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Using survey data from 1200 European companies, analyzed through partial least squares structural equation modeling (PLS-SEM), the findings reveal that while firms recognize the potential benefits of data, business model change alone is insufficient to drive innovation. Instead, active engagement in data ecosystems and adherence to ethical data practices together have a significant positive impact on data-driven innovation. This research contributes to the business model innovation literature by highlighting the role of ecosystems and ethical governance in shaping sustainable data-driven innovations. This study also provides practical insights for firms seeking to transition toward more collaborative and ethically grounded data-driven business models.<\/jats:p>","DOI":"10.3390\/systems13030164","type":"journal-article","created":{"date-parts":[[2025,2,27]],"date-time":"2025-02-27T05:13:58Z","timestamp":1740633238000},"page":"164","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Data-Driven Business Model Innovation in Europe: Ethical Data Practices and Ecosystem Involvement"],"prefix":"10.3390","volume":"13","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-7298-7217","authenticated-orcid":false,"given":"Marikka","family":"Heikkil\u00e4","sequence":"first","affiliation":[{"name":"School of Economics, University of Turku, 20014 Turku, Finland"}]},{"given":"Jukka","family":"Heikkil\u00e4","sequence":"additional","affiliation":[{"name":"School of Economics, University of Turku, 20014 Turku, Finland"}]},{"given":"Farhan","family":"Ahmad","sequence":"additional","affiliation":[{"name":"School of Economics, University of Turku, 20014 Turku, Finland"}]}],"member":"1968","published-online":{"date-parts":[[2025,2,27]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Brynjolfsson, E., Hitt, L., and Kim, H. 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