We investigate the business model configurations associated with high and low firm performance by conducting a qualitative comparative analysis of firms competing in Formula One racing. We find that configurations of two business models-one focused on selling technology to competitors, the other one on developing and trading human resources with competitors-are associated with high performance. We also investigate why these configurations are high-performing and find that they are underpinned by capability-enhancing complementarities, accelerating firms' learning and supporting the development of focused firms' capabilities
