Tämä tutkimus tehtiin toimeksiantona Oulu Sinfonialle. Tutkimuksen alussa tutkimusongelmaksi asetettiin ei-kävijöiden tavoittaminen. Tutkimusongelma on lähtöisin Oulu Sinfonian tarpeesta täyttää sivistyksellinen tehtävä ja tarjota korkeakulttuurin palveluita kaikille veronmaksajille. Tutkimuksen tapauksena toimi 22.1.2016 Oulu Sinfonian järjestämä kamarimusiikin Klubi-ilta -tapahtuma. Tutkimus sijoittui ”many-to-one” -rajapintaan eli kohtaan, jossa asiakas ja hänen verkostonsa kohtaavat organisaation. Tarkemmin sanoen tarkasteltiin eWOM-kommunikoinnin merkitystä osana luonnollista vertaismarkkinointia. Ei-kävijöiden ja eWOM-kommunikoinnin yhteyttä ei ole aikaisemmin tarkasteltu. Aikaisempien tutkimusten mukaan voidaan todeta, että WOM-kommunikointi auttaa luotettavuuden syntymistä ja siten viestin vastaanottajan asenteen muutosta tukemalla päätöstä hyväksyä viesti ja muuttua ei-kävijästä kävijäksi. Tutkimusasetelma on toiminta-analyyttinen tapaustutkimus, jonka kohdeorganisaationa toimii Oulun seudun kulttuuriorganisaatio, Oulu Sinfonia. Tutkimusmetodina toimivat rinnakkain kvalitatiivinen — eli laadullinen tutkimus ja kvantitatiivinen — eli määrällinen tutkimus. Tutkielma sisältää kahdentyyppistä aineistoa. Aineisto A. eli tutkimuksen kannalta oleellisin aineisto koostuu strukturoidusta ja formaalista kyselystä. Aineisto B. on tutkielman kannalta toissijaista aineistoa, jonka tarkoituksena on luoda kehys tutkielmalle, ja se koostuu kahdesta puolistrukturoidusta teemahaastattelusta. Empiirisen tutkimuksen tulosten perusteella voidaan todeta, että eWOM-kommunikoinnilla on merkittävä rooli Oulu Sinfonian ei-kävijöiden tavoittamisessa, tietoisuuden lisäämisessä ja nuorten kävijöiden tavoittamisessa.

In today’s ever-changing and chaotic world corporations are forced to develop themselves continuously to be able to survive (Kessler et al. 2007). Companies have had a need to develop new services and products to follow the evolution for a long time (Tushman & Nadler 1986), but especially during the past decades the need to innovate has become a necessary and innovating has increased its role as a critical driver of corporations’ survival and nations’ long-term economic growth (Chemmanur et al. 2014). Large companies are paying more and more attention to changing industries and it is becoming clear that the most successful corporations are those who are able to innovate most efficiently (Stringer 2000). Especially corporations in high- tech industries face problems with decreasing life cycles of products and continuous technological breakthroughs followed by a need to innovate new products all the time (Kessler et al.). The main problem in corporations’ development is that they do not have an idea about how to advance their innovative activities and as a result they tend to become stuck with existing products and technologies (Stringer 2000). Urbancová (2013) states that 21st century is based on knowledge, information and innovative economy. Since there are new business models and technologies arising all the time, companies’ own research and development (R&D) activities are not sufficient anymore (Stringer). Consequently, corporations have to move from internal R&D activities to external R&D projects (Brockhoff 1998, Ernst et al. 2005, Fulghieri & Sevilir 2009, Lantz & Sahut 2010). An external R&D project refers to the process in which a corporation acquires knowledge resources outside the company (Ito & Tanaka 2016). External R&D activity is essential especially for international corporations since there exists higher competitive pressure there compared to domestic markets (Ito & Tanaka). Popular ways of conducting external R&D have been for example joint ventures and acquisitions, but during the last decades corporate venture capital (CVC) investment has increased its reputation increasingly as an innovation enhancer, especially among big companies such as Intel and Microsoft (Chesbrough 2002, Fulghieri & Sevilir 2009). In practice things acquired from external R&D projects mean expertise, intellectual property and know-how (Ito & Tanaka). Generally CVC is defined as a process of established firms making investments in entrepreneurial firms (Chesbrough 2002, MacMillan et al. 2008). Chemmanur and Loutskina (2009) describe corporate venture capital units as subsidiaries of non- financial corporations investing their parent corporations’ funds in recent ventures. According to Hill & Birkinshaw (2014) CVC units build new skills for the corporation, simultaneously leveraging its already existing capabilities. Generally CVC investors invest in early-stage, entrepreneurial companies and obtain a minority equity stake in it (MacMillan et al.). By doing this, the parent corporation is able to monitor new emerging technologies and complementary companies that can in future become their partners (MacMillan et al.). CVC investors can also combine their capital with that of other venture capitalists to invest in firms with a lot of uncertainty (Lerner 2013). CVC investments are originally based on the venture capital (VC) investments. Venture capital firms are established to finance high-risk high-reward projects and their goal is to gain as high financial returns as possible (Gompers & Lerner 1998). According to Rind (1981), the modern venture capital era can be considered to have started after the Second World War. Gompers and Lerner and Rind state that another important act for the development of venture capital industry was