Academic interest in business model innovation has accelerated in the past decade. The legitimacy of studying the phenomenon is driven by the fact that business model innovation improves firm performance. When a firm changes from its current business model to a novel business, the journey is considered to be a business model innovation process. Multiple academic reviews have pinpointed an improved understanding of the process that firms undertake on the journey from one business model to another as a gap in the existing literature. The objective of the dissertation is to contribute to an improved understanding of the business model innovation process for incumbent firms.