We investigate the business model configurations associated with high and low firm performance by conducting a qualitative comparative analysis of firms competing in Formula One racing. We find that configurations of two business models—one focused on selling technology to competitors, the other one on developing and trading human resources with competitors—are associated with high performance. We also investigate why these configurations are high-performing and find that they are underpinned by capability-enhancing complementarities, accelerating firms’ learning and supporting the development of focused firms’ capabilities.
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