This paper aims to review the development of previous research on business model innovation
(BMI) and present its characteristics and future prospects. Firms need BMI to create and maintain their
competitiveness in an uncertain and complex business environment. And BMI has been a topic of great
interest in recent years in both the practical and academic worlds. However, despite the attention,
understanding of BMI remains limited and chaotic, with a diversity of perspectives. Therefore, we refer
to typical definitions of BMI and then identify the various ways in which BMI has been understood
in previous studies by presenting typologies of forms (range and novelty) and methods (rational
positioning/ evolutionary/ cognitive) of BMI. Then, we refer to the 'process view', which has attracted the
interest of BMI researchers in recent years and seeks to reveal the real and detailed processes of BMI. In
this process view, the understanding of BMI as 'a complex process formed by the non-linear interaction
(transition or circulation) of two logics, deductive and inductive', is shared by many researchers. And in
conclusion, we present the possibility that such an understanding of BMI could become an integrative
(process) platform for BMI theory, capable of incorporating the diversity of perspectives in previous
studies.