Authors : Vidi Firdaus Waluya; Ujang Sumarwan; Sufrin Hannan

Volume/Issue : Volume 11 - 2026, Issue 4 - April

Google Scholar : https://tinyurl.com/4rd3mkt9

Scribd : https://tinyurl.com/3725u5mz

DOI : https://doi.org/10.38124/ijisrt/26apr407

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : Background: The functional food industry in emerging markets is experiencing significant growth; however, university-affiliated business units often struggle to translate research-based innovations into sustainable commercial performance. PT FITS Mandiri and PT Serambi Botani, two entities under a university holding company in Indonesia, have experienced persistent financial losses despite operating in a high-growth market. This paradox highlights a structural misalignment between innovation generation, commercialization capability, and business model configuration, particularly in a post-merger context.  Purpose: This study aims to analyze the root causes of financial underperformance prior to merger and to formulate a postmerger business model transformation framework capable of improving competitiveness, market acceptance, and long-term profitability.  Design/Methodology/Approach: This research employs a qualitative case study approach. Data were collected from internal financial reports (2015– 2024), strategic documents, and managerial interviews. The analysis integrates multiple strategic frameworks, including Resource-Based View (RBV), VRIO, Value Chain Analysis, PESTEL, Porter’s Five Forces, SWOT, Stakeholder Mapping, Blue Ocean Strategy, and the Triple Layered Business Model Canvas (TLBMC). The merger is examined as a strategic restructuring mechanism enabling business model redesign.  Findings/Results: The findings reveal that the core problem lies not in the absence of innovation but in weak product-market validation, fragmented distribution strategy, portfolio misalignment, and lack of integrated governance. The post-merger transformation requires repositioning the entity from a research-output distributor into a market-driven functional food platform. The proposed model emphasizes portfolio clustering, master channel strategy, structured product validation, and integrated value creation across economic, social, and environmental layers.  Conclusions: Post-merger transformation must extend beyond operational consolidation toward radical business model reconfiguration. Sustainable performance improvement depends on aligning internal capabilities with market logic and governance integration under the holding structure. Originality/Value (State of the Art): This study contributes to the business model innovation and post-merger integration literature by developing an integrated transformation framework tailored to university spin-offs in emerging markets. It demonstrates how merger can function as a strategic catalyst for business model redesign rather than merely a financial restructuring tool.

Keywords : Business Model Transformation; Post-Merger Integration; Functional Food Industry; RBV; Triple Layered Business Model Canvas.

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