Page - 184 - in Digital Entrepreneurship - Impact on Business and Society

2.3 Elements of Digital Entrepreneurship From the above discussion, we can infer that digital technologies and intercon- nected ecosystems have a profound impact on digital entrepreneurship as compa- nies are developing new ways to do business, manage their internal operations differently, and have developed new ways to interact with their partners. For example, disruptive technologies such as 3D printing technologies could help in business model innovation as it allows rapid prototyping and mass customized products based on unique fulfillment requirements for the customers (Rayna and Striukova 2016). These mass customized products could initiate new enterprise ventures. In thedotcomera,businessmodel innovationswere startedby the start-up companies by developing advertisement-based business models as digital tech- nologies changed the value creationmodels (AbdAziz et al. 2008), however in the current situation, established companiesmust transform their businessmodels and initiate new ventures by developing new products and services so that they can compete in the connected ecosystem (Burmeister et al. 2016). As companies are changing their business models, they need to change their operatingmodels as well as needing the next-generation operatingmodels for the digitalworld (Bollardet al. 2017).Asbusinessmodels are changing, companies are developing new operating models to support their business models (Berman and Hagan2006).Researchers (Reijnen et al. 2018)have suggested anoperatingmodel canvas (OMC) approach such as based on businessmodel innovation.A company can develop an OMCmodel that visualizes value proposition, primary and sup- portingbusinessactivities, channelsandactors responsible for suchactivities.Thus, digital technologies are impacting existing operating models and by realigning operating models with business models, companies can be engaged in the new ventures. Other thanbusinessmodels andoperatingmodels, themindsetsof themanagers, which transformorganizations culturally, are equally important to be successful as digital entrepreneurs. The mindsets of the executives and top managers influence strategic changes (Adner andHelfat 2003).As industrial businesses are expanding their digitization efforts, companies are redrawing their industry boundaries and developing new and innovative ways to deliver services to their customers (Kaganeret al. 2014).According to theseauthors,digital leadership isnot a job title or a role, but amindset of managers responsible for digital entrepreneurship. The cognition capability is an important attribute of top managers (Finkelstein et al. 2009). Smith and Tushman (2005) suggest that top managers need to build “paradoxical cognition” that enables them to pursue exploration and exploitation simultaneously. Digital disruptions and emerging technologies are influencing afirm’s ability to change its businessmodels, operatingmodels, andculturewhich is in turn fostering digital entrepreneurships, and these transformations lead to new ventures. Corporate Digital Entrepreneurship: Leveraging Industrial… 189