This research extends the existing knowledge on PropTech as a digital innovation addressing the fragmented nature of the real estate sector. Previous studies have inadequately explored the compatibility of business models and technologies between PropTech companies and their real estate clients, a key factor for successful technology adoption in the industry. Our study deepens the understanding of the business models utilized by prominent stakeholders within the PropTech ecosystem. Furthermore, it examines the role of stakeholder knowledge in business innovation, highlighting how digital platforms facilitate value creation.

We conduct semi-structure interviews with approximately 20 diverse stakeholders in Stockholm, divide into three categories: technology providers, clients, and industry stakeholders. These groups play a pivotal role in evolving business models and in influencing how their organizations generate, deliver, and capture value—be it economic, social, or environmental.

Our research involve identifying and categorizing the architecture of tech supplier platforms and their business models. We also analyzed how shifts in clients' technology capabilities influence new business models and assessed the demands of industry stakeholders. Our goal is to shed light on the operational logic that underlies digital platforms and business models.

The findings are expected to offer new insights into the compatibility of business models, enhance understanding of processes, reveal changes in organizational structures due to digitalization, and assess clients' capabilities to adapt to new business models and technologies. Additionally, this study proposes a theoretical framework to understand the interrelations between technology and business operations among suppliers, clients, and other stakeholders in the real estate sector.