and easing the access to early adopters.Publisher's Versio