Purpose - Macroalgae has sprung up and become one of the most promising new food sources. With its high nutritional value and sustainable cultivation process, it holds a crucial part in sustainable transformation. By examining the industry from a business perspective, the purpose of this report is to identify key success factors for companies seeking to construct or improve their business model. Method - Data were collected in four phases to provide answers to the purpose, where a qualitative exploratory approach was used to conduct the study. During the first phase, the previous literature was reviewed to formulate a theoretical background. This was followed by three steps of empirical data collection in the form of interviews. Findings - The findings provide seven overarching success factors related to the complete business model. The report provides a framework that aims to guide new entrants in their quest to capitalize on the immense potential of the macroalgae industry. It is developed upon the key success factors, which, to a large extent, are generic and can be transferred to other new food sources. Implications - This report contributes to the widening understanding of the macroalgae industry and how new food sources, in general, can develop competitive business models in emerging markets. The seven key success factors and the framework provide valuable insights for both new entrants and established companies. Additionally, this report serves as a stepping stone, providing a good overview of the industry and the challenges individual companies face. It intends to fill the previously identified gap between the business model and the macroalgae industry. Limitations and future research – The interviews were held in multiple languages. This was a source of uncertainty and might have impacted the findings negatively. Additionally, some respondents were reluctant to share certain information, which limited full transparency throughout the report. Lastly, future research is recommended to be conducted on the limitations of environmental laws e.g., permissions needed for macroalgae cultivation.