Business model innovation and Industry 5.0: a possible integration in GLAM institutions

Abstract

PurposeThis research delves into the realm of Business Model Innovation (BMI), integrating it with the human-centric, sustainable, and resilient principles of Industry 5.0, proposing a new theoretical framework.Design/methodology/approachAn abductive approach has been chosen to expand existing knowledge developing new ideas based on emerging phenomena. Data were gathered via semi-structured interviews with directors, managers and curators of public institutions in Italy, Switzerland, Germany and Spain encompassing Galleries, Libraries, Archives, and Museums (GLAM). These data were subsequently subjected to thematic analysis.FindingsThe findings indicate that the main enablers for Business Model Innovation (BMI) in combination with Industry 5.0 encompassed stakeholder, customer and organizational engagement, collaborative environment, knowledge and innovation management, and sustainability. These drivers were effectively leveraged through three pivotal facilitators-inhibitors: technology, resources, and leadership.Research limitations/implicationsThe principal constraints are rooted in the narrow contextual focus and the limited participants number. However, upcoming research efforts may broaden the horizons of this multifaceted and extensive investigation.Originality/valueThis study is groundbreaking as it fills a significant gap in the existing literature by integrating Business Model Innovation (BMI) with the Industry 5.0 paradigm, a novel approach that has not been explored previously. Additionally, the inclusion of GLAM institutions in this research adds a unique dimension, as they have been largely overlooked in both research domains.

Impact of Industry 5.0 Readiness on Sustainable Business Growth of Marine Food Processing SMEs in Thailand

“…As per the authors' knowledge, the studies on Industry 5.0 are progressing and a conceptual framework along with empirical analysis with reference to SMEs is limited in number (Waheed et al 2022). There are few studies (Saptaningtyas and Rahayu 2020;Botti and Baldi 2024) that have conducted theoretical and qualitative research on the topic "Industry 5.0". Also, a few more studies (Saptaningtyas and Rahayu 2020;Hussain et al 2023;Reino-Cherrez et al 2023) were traced on the topic "industry 5.0 and SMEs"; a few studies (Rajesh 2023;Sharma et al 2022) analyzed the challenges in implementing Industry 5.0.…”