This paper presents a brief literature review of previous studies methodologies, models, and contexts in studying firms’ upgrading in Global Value Chains (GVCs). The key context of this paper is set within Fourth Industrial Revolution (4IR). Through the literature review, this paper offers to identify the opportunities of theoretical novelty and ways to elaborate on understanding firm dynamics in Global Value Chains in the context of 4IR. The approach based on Business Model (BM) innovations and new forms of organizing for business (such as platforms) is used to synthesize from previous research findings and build on to newer explanations of firms’ entry, learning, and upgrading within GVCs
