L’intérêt accordé à l’entrepreneuriat féminin reflète l’ampleur du phénomène sans cesse croissant partout dans le monde. En effet, le potentiel entrepreneurial des femmes est manifeste et ce travail doctoral s’intéresse à ce potentiel dans le contexte camerounais. La littérature en entrepreneuriat féminin propose des travaux essentiellement axés sur l’émergence des entreprises alors que les écrits se focalisant sur le développement sont rares. Pourtant, malgré les difficultés d’accès aux ressources, des femmes entrepreneurs camerounaises ont réussi. Il semble alors à la fois utile et nécessaire de faire « voir » ces cas, avec la prudence qu’apporte le protocole scientifique de la méthode des cas. Notre travail vise donc à comprendre comment et pourquoi les femmes entrepreneurs camerounaises passent d’un « petit business » à un business plus ambitieux. A ce propos, des études approfondies et comparatives de trois entreprises sélectionnées par homogénéisation dans le secteur des services ont été menées. Le guide méthodologique ainsi fourni est étayé par le concept de Business Model pour mettre au jour les cas à analyser et par la théorie des conventions pour les comprendre. / The focus on female entrepreneurship reflects the growing magnitude of this phenomenon worldwide. Indeed, the entrepreneurial potential of women is obvious and this doctorate thesis focuses on this potential in the Cameroonian context. The literature on female entrepreneurship offers works mainly focused on the emergence of firms while writings dealing with development are rare. Yet, despite difficulties linked to access to resources, women entrepreneurs in Cameroon have succeeded. It has appeared both useful and necessary to “exhibit” these cases with the caution ensured by the scientific protocol of the “case study” method. So, our work aims at understanding how and why Cameroonian women entrepreneurs succeed in moving from a “small business” to a more ambitious business. In this regard, in-depth and comparative studies of three enterprises selected by homogenization in the service sector were conducted. The methodological framework thus chosen is supported by the concept of Business Model for the presentation of cases under analysis and by the convention theory for their understanding.

Sustainability issues have been a popular and important topic on the world’s agenda the recent years, which has caused businesses to follow the policies of operating more sustainable. One of the latest introduced guidelines is the Global Goals imposed by the United Nations to be met by 2030. In light of these goals, awareness regarding sustainability issues among consumers and other stakeholders has increased, leading to that change is inevitable for businesses to start operating sustainably. The concept of sustainable business model innovation therefore becomes relevant. There is a lot of research regarding sustainable business model innovation. However, the research is heavily focusing on theoretical aspects of it, and less is given to the practical creation and implementation of sustainable business models. Further, less focus is given to start-up companies specifically. Due to the identified research gap, this study aims to answer the research question: “How can start-ups successfully create and implement sustainable business models to become an established actor on its specific market?” The purpose of this study is to create an understanding and contribute with extended knowledge of how sustainability is practiced in start-ups. More specifically, how sustainable business models are created and implemented in start-ups. A qualitative abductive approach was used to fulfill this purpose. Additionally, six semi-structured interviews were conducted with founders of start-ups and business coaches from Swedish incubators, which were structured based on the themes from the Lean Start-up Framework (LSF). This framework, along with the Triple Layered Business Model Canvas (TLBMC) showed to be of importance after the theoretical review. The key findings retrieved displayed that the LSF is suitable to describe the sustainable start-up process as well. Yet, the TLBMC needs to be integrated to fulfill the purpose of sustainability. Further, the benefit versus impact is shown to be of great importance whereas the framework’s components were modified in that sense as well in those cases needed. This study theoretically contributes to extended knowledge and additional components of the Lean Start-up framework that are advocated to be crucial to create a sustainable business model. These additional components are further of value for the existing field of research. Practically, by the extended and modified framework, it offers valuable insight for entrepreneurs with a business idea where the purpose is to offer a sustainable value proposition. Lastly, this study contributes to a social level by providing guidelines on the implementation of sustainability in the business model, leading to the encouragement to operate sustainably and towards a better environment and society.

