Teece and Baden-Fuller define a business model as how organisations create and capture value. We know a considerable amount about creating value (though organisational design research) but much less about how we capture value (value that includes social and cultural capital as well as economic).
We live in an era of big data – often characterized in terms of the 3Vs – volume, velocity and variety. Three simple examples illustrate the phenomenon. Volume - Tesco has data on the shopping habits of 15 million customers going back 20 years. Velocity - Twitter receives around 12 terabytes of tweets every day. Variety - over 200 million photos are uploaded to Facebook each and every day.