Business model innovation is increasingly being used as a concept in different academic fields, although it is still missing a ground theoretical conceptualization. This work aims at advancing the understanding of business model innovation from an internal perspective in manufacturing companies. It builds on a literature review regarding two main concepts – business model and business architecture – and proposes a set of key areas for internally-driven business model innovation. Six main areas have been identified: i) strategy & business goals; ii) organizational culture; iii) product and service management; iv) technology management; v) operations management; vi) performance management systems. Further research will analyze the innovation processes within each area, based on existing theoretical foundations and empirical studies. Moreover, new empirical studies will be performed to further investigate different potential pathways for business model innovation.