Abstract:
This research is intended to deepen the understanding of the role of an organisations
dynamic capabilities as internal drivers impacting and influencing business model
innovation within the organisation.
As a business problem, this study investigated and described the dynamic capabilities
required by small and medium-sized enterprise companies in the critical metals mining
sector to innovate their business models, focusing on dynamic capabilities as internal
drivers influencing change.
Supply disruptions to metals markets brought about by the Covid pandemic, coupled with
the accelerated societal shift to renewable energy and battery electric solutions, have
created an opportunity for critical metals mining companies to create and innovate their
business models to identify, optimise and capture new value.
This need to innovate is not unique to mining companies, and holds across capital and
asset intensive ecosystems at the intersection of the transition to renewable energy,
including capital markets, mining, automotive, and manufacturing sectors. Organisations
in this ecosystem are embracing innovation at an ever increasing rate to reduce capital
and operating costs, and to extract further efficiencies through uptake of new technology
and greater digital integration across the value chain.
The dynamic capabilities theory provides a useful framework to analyse the drivers of
business model innovation in the critical metals sector.