the formation of the first venture capital firm (American Research and Development) in 1946. During the following decades venture capital companies achieved large gains, which led to the establishment of many new VC companies in the 1960s and 1970s (Rind 1981). The first CVC funds were established about two decades after the traditional venture capital funds in the mid-1960s (Gompers & Lerner 2000). Since 1960s the development of corporate venturing has followed that of venture capital. The development of these two can be divided into three cycles. The first wave occurred when CVC investments started to arise in 1960s. The second wave began in 1970–1980s mainly because of the fall in capital gain taxes. In 1987 as the stock market crashed, the venture capital lost its grace for a while also. The third wave of venture capital can be considered to have started in 1990s because of the boom of telecommunications and Internet-related companies. Nowadays venture capital forms a significant part of corporations’ investment portfolios and its popularity keeps increasing all the time. (Gompers & Lerner 2000, Gompers 2002, Singhal 2015.) This thesis examines the key success factors of the CVC investments as a source of parent corporation’s innovation growth. It is stated in almost all literature according to innovation that companies are forced to look for external sources of innovation to be able to keep growing and stay competitive. Especially in technology-intensive industries, firms need to innovate to retain their competitiveness (Wadhwa et al. 2016). This need can also be found in news almost daily and there is a lot of discussion about large firms’ lack of creativeness and entrepreneurial culture leading to their failure (for example Nokia’s case). The topic of this thesis is chosen because existing literature lacks an integrative study about the factors affecting the CVC investment’s ability to foster the innovativeness of the parent corporation. CVC investment’s role as a source of new innovation growth has increased during the past decades and in 2013 CVCs portion of all venture capital investments was over 10% (Weiblen & Chesbrough 2015). This may be a result of nowadays’ situation, in which large and established companies face numerous obstacles lacking the innovativeness typical to entrepreneurs and are forced to start looking for new ways to keep growing. Since there is a clear lack of research concerning the topic, this thesis will help companies to get familiar with the concept and the benefits of it as a source of innovativeness. The study focuses on an international context, not aiming to highlight any specific country or continent. Since venture capitalists tend to invest mostly in high-technology companies (Fenn & Liang 1998), the focus will be mainly on that industry. This study has examined the key factors affecting the success of CVC investments as a source of innovation growth for their parent companies. The objective of the study was to gather the main factors in the structure and goal setting of the investment affecting the success of CVC in the innovation growth in corporations by analyzing existing literature related to the topic. This study shed also light to the parent corporation’s qualities that support CVC unit’s activities. The key factors found in this thesis can be categorized to four sections: the qualities of the parent corporation, the goal setting of the unit, the compensation system of the unit and the relationship between the unit and the parent company. The key qualities in the parent corporations seem to be the ambidexterity of the corporation, a well- developed internal R&D-activities and the ability to give up the excess control. Three key factors in the goal setting of the investment were found: the clearness, the diversification and the good amount of goals. The main finding in the compensation system of the unit was that it should be performance-based to motivate the personnel to stay in the company and to work efficiently and also the long-term success should be highlighted in the system. The key factors in the relationship between the unit and the parent were the sufficient autonomy of the unit and the support of the parent in its operations. The concept of innovation was discussed in the context of organizational ambidexterity, which refers to corporation’s ability at the same time to exploit existing business and explore new territories. In this theory, innovation is divided into incremental and radical innovations. This study has examined how CVC investments are able to foster both types of innovation by either introducing new technologies and markets to the corporation, or strengthening the existing capabilities. One of the key ideas behind the innovation growth in large companies is their ability to be ambidextrous. Without this, corporations are not able to succeed over a long-time period. One of the key factors in the internal R&D activity is parent corporation’s ability to let go of the old habits to be able to create new and more innovative solutions. A well- developed and multidimensional internal R&D is essential for the parent corporation to be able to adopt the innovations and the knowledge coming from the external sources. This statement relates the findings of this study strongly to the Chesbrough’s open innovation theory presented in chapter two, since the importance of good internal R&D in the adaption of new knowledge was one of the key factors in the theory