Abstract: The article offers a new view of the business model as a driving force of entrepreneurial activity, which is a dynamic system that requires constant updating. Globalization, digital technologies and changing consumer priorities require businesses to continuously search for new approaches to creating and conquering markets. Understanding the mechanisms of business model development is a key success factor in modern business. However, despite the growing interest in this topic, a systematic study of the key components of such models remains an urgent task. The article is concerned with identifying and systematizing the elements of innovative business models that ensure their efficiency and sustainability in a competitive environment. The conclusions of scientific research and practical cases that emphasize the importance of innovative business models for the success of companies are confirmed. It is established that a comprehensive view of innovative business models is required, highlighting the following components, namely: detailed segmentation of target audiences, development of individualized value propositions, ongoing dialogue with customers, customer-centered innovations, digital transformation of business processes, optimization of resource provision, development of partner networks and diversification of monetization models. Putting the customer at the center of business processes is a key factor in the success of innovative business models. A deep understanding of customer needs and behavior allows us to develop products and services that truly meet their needs. The widespread use of digital technologies is an integral part of innovative business models. The findings will expand the theoretical understanding of innovative business models, where a change in one element affects other components of the system, and form new approaches to their research.

The results of the study can be used by managers and entrepreneurs to develop effective business development strategies.