Moving towards a more circular economic model is necessary in order to secure the sufficiency of vital raw materials and to achieve a balance between both economic and environmental prosperity. However, the discussion regarding circular economy from a business perspective is still rather limited, and the practical applications of circular economy are mostly related to waste management and industrial applications. Needless to say, circular economy is much more than just large-scale recycling. Circular economy, as a system which aims to ensure a more circular flow of resources, materials and energy, can embody a variety of expressions from closing resource loops to redesigning products, services and the nature of ownership towards favoring renting, sharing, reusing and other alternative ways of maximize the resource efficiency and extend product life. Hence, the principles of circularity can be applied across all industries, instead of just those operating in the industrial sector. Standing on the way of the development of a global circular economy is the perceived mismatched objectives of profit seeking businesses and sustainability advocators. Businesses want high sales levels and profit margins, whereas at the core of environmental sustainability is often to promote conscious consumption and cut down on activities resulting in pollution and waste. And because circular economy is often strongly associated with sustainability matters, businesses tend to stray away from it as it is considered to work against a company’s purpose of making profit. Yet here is the catch – instead of seeing circular economy just as a sustainability tool, it can also be considered as a viable business opportunity which when effectively exploited, can be a source of competitive advantage and a source of economic value

La prise de décision dans les phases amont de conception est autant cruciale que difficile. Les besoins des parties prenantes et leurs perceptions sont difficiles à prédire et à partager au sein de l’équipe de conception. Il est ensuite difficile de comprendre quels concepts sont à plus forte valeur ajoutée.Cette thèse s’inspire des méthodes de conception orientées valeur et développe une méthodologie en trois étapes pour aider à la prise de décision dans les phases amont de conception.La méthodologie a été testée et validée sur plusieurs cas industriels. / Decision making in early design stages is crucial as well as difficult. Stakeholders’ needs and perceptions are difficult to predict and share among the design team. It is then difficult to understand which design concepts are the most valuable to explore.This thesis builds upon value-oriented design methodologies and develops a three-step methodology to maximize value creation in early design stages.The methodology was tested and validated on several industrial use cases.

Research from the international business field have demonstrated that firms operating both in domestic and foreign markets have a greater exposition to market turbulences and disturbances. The literature has established that dynamism, flexibility and agility are crucial capabilities. In fact, firms displaying the previously listed capabilities have a greater chance to survive to turbulent and disturbing market events. Given the current Covid-19 crisis impacting the global market, this paper is further justified by the need for diverse and deeper research on how firms develop so-called “resilience” to survive to disruptive events such as the current pandemic. Furthermore, Business Model Innovation is proposed by the literature as a way to build that organizational resilience. Especially, the adaptation of the Business Model to a more Digital Business Model. The literature presented Digital Business Model as a way for firms to build flexibility and agility capabilities. More specifically, the study aims to analyze how Swedish international manufacturing SMEs develop organizational resilience. Thanks to the four semistructured interviews carried out with four top manager part of Swedish international manufacturing SMEs, this qualitative study has been able to answer the given research question: “How can international manufacturing SMEs develop resilience through adapting a digital business model in order to survive during disruptive market changes?” The primary and secondary data were collected and analyzed according to the constructed conceptual framework. In conclusion, it can be noticed that the findings, based on empirical data, are aligned with the literature and demonstrate that in order to navigate in those turbulent international market environments firms need have a flexible and agile organizational structure. Furthermore, those findings highlight that the implementation of a Digital Business Model enables firms to develop that flexibility and agility, therefore leading to organizational resilience. However, surprisingly, the data shows that if most of the firms did implement Digital Business Model, those Business Model Innovation are not permanent but rather temporary.

