Over the past two decades, business model innovations have received increasing attention from scholars, especially since the concept has been linked to superior business performance. The worldwide pandemic caused by the COVID-19 virus, which required companies to adapt to the new situation, has additionally raised the importance of business model innovations for business leaders. However, most research is conceptual. Antecedents and consequences of innovative business models are still insufficiently known and are subject of research among scholars and practitioners as well. In scientific literature, four strategic orientations are most often mentioned in various contexts: 1) market orientation, 2) technological orientation, 3) learning orientation and 4) entrepreneurial orientation. This paper is one of the few that encompasses the analysis of all four listed strategic orientations. The theoretical part of the study critically processes, theoretically argues and expands the existing scientific corpus of business models, the innovations and strategic orientations of companies. Thereby, the theoretical lens used in the study is the resource-based view of the firm. The empirical part of the study consists of quantitative research, based on empirical testing of the conceptual model that examines the impact of strategic orientations on business model innovation and the impact of innovative business models on business performance. The research problem is focused on the key antecedents and consequences of innovative business models, i.e., whether the strategic orientations of the company are key drivers for innovation of business models and whether the innovative business models have an impact (and how strong) on business performance. Managers of the Croatian food industry participated in the research. The results of the conducted research indicate the acceptance of the set hypotheses with one exception. Namely, the hypothesis that claims that the market orientation of the company has a positive effect on the business model innovativeness has not been confirmed. Although this was unexpected and contradicts the results of previous research, the explanation should be sought in the context of the observed industry. For the other three strategic orientations, a positive impact on the business model innovativeness has been confirmed. The positive impact of innovative business models on business performance has also been confirmed. In addition to the linear impact, a nonlinear impact on business performance was also observed. It was confirmed that the impact of business model innovation on business performance is the strongest at the medium level of business model innovativeness. An important implication of the study is that the resource-based view of the firm is a useful lens that can be used for future research on business model innovation. The methodology used in the study enables the identification of innovative business models and their key antecedent drivers, which can be very useful not only for scholars but also for business leaders in their efforts to improve business performance through business model innovations.