Evolution of the Business Model: The Case of a Higher Education Institution

Business model evolution is a recurring theme in the literature, yet its theoretical and methodological approach remains challenging from a theoretical and methodological point of view. From a processual research approach, which enables a longitudinal and in-depth observation perspective of events, this article aims to describe the evolutionary process of the business model of a private higher education institution located in the state of S & atilde;o Paulo. A conceptual model is proposed to capture the business model's evolutionary process, encompassing its initial establishment phase to its termination. Critical incidents from each phase are presented and analyzed, along with their impact on the business model's components. The case study reveals that the business model's evolution followed a teleological cycle: driven by dissatisfaction with the current situation, solutions were sought, objectives were visualized and implemented to evolve the business model.