As researchers found that throughout the history a common challenge for companies across different industries, when it comes to leveraging and capturing value from a technology innovation is strongly influenced by the company’s dominant business model, an established framework through which assessment takes place. The overall purpose of this study is to provide a deeper understanding of the role that company's dominant business model has on the assessment of the impact that new technology innovation, in this case, AI, will have on the company and the market on which company operates. This thesis is partially exploratory and partially descriptive with a qualitative and deductive nature. In order to answer the purpose, a research strategy of case studies was used where empirical data was collected from interviews held with 47 company’s top executives from different hierarchical levels and business units, from Sweden, Switzerland, the USA, Germany, and Finland. The theoretical framework that describes the how AI as a new technology tool is perceived from the Company X perspective, either as a radical, game changer, or an incremental innovation technology tool and examines the role that dominant business model has on this perception was created. The developed implementation framework had its foundation in previous research concerning innovation business model theories. The data that was collected from the company’s executives were then analyzed and compared to the model. The most significant findings suggest that AI as a new technology tool is perceived as a game changer, radical innovation tool for some areas within the Company X and that the company dominant business model profoundly influences this perception. / Som forskare fann att genom hela historien är en gemensam utmaning för företag inom olika branscher när det gäller att utnyttja och fånga värde från en teknologisk innovation starkt påverkad av företagets dominerande affärsmodell, en etablerad ram genom vilken bedömning sker. Det övergripande syftet med denna studie är att ge en djupare förståelse för den roll som företagets dominerande affärsmodell har vid bedömningen av den inverkan som ny teknik innovation, i detta fall AI, kommer att ha på företaget och marknaden där företaget driver . Denna avhandling är delvis undersökande och delvis beskrivande med kvalitativ och deduktiv natur. För att svara på målet användes en forskningsstrategi av fallstudier där empiriska data samlades in från intervjuer med 47 bolagets ledande befattningshavare från olika hierarkiska nivåer och affärsenheter, från Sverige, Schweiz, USA, Tyskland och Finland. Den teoretiska ram som beskriver hur AI som ett nytt teknikverktyg uppfattas ur företagets Xperspektiv, antingen som en radikal, spelväxlare eller ett inkrementellt innovationsteknologiprogram och undersöker den roll som dominerande affärsmodell har på denna uppfattning skapades. Den utvecklade implementeringsramen har grundat sig i tidigare forskning rörande innovationsmodellteorier. Data som samlades in från företagets chefer analyserades sedan och jämfördes med modellen. De viktigaste resultaten tyder på att AI som ett nytt teknikverktyg uppfattas som en spelväxlare, radikalt innovationsverktyg för vissa områden inom företaget X och att företagets dominerande affärsmodell påverkar denna uppfattning väsentligt.

I takt med högre krav på minskade koldioxidutsläpp ökar trycket på ett mer hållbart transportsystem som lett till teknologiska omvandlingar inom fordonsindustrin. Industriomvandlingarna kräver nya sätt i hur företag skapar, erbjuder och omsätter värde vilket tillsammans utgör ett företags affärsmodell. När etablerade fordonstillverkare ändrar sina affärsmodeller till följd av de teknologiska omvandlingarna påverkar det i sin tur underleverantörerna och vice versa. Syftet med studien är att identifiera hur underleverantörer inom fordonsindustrin kan anpassa sina affärsmodeller till följd av de förändrade kundkraven beroende på fordonsindustrins teknologiska omvandlingar. De teknologiska omvandlingarna i denna studie är avgränsade till elektrifiering och digitalisering. Studien genomfördes som en fallstudie där 17 underleverantörer inom fordonsindustrin i Stockholms län intervjuades. Sammantaget identifierades fem olika affärsmodellsvarianter, varav två varianter representerar dagens affärsmodeller och tre framtida affärsmodeller, vilka är följande: Nuvarande affärsmodellsvarianter (0 och 1) ● Variant 0 - Kunderna är fordonstillverkare, värdeerbjudandet en komponent som monteras i fordonet, värdeskapandet sker in-house och värdefångsten genom styckförsäljning. ● Variant 1 - Snarlik variant 0 med tillägget att underleverantörerna erbjuder avgiftsfria produktutvecklingstjänster i syfte att anpassa komponenten till kunden där produktutvecklingen sker i samarbete med densamma. Framtida affärsmodellsvarianter (2, 3 och 4) ● Variant 2 - Produktutvecklingen sker i samarbete med kunden och utgör den stora delen av intäkterna i affärsmodellen. ● Variant 3 - Eftermarknadstjänster tillkommer som en stor del av affärsmodellen där intäkterna i huvudsak genereras genom prenumerationer. ● Variant 4 - Erbjuder en komplett tjänst i form av uthyrning av komponenten där eftermarknadstjänster ingår, och ägandeskapet kvarstår hos underleverantören. Studien kommer fram till att dagens underleverantörer som använder affärsmodellsvariant 0 eller 1 kan välja att anpassa sina affärsmodeller på två respektive tre sätt. Underleverantörerna som använder affärsmodellsvariant 0 kan anpassas till variant 1 och 2. Underleverantörer som använder affärsmodellsvariant 1 kan anpassas till variant 2, 3 och 4. Anpassningarna innebär att: ● Tjänster blir en större del av värdeerbjudandet, värdeskapandet och värdefångsten ● Gemensam produktutveckling blir en del av värdeskapandet ● Mjukvaran blir en viktigare del i värdeerbjudandet och värdeskapandet ● Fysiska värdeerbjudanden har en annan uppbyggnad och förändrad funktion / The pressure towards a more sustainable transportation system is increasing as a result