Abstract

This paper presents an ontological perspective that enables evaluating the effectiveness of business models from an integrative worldview. Different groups’ fragmented and reductionist views on this topic create a dichotomy that makes it difficult to compare and analyze them in practice. Such groups use different values for some components, which may result in neglecting others and their interrelationship. This study discusses a functional characteristic of business models that academia still needs to address. It explores new frontiers in the field, such as business models for networks, sustainability, and their practical evaluation. To achieve an integrative ontology and avoid focusing on specific constructs or systems at the expense of others, we draw upon the theory of worldviews from Wilhelm Dilthey, reformational philosophy, and Herman Dooyeweerd’s theory of modal aspects. Society should move beyond dualistic thinking and embrace practical and applicable solutions. To help companies develop effective models, we introduce a new business model framework based on an integrative worldview that enables comparisons and evaluations of companies in practice. Creating competitive advantages and value appropriations synergizes with essential aspects of reformational philosophy. Analyzing and interrelating such elements are fundamental to understanding the real applied value of business models.