Lean Startup Approaches and Business Model Innovation: A Case Study on Digital Startups in an Institutional Void

The use of ubiquitous and versatile digital technologies by firms has led to significant transformations in multiple sectors and industries (Ghezzi et al., 2015). Many firms have adopted newer methods of operation and reinvented their supply chains in order to cater to the demands of a well informed and quality-conscious segment of market. The internet has provided an opportunity for cheaper and better ways for firms to improve their competitive advantage and increase customer satisfaction. In internet-based firms, value capture and value creation are not possible without a well-developed business model because of the complex nature of doing business in a digital environment (Teece, 2010).