of higher demands for reduced carbon dioxide emissions. This has led to technological transformations in the automotive industry. Industrial transformations require new ways in which companies create, offer and capture value, which together represent a company's business models. When established vehicle manufacturers change their business models due to technological transformations, it in turn affects their suppliers and vice versa. The purpose of this study is to identify how suppliers in the automotive industry can adapt their business models due to the changed customer requirements as a result of the automotive industry's technological transformations. The technological transformations in this study are limited to electrification and digitization. A qualitative exploratory case study was conducted on suppliers in the automotive industry in Stockholm County, containing 17 interviews with suppliers. A total of five different types of business models were identified, of which two represent current business models and three future business models, which are the following; Current business model types (0 and 1) ● Type 0 - The customers are vehicle manufacturers, the value proposition is a component that is assembled in the vehicle, the value creation takes place in-house and the value capture through unit sales. ● Type 1 - Similar to type 0 with the addition that the suppliers offer free product development services in order to adapt the component to the customer where the two actors collaborate in product development.Future business model types (2, 3 and 4) ● Type 2 - The product development takes place in collaboration with the customer, which accounts for the large part of the revenue in the business model. ● Type 3 - Aftermarket services are added as a large part of the business model where revenues are generated mainly through subscriptions. ● Type 4 - The suppliers offer a complete service by leasing the component where aftermarket services are included, and the ownership of the component remains with the supplier.The study concludes that today's suppliers are in business model type 0 or 1. These suppliers can adapt their business models in two or three different ways. The suppliers who are in business model type 0 can adapt their business models to type 1 and 2. Suppliers who are in business model type 1 can adapt their business models to types 2, 3 and 4. The adaptions indicates that: ● Services become a larger part of the value proposition, creation and capture ● Joint product development becomes part of the value creation ● The software becomes a more important part of the value proposition and creation ● The physical value proposition has a different structure and changed function

Purpose – This study explores how Earth Observation (EO) start-ups with digital services can utilize business model innovation (BMI) to create, deliver, and capture value in the mining industry. Method – The study adopted a qualitative approach with the unit of analysis being two EO service start-ups and the unit of observation being mining companies complemented with other relevant actors. 22 interviews were conducted with mining companies; 2 with mining consultancy companies; 2 with academia; and 2 with the EO case companies. Findings – EO service start-ups can create value in the mining industry by leveraging an artificial intelligence technology value proposition unlocking new values, as well as engaging in trust and relationship building-activities with customers; deliver value by developing customizable delivery plans in line with the heterogenous customer needs, acquiring a specific understanding of customer operations to deliver expected service quality, and addressing customers' different digital maturity; and capture value by developing a flexible revenue model and enable internal and external scaling of service. Theoretical Implications – This study contributes to existing research by examining how digital technologies shape industry-specific phenomena and related BMs, specifically within the novel EO industry by being one of the pioneering studies in this space. It also fills a gap in the literature by examining start-up BMI in general as well as in the EO industry, the intersection of start-ups and digital services, as well as contributing to the broader service innovation literature. It also makes contributions to the specific mechanisms of the BM. Managerial Implications – This study contributes with insights for managers of digital service start-ups, both in general and in the novel EO industry, outlining how these can create, deliver, and capture value in the mining industry as well as other industrial contexts. These can utilize the findings of this study to either redesign their existing BMs or create completely new ones. Limitations and Future Research – One limitation is that the study only collects data from the mining industry which decreases the generalizability of the findings to other industries. Future research could benefit from investigating EO services from an ecosystem or platform perspective including other actors than provider-customer. Finally, future research could also be conducted utilizing a multiple case study including EO service start-ups focusing on multiple industries. / Syfte – Denna studie undersöker hur Earth Observation (EO)-startups med digitala tjänster kan använda affärsmodellsinnovation för att skapa, leverera och fånga värde inom gruvindustrin. Metod – Studien använde en kvalitativ metod med två EO-startups med digitala tjänster som analysenehet. Gruvföretag kompletterat med andra relevanta aktörer intervjuades för att besvara studiens syfte. Totalt genomfördes 22 intervjuer med gruvföretag; 2 med konsultföretag inom gruvindustrin; 2 inom akademin; samt 2 med EO-startupsen. Resultat – EO-startups med digitala tjänster kan skapa värde i gruvindustrin genom att nyttja artificiell intelligens i sitt värdeerbjudande för att tillhandahålla nya värden, samt genom att genomföra aktiviteter riktat mot kunder med syfte att stärka förtroende