also. The most important factors in the goal setting of the unit seem to be the right amount of objectives, clearness of these objectives and suitable diversification of objectives to different kind of industries and technologies. When corporations keep the amount of their goals quite small, it is also easier for them to control them and they can be sure that the CVC units are performing effectively and appropriately. By setting clear goals corporations can ensure that units do not try to achieve wrong things but instead they will fully focus on their main goal. The importance of diversification between different industries is justified because corporation’s internal R&D units can not be able to keep an eye on all new novelties (Ernst et al. 2005), and without external sources they can miss some important and relevant new technological innovations. The importance of compensation system and the long-term time-horizon can be discussed together since there are few factors bringing them together. Since CVC units’ goals are generally set for a long-time horizon, early financial or other failures should not be seen as a failure of its activity and the managers should not be punished financially for these. If the managers of the corporation keep in mind that though CVC investments have shorter life-times than that of IVCs, the goals will be achieved later, they tend to be successful more likely than the ones worrying about the short-time performance. CVC unit’s managers’ salaries are generally based on fixed payment, sometimes with annual bonuses (Dushnitsky 2006). This kind of compensation system seems not be working good for them and the better option would be to adapt a system more related to that of IVCs (Lerner 2013). The essential thing is to find a system that really motivates the personnel to be innovative and most importantly to support their entrepreneurial activities because if the workers feel like they are not supported in their current workplace, they tend to move to places where their work is appreciated more. The relationship between the parent corporation and the CVC unit have significant influence on the successful strategic performance of them. In the best situation, parent corporation gives the CVC unit a freedom to operate, just providing support and advices when needed. An autonomous activity of the unit enables it to work flexibly in an entrepreneurial atmosphere and results in better innovative performance of parent corporation also. The CVC unit should be constructed to be multidimensional meaning that there should be few seniors who have clearly in mind the vision the parent corporation, mixed with persons with entrepreneurial experience and attitudes to enable the creative process of the unit. Though the importance of external sources of innovation is highlighted in this study, one of the findings is also that corporations should build an innovation strategy that includes both external and internal sources of innovation. When the corporation has a well adjusted combination of these two, the company is able to successfully adopt the new knowledge acquired from outside to the existing capabilities. The amount of both of these sources in the innovation strategy of the corporation remains unknown.

Globalization has had an effect on the operational environment of enterprises. Enterprises are increasingly working at markets that do not recognize national borders. A lot of studies have been made to international business. Enterprises are interested in and ready to invest in finding ways to new markets, to understand their own relationships and chances in internationalization. The aim of my pro gradu thesis is to understand how small Finnish companies acting in game industry to get ready for becoming international from the point of view business model. The company is operating in both electronic and traditional business which makes it as an interesting case to study. In my case study I concentrated on research on how the company prepares for the internationalization and how it affects the business model. The study was executed as a work shop. Chief executive officer and development manager of the case company were invited to the workshop and they brought up their understanding of what will happen in international process and how it will affect the business model. A business model simply describes how a company lures customers, preserves their customer relationships in a faithful manner and transfers money from customers to the company. Observing internationalization theories from the point of view business model brought out a new perspective on how to prepare for the internationalization. Combining these two tools answer the question of what is the right path of internationalization and how companies should prepare for it from the point of view business model. According to this pro gradu thesis, when a company makes a decision to reach international markets their business model will change. Different dimensions of the business model shed light on the challenges and bring out new perspectives for internationalization process. While analyzing the business model of the case company it became clear that most of the dimensions of the business model will be changed during the internationalization process. I would recommend the case company to edit their business model totally to better encounter the demands of internationalization. Changing the business model totally will, however, require more research.

