Strategic learning for digital market pioneering: Examining the transformation of Wishberry's crowdfunding model

Abstract

Pioneering digital firms are often built on novel business models that differentiate them from their competition. Striving for the right business model is a challenge for entrepreneurs. In their digital endeavors, firms often experiment with multiple business models before converging on to a specific, focused model that they choose to pursue. An intriguing question in this domain is how do digital market pioneers gain strategic knowledge for the transformation of their business models? We develop an integrative framework that identifies strategic learning and its impact on the digital model adopted by the firm, as a core driver for business model transformation. We examine this framework through a case study of Wishberry, a crowdfunding startup in India that was the pioneer in this domain in India. Its active scanning of the business environment led to strategic learnings that helped transform its business model which was at the core of its sustained market advantages. The insights for this study, which are primarily focused on digital entrepreneurship, extend the theoretical frameworks of strategic learning to the context of market pioneers. The learnings from this study will help entrepreneurs design agile business models that are reactive to market needs.