och relationer; leverera värde genom att utveckla anpassningsbara leveransalternativ i linje med de heterogena kundbehoven, anförskaffa en specifik förståelse för kundernas verksamhet för att leverera tjänsten i linje med vad dessa förväntar sig samt genom att adressera kundernas olika digitala mognadsnivåer; och fånga värde genom att utveckla en flexibel intäktsmodell och möjliggöra intern och extern skalning av tjänsten. Teoretiska implikationer – Denna studie bidrar till befintlig forskning genom att undersöka hur digitala teknologier formar branschspecifika fenomen och relaterade affärsmodeller, specifikt inom EO-industrin genom att vara en av de första studierna inom detta område. Studien fyller också ett gap i litteraturen genom att undersöka affärsmodellsinnovation relaterat till startups generellt samt inom EO-industrin, skärningspunkten mellan startups och digitala tjänster, samt genom att bidra till den generella litteraturen för tjänsteinnovation. Den bidrar också till de specifika mekanismerna i affärsmodeller. Praktiska implikationer – Denna studie bidrar med insikter för chefer och ledare inom digitala tjänste-startups, både generellt samt inom EO-industrin, och beskriver hur dessa kan skapa, leverera och fånga värde inom gruvindustrin såväl som i andra industriella sammanhang. Dessa kan använda studiens resultat för att antingen förändra sina befintliga affärsmodeller eller skapa helt nya. Begränsningar och framtida forskning – En begränsning är att studien endast samlar data från gruvindustrin, vilket minskar generaliserbarheten av resultaten till andra industrier. Framtida forskning kan dra nytta av att undersöka EO-tjänster ur ett ekosystem- eller plattformsperspektiv som inkluderar andra aktörer än leverantör-kund. Slutligen skulle framtida forskning även kunna genomföras med en flerfallstudie som inkluderar EO-tjänste-startups verksamma inom fler industrier.

This thesis examines the critical factors shaping early-stage business model development. As a result, this paper provides insights and recommendations for the effective commercialization of innovations. The early-stage business model development process is notoriously complex and ambiguous, yet a limited amount if empirical studies have been conducted in this crucial phase. To address this research gap, an action research approach is employed to document learnings and challenges through an empirical case study into the early-stage business model development for a novel bioprinting technology. The study leverages existing literature to define specific actions and utilizes reflective analysis to gain comprehensive understanding of the factors shaping the process. Through this approach, important new lessons are uncovered for facilitators, highlighting both the facilitating role of tools and methods, as well as their limitations in enhancing the cognitive processes of understanding customer value, how to create value, and how to capture it efficiently. The research findings demonstrate the the business model development and innovation processes are iterative and complex, as well as heavily reliant on engagement and resource allocation. Furthermore, newfound theoretical considerations of commitment, organizational capabilities, and risk appetite arecrucial for the successful realizability of business models. Based on these findings, recommendations of future business model development in similar contexts are presented. These include the importance of achieving a common understanding among stakeholders, a thorough understanding of customer value, a thoughtful ideation process combining convergent and divergent thinking, and a comprehensive assessment of commitment and tolerance for ambiguity. This these contributes to the exisiting body of literature by holistically shedding light on the early-stage business model development process through documented action and by providing practical insights for practitioners and stakeholders involved in innovation commercialization. / Denna uppsats undersöker de kritiska faktorer som formar utvecklingen av affärsmodeller i tidiga skeden samt bidrar med insikter och rekommendationer för effektiv kommersialisering av innovationer. Processen för utveckling av affärsmodeller i tidiga skeden är känd för sin komplexitet och tvetydighet, men det finns få empiriska studier av denna avgörande fas. För att fylla detta forskningsgap används en aktionsforskningsansats för att dokumentera lärdomar och utmaningar genom en empirisk fallstudie på affärsmodellsutveckling i ett tidigt stadie för en ny bioprintingteknik. Studien utnyttjar befintlig litteratur för att definiera specifika åtgärder och använder reflekterande analys för att skapa en omfattande förståelse för de faktorer som formar processen. Genom detta tillvägagångssätt kan viktiga nya lärdomar dras kring facilitatorer, vilket belyser både verktygens och metodernas underlättande roll och deras begränsningar när det gäller att förbättra den kognitivaprocessen för att förstå kundvärde, hur man skapar och fångar detta värde på ett effektivt sätt. Forskningsresultaten visar att innovationsprocessen för affärsmodeller är iterativ, komplex och starkt beroende av engagemang och resursallokering. Dessutom är nya funna teoretiska överväganden om engagemang, organisatorisk kapacitet och riskaptit avgörande för en framgångsrik realisering av affärsmodeller. Baserat på dessa resultat presenteras rekommendationer för framtida utveckling av affärsmodeller i liknande kontexter. Dessa rekommendationer inkluderar vikten av att uppnå en samsyn bland intressenterna, en grundlig förståelse för kundvärdet, en genomtänkt idéprocess som kombinerar konvergent och divergent tänkande, samt en omfattande bedömning av engagemang och tolerans för ambiguitet. Denna uppsats bidrar till den befintliga kunskapen genom att holistiskt belysa utvecklingsprocessen för affärsmodeller genom dokumenterad handling i ett tidigt skede samt genom att ge praktiska insikter för utövare och intressenter som är involverade i kommersialisering av innovationer.