This research examines the formation and development of strategic networks in the context of a megaproject. It combines business network and megaproject related research, and does so by examining strategic networks forming and developing between local companies that are potentially utilized in a nuclear power plant construction project in Northern Ostrobothnia, Finland. In order to be able to compete for contract opportunities in the context of the plant project, local companies may seek to form strategic networks to enhance their competitiveness against larger national and international competitors, and to share project related risks. This research aims at providing insight into the formation and evolution of these networks by exploring the factors influencing strategic network formation in this specific context, by identifying the types of forming networks, and by examining the parts network management and network roles play in the studied phenomenon. The research is qualitative in nature. A single case study approach is chosen to provide real-life data of the studied phenomenon, where the megaproject serves as the case and the identified strategic networks function as embedded units of analysis. A critical realist perspective is assumed and an integration of context and explanation is sought through contextualized explanation. A set of focused interviews serve as the primary data collection method. Various factors affecting strategic network formation in this specific context were recognized. The factors arising from the megaproject, potential strategic network and from the potential network member itself can either facilitate or hinder the formation of a network in the context of the megaproject. Several forming or planned strategic networks were also identified, categorized and described, thus providing real-life data on the studied phenomenon. Network roles and management within these networks are also discussed, providing insight into the ways in which the network members and their actions influence the formation and development of the networks. Finally, a framework describing network formation and development in the context of the megaproject is presented. The formation of strategic networks is limited by the ambiguity concerning the project specifications prior to the selection of the final megaproject configuration. At this stage, the potential network members can take initial, however limited, steps towards forming strategic networks. Once the actors are fully informed, and if the formation factors favor the formation of a strategic network, the actual network can be formed. The network will continue to evolve, and it does so through changes in the network type and network roles, and through the exercised network management. This research gives insight into the prerequisites, conditions and other factors affecting the formation of strategic networks in the context of construction megaprojects, illustrates development of these networks, presents the benefits and limitations of the said networks, and discusses the management and actor roles within the networks. The contributions can be used to guide managerial attention towards relevant issues in strategic network formation and development. Though similar issues are bound to be relevant in other construction megaprojects, the overall generalizability of the findings still calls for further testing.

This thesis studies entrepreneurial model of internationalization process, testing its validity by conducting a case study utilizing the model as a theoretical framework. The model is an adjusted version of the business network internationalization process model, adding theories of effectuation, dynamic capabilities and opportunity identification and development to better describe the entrepreneurial nature of the process. The phenomenon the model describes is defined in the study as entrepreneurial change. The model contributes to the internationalization research as it brings a new perspective, seeing internationalization as a by-product of entrepreneurial activity, rather than a firm’s primary goal itself. The research was conducted as a single case study with Polish entrepreneur using interviews as method for data collection. Data was then analyzed and reflected to the theoretical framework. Data analysis revealed that the processes described by the model were evident in the empirical data as well. Personality traits and market knowledge were primary antecedes for entrepreneurial alertness that enables opportunity identification and development. Especially self efficacy and optimism seemed be important personality traits that helped to act on the perceived opportunity. Dynamic capabilities acted as competitive advantage in order to penetrate the networks in competitive environment. Network position improves gradually as mutual trust building between parties is needed and it takes time. Network relationships are multilateral where the resources of the networks are combined to create new opportunities. Entrepreneurial change process relies heavily on the effectuation logic as the process in underlined with unpredictability. Entrepreneur uses his “means” in form of knowledge, networks and entrepreneurial capabilities to create multiple goals.

The aim of the thesis is to contribute in the discussion of internet-based internationalization. The focus is in examining and analyzing the alternatives of internet-based internationalization, specifically from the point of view of an SME. Fashion retail provides the context for this study. The research phenomenon is approached methodologically with a qualitative research. The empirical primary is collected through interviews of the case companies. After literature review, is formed theoretical framework based on previous academic literature. The empirical data for the thesis will be collected through interviews of SMEs doing internet-based operations and which are in diverse stages of internationalization. The goal is to address new viewpoints and concepts to add in the discussion of the topic and thus contribute in the theoretical field. The aim is to bring up also practical viewpoints as managerial contributions for managers to learn from and take into consideration in the strategic decisions of their own companies. Based on research and confirmed by empirical data, four alternatives for internet-based internationalization are pointed out: physical presence, co-operative actions, direct online sales and regional approach to online internationalization. These alternatives do not necessarily outline each other; they may be utilized as separate or complementary strategic guidelines or ways to internationalize an internet-based business. Each alternative contains essential features and aspects that differentiate them from each other. In this study, these alternatives are exclusively presented firstly in the theoretical framework and later in modified framework. As is pointed out in theoretical framework, and confirmed in three interviews, knowledge is the crucial concept in every aspect of internet-based internationalization. Knowledge guides strategic decisions and it is both the trigger and the result of different operations. Internationalizing companies gather information and knowledge through several methods and through strategic decisions, and utilize knowledge and experiences as guidance for their further strategic decision. The findings provide both theoretical and managerial implications. Also guidelines for future research are suggested.

