Business Model Innovation refers to the process of creating, refining, or transforming a company's approach to generating revenue and delivering value to customers. This can involve changes in how a business operates, such as adopting new technologies, entering different markets, or altering its product offerings. The goal is to enhance competitiveness and adapt to evolving market conditions. Companies often engage in Business Model Innovation to stay relevant and meet changing consumer demands. For instance, the rise of digital platforms has led many traditional businesses to rethink their models, incorporating elements like subscription services or freemium pricing to attract and retain customers.