Everyone, every business and every country works within a business model, even those who don’t recognize or accept it. There are failed business models and successful ones. Some failed business models are turned around and become successful. Some successful business models become failed business models. The business model is the framework through which an organization designs, operates and creates value and returns for its stakeholders.
 
There are significant inter-dependencies in and between business models. For example, reliable public infrastructure (roads, bridges, rail, air, telecommunications) may have a significant impact on the sustainability of a private business model. Environmental regulations can have impact on business model viability.
 
The pace of change seems to have accelerated with the constant release of new technologies, environmental concerns and social media. Innovation may be about to play a major role in the renovation and re-building of business models. Innovation could replace or become at least as important as efficiency in international competitiveness (Joseph Cheng 2013, presentation to Sydney seminar, 24 October).