Despite extensive research dedicated to the analysis of business models, previous studies have focused on business contexts in which the profit equation is the predominant concern. To date, a research gap remains regarding the business model of Nonprofit Organizations (NPOs). There is still no clear framework for analyzing NPO business models. The purpose of this study is to fill this gap by developing a conceptualization of NPO business models. Building on the Bourdieusian theory of forms of capital (i.e. economic, social, cultural and symbolic) and their conversion, we propose an analytical framework of NPO business models that places non-economic value in the forefront. Using a classification procedure and a Tobit model, we identify three NPO business models: the "high status", the "intermediary status" and the "low status". Results show that the "high status" (when organizations have accumulated economic, social and cultural capital, without neglecting any of the forms of capital) coincides with the increase in symbolic capital. This study contributes to both business model and non-profit literature, explicitly addressing how different forms of capital are accumulated and converted to improve non-economic capital. It also provides support to NPOs for defining business models according to their non-economic purposes.