This study explores how is the relationship between the level of SMEs international business competences and their level on exporting operations. To complete the purpose, a two-folded process is followed. The first phase performs a comprehensive literature review to provide a tailored conceptual framework aimed at testing the phenomenon empirically. The second phase capitalizes on that conceptual framework, and employs a quantitative research method by using correlational analysis in order to explore the relationship between the relevant variables that emerged from the review. This phase involved real data from 25 Finnish SMEs with international operations. Accordingly, building on the extant literature of International Business and driven by dynamic capabilities perspective, this study employs a hypothesis model to tackle the research question. Statistically significant relationships between the selected competences are identified, highlighting their importance given the strong interconnection from most of them towards exporting operations level, and providing an initial understanding of the competences that can hold a key role for a successful internationalization process. Furthermore, the empirical evidence of the large amount of competences interconnected supports the notion that enterprises are bundle of resources, competences and processes required to be strategically managed. Thus, the findings enhance the essential role of management on building and orchestrating firms’ assets towards competitive advantage development operating in shifting and highly competitive global environments. This research has theoretical and managerial implications. First, on theoretical level, by undertaken internationalization of SMEs through dynamic capabilities approach, allows drawing new insights given the few studies that have used this merge of theories as foundation for understanding export strategy. Additionally, the conceptual framework suggested can be taken as basis for future research to explore more deeply the relationships found. Second, on managerial level, the approach taken in this study capitalizes on the two-phase process to offer decision-makers in one hand, a conceptual framework for theoretical understanding of what is important to posses, build and manage for salient internationalization performance; and on the other hand, suggest predictions for developing competences that might facilitate and enhance exporting operations.

Trade between Finland and Russia plays an important role in the economies of both countries. However, lack or insufficiency of relevant information concerning trading procedures in Russia, and in the Murmansk region in particular, frequently hinders the deployment of the existing business opportunities and makes the process of entering the regional market rather complicated demotivating perspective Finnish investors. To address this problem, the current study explores the trade development strategy of the Murmansk region and identifies its influence on the cross-border trade with Finland. This study is designed as a qualitative single-case embedded study. Primary data collection is executed by means of a survey and semi-structured interviews. Secondary data collection entails relevant literature analysis, with journal articles, statistics reports, and official documents among others. The acquired data is analyzed by developing a case description. In this research trade development strategy is understood from the practice theory perspective and is defined as a set of strategic activities initiated by the formal and informal institutions with an aim to positively influence trading. Trade development strategy includes activities related to (1) intelligent growth; (2) trade promotion; (3) infrastructure development; and (4) support for market access and international trade cooperation. This study has revealed that absence of a thoroughly devised international trade development strategy in the Murmansk region does not allow streamlining all the strategizing activities related to the trade development in the region. Accordingly, the activities tend to be uncoordinated and unbalanced. Furthermore, those activities that are implemented are insufficient to cardinally change the situation — either due to the lack of authority or initially low developmental level. As a result, the strategizing episodes that are being currently implemented in the Murmansk region cannot substantially influence or facilitate the international trade between Finland and the Murmansk region. From the theory point of view, this study utilizing practice theory approach contributes to the understanding of the strategy concept as applied to the trade development, sheds light on the structural peculiarities of the trade development strategy, pinpoints the absence of a commonly devised framework for the trade strategy development and develops a single-case trade strategy analysis framework. / Venäjän ja Suomen välisellä kaupalla on tärkeä taloudellinen merkitys molemmille maille. Kuitenkin olennaisen tiedon puute Venäjän ja Murmanskin alueen kaupan menettelytavoista estää suomalaisia investoijia hyödyntämästä nykyisiä liiketoimintamahdollisuuksia alueella ja vaikeuttaa yritysten markkinoille pääsyä. Tämä tutkimus tarkastelee ”kansainvälisen