Problem‐Solving Strategies for Creativity in Business Model Design: A Configurational Study

Abstract We study how individuals develop mental representations of how a business may create and capture value. Specifically, we analyse how different configurations of problem‐solving strategies lead to creative business models. We observe the design process of 101 experienced business‐model designers in real time, using think‐alouds. Applying fuzzy‐set qualitative comparative analyses, we reveal configurations that equifinally lead to creative versus non‐creative business models. Overall, we find four functional configurations (waltzing with analogies, leaping by analogies, anatomizing analogies, and analysing thoughtfully) and five dysfunctional configurations (meta‐analysing, painting by numbers, canvasing, dissecting incompletely, and procrastinating). In particular, we show that using analogies in combination with other cognitive mechanisms is essential for creativity in business model designing and that avoiding complexity can hinder the development of creative solutions. Our configurational theorizing and empirical findings contribute to the cognitive perspective in strategy and advance our understanding of creative processes underlying business model ideation.