Business model performance and innovative company management in a customerdominated business ecosystem differ significantly from other common business models. The question is how innovative companies in the electric power industry adapt their
business model to the business environment. This research studies this process empirically and pursues developing business models and identifying the barriers and enablers to achieve competitive advantage. This research addressed three concepts in business literature and management, including business model, business ecosystem, and innovation. By digging into the concepts, effective elements were extracted to develop a conceptual model. This research deals with the Interpretivism perspective. It adopts a multiple case study and uses mixed methods to provide a descriptive and exploratory study.

The thematic analysis method was recruited to analyse data generated from semi-structured interviews. Findings led to the extraction of 373 sub-themes, 57 main-themes, and 20 dimensions. Interpretive Structural Modelling and Interpretive Ranking Process were implemented to evaluate, verify and validate the thematic analysis results. Interpretive Structural Modelling was deployed to comprehend the relationships between the factors and conduct the model ranking. Interpretive Ranking Process Model used the competitive advantage elements to evaluate the performance variables and measure the model. Structural Equation Modelling was deployed to determine the relationship between the broad concepts in the quantitative part of the research. Partial Least Squares Structural Equation Modelling results are covered to assess the statistical aspects of the model.

The research findings indicated that developing a business model requires a deep insight into the business ecosystem, barriers and enablers, innovative companies’ management, and various strategies since these elements are inextricably intertwined with one another. These drivers play a significant role in customer satisfaction by considering its monopolistic position in the business environment. Considering the Interactive nature of the business model, the company performance of internal and external factors in a business environment indicates the dynamic capability of the company. Research findings revealed that the main challenge in developing a business model is the business ecosystem and the performance of innovative companies. Since the governmental organisation is the main actor, business obstacles arise from the negative role of the business stakeholders. Any change in the
business environment is systematically dependent on customer actions and, subsequently, the company’s performance. Understanding, identifying, and controlling the business environment elements requires intelligence, agility, and flexibility of the company’s business model. To gain customer satisfaction and competitive advantage, providers need to deploy resources to adapt and respond to customers' needs and wants. Companies’ resources are deployed, and the guerrilla business model is used to protect and deal with the business environment risks. This model will lead to convergence with all dependent and independent elements in the businesses.

The validation of the model revealed that the results of this research could be used for companies actively involved in this business, Motivators eager to enter the industry, and other related industries with similar characteristics. In addition, it is a guideline for other
companies willing to expand their business activities in such a business environment.