kaupan edistämisstrategiaa” (trade development strategy) Murmanskin alueella ja sen vaikutusta rajoja ylittävään liiketoimintaan. Tutkimus on toteutettu laadullisena sisällönanalyysina yksittäisestä case-tapauksesta. Tutkimusaineisto on kerätty kyselytutkimuksella ja puolistrukturoiduilla haastatteluilla. Lisäksi tietoa on kerätty kirjallisuudesta, lehtiartikkeleista, tilastoista ja virallisista dokumenteista. Tässä tutkimuksessa kansainvälisen kaupan edistämisstrategiaa on tarkasteltu ns. strategy as practice -teorian näkökulmasta, jolloin käsite on määritelty virallisten ja epävirallisten instituutioiden strategisiksi toiminnoiksi, joiden tavoitteena on edistää kaupankäyntiä. Edistämisstrategia sisältää seuraavat toiminnot: 1) osaava kasvu 2) kaupan edistäminen 3) infrastruktuurin kehittäminen ja 4) markkinoille pääsyn tukeminen ja kansainvälisen kaupan yhteistyö. Tutkimus osoittaa, ettei Murmanskin alueella ole huolellisesti suunniteltua kaupan edistämisstrategiaa, mistä syystä kaupan edistämiseen liittyviä toimintoja ei ole virtaviivaistettu. Toiminnot ovat koordinoimattomia ja epätasapainossa. Lisäksi jo toteutetut toiminnot ovat riittämättömiä muuttamaan merkittävästi tilannetta joko johtuen määräysvallan puutteesta tai alhaisesta kehitystasosta. Tuloksena voidaan todeta, että Murmanskin alueella toteutettavat strategiset tapahtumat eivät voi olennaisesti vaikuttaa tai edistää kansainvälistä kauppaa Murmanskin alueen ja Suomen välillä. Teoreettisesta näkökulmasta tämä tutkimus hyödyntää practice-teoriaa ja lisää strategia-käsitteen parempaa ymmärtämistä ja soveltamista kansainvälisen kaupan edistämisstrategiaan, minkä rakenteellisia erityispiirteitä työ valottaa. Tutkimus korostaa, ettei tälle strategialle ole yleisesti suunniteltua viitekehystä. Tässä työssä onkin kehitetty viitekehys kaupan edistämisstrategian analysointiin yksittäistapauksessa.

Location advantage is an importance incentive for a multinational enterprise (MNE) to set up subsidiaries in a foreign country. However, whether such location advantages are fully utilized during the subsidiary operation? The purpose of this study is to analyse how the subsidiary can make use of the changing location advantage and continue to grow. It tries to find out whether the subsidiary succeeds to meet its original expectation during its development. And if not, what should be done to make sure the previous location advantage is actually converted to the MNE’s competence. The research method is qualitative by doing a case interview with the headquarter of an MNE based in Finland. The qualitative empirical study helps to provide deeper understanding of the eclectic paradigm and subsidiary development as well as the analysis made in this study. As the study emphasizes the continuous development of both location advantage and subsidiary competence, the qualitative research shows different events in the subsidiary’s history. The finding made in the study shows that there is a continuous cycle between subsidiary development and the configuration of location advantage, headquarter-subsidiary relationship and the subsidiary character itself. In particular, the normative integration is the key in achieving a suitable configuration. Location advantage is the important link in making sure the subsidiary development will continue, therefore, the location advantage should be perceived as changing and dynamic to seek the growing subsidiary role. The finding suggests the MNE to pay more attention on recruitment and training to achieve high normative integration, which will prevent lots of potential conflicts. In addition, the location advantages should be consistently monitored and evaluated to be prepared to respond timely.

It is current phenomena that business environment has changed and has set new requirements for companies. Companies must adapt to the changes comes from outside its normal business environment and take into consideration wider business environment where it operates. These changes also have set new demands for company business model. Companies Business models need to be changed to match state of art business environment and requirements. Business models can be competitive advantage to the companies. This study report will demonstrate how company could take environmental aspect into account while transforming its business model into new one. Research is aiming to new theory-building. Through the literature reviews of two main topics, Business Ecosystems and Business models, and through reflecting theory into case company presentation, this study report gives answer to research question, “Through what kind of process mature company can transform business model in the context of business ecosystem?” Business ecosystem will present the business environment where business models come into reality. Another assumption is that transformation can be done through well-designed process. Research provides transformation process which can be used as a baseline if company is planning to transform its current business model into new one. It can help company managers and strategist to plan, implement and transform business model. Research gives good contribution to the research field as it is not widely research topic. It also gives good suggestion for future research topics.