In the Age of Business Models, Do Founders Still Need Business Plans to Build Startups?

A business plan was a minimum requirement to be taken seriously as a business, especially when it came to investors. Nowadays, more and more early-stage investors will not even look at a business plan; instead, they will ask founders for a business model canvases.

Business model canvas is an overly simplified model of what your business might look like, designed to identify key opportunities and challenges quickly.

Source: https://en.wikipedia.org/wiki/Business_Model_Canvas

A business model includes many key aspects of what a business must focus on, including:

• Cost Structure
• Revenue Streams
• Value Proposition
• Customer Segments (Target Customers)
• Customer Relationships
• [Distribution] Channels
• Key Activities
• Key Resources
• Key Partners

From a first look, it seems it includes all the key aspects of a business. Why do people still waste their time on business plans then?