Idag talar forskare om en utveckling av digitaliseringen där allt är uppkopplat via ”Internet of Things” (IoT), eller på svenska ”Sakernas Internet”, som innebär att produkter förses med sensorer och inbyggda system. Dessa kan sedan kopplas upp mot Internet så att de olika produkterna kan kommunicera med sin omgivning. Även om forskare är oense om när detta nya paradigm kommer bryta ut, är de överens om att ett användande av IoT på rätt sätt medför fördelar då IoT optimerar och effektiviserar arbetsprocesser i företags värdekedjor. Vidare menar forskare att framgång inte längre är en fråga om teknologi, utan istället en fråga om transformationen hos företag samt vilka affärsmodeller som kan ta till vara på och skapa lönsamhet av denna utveckling. Tidigare forskning om affärsmodeller har fokuserat på innehållsmässiga aspekter i affärsmodellen och kommit fram med konceptuella modeller. En väletablerad sådan är canvas-modellen. Hur canvas-modellen kan användas i praktiken är däremot mindre utforskat. Syftet med denna uppsats har således varit att undersöka hur canvas-modellen fungerar i praktiken genom att utföra en fallstudie på Veolia Nordics nutida affärsmodell samt framtida visioner med hänsyn till Internet of Things (IoT). Uppsatsens undersökning visar att implementeringen av canvas-modellen på Veolias affärsmodell har begränsningar. I dagens ständigt föränderliga och konkurrensutsatta affärsmiljö krävs det att företag söker nya möjligheter samt utvärderar dessa mot affärssammanhang för att hitta en optimal passform. Detta innebär att företag, såsom Veolia, bör se affärsmodellen som en process som kräver progressiva förbättringar, snarare än en statisk bild över nutida data. Vidare anses canvas- modellen vara lämpligare att använda av företag som arbetar med produkter, snarare än tjänster. För att använda modellen som ett verktyg för strategiska beslut i ett företag som Veolia, är det lämpligt att den utvidgas till att karaktärisera fler byggstenar ur ett transformativt perspektiv. I utvecklingen av IoT skulle modellen exempelvis kunna anpassas utefter de särdrag inom paradigmet som forskare nämner i form av säkerhetsåtgärder och ansvarsfrågor då dessa är väsentliga att reflektera över vid beslutsfattande av strategiska initiativ. Sammanfattningsvis har studien visat vikten och nyttan av affärsmodeller samt behovet av att anpassa dessa till externa händelser såsom det nya paradigmet IoT. / Many researchers are currently discussing a development of the digitalization, where everything is connected via Internet of Things (IoT), implying that products are equipped with sensors and embedded systems. These sensors can be connected to Internet in order to communicate with their environment. Although researchers disagree on when this new paradigm will happen, they agree that the usage of IoT entails advantages for companies’ value chains, as it optimizes work processes. Furthermore, researchers argues that success not longer is a question of technology, but rather a question of the transformation of companies, and which business models that could take advantage and generate profit from this development. Previous studies regarding business models are focused on substance of the business model, which have resulted in conceptual models. One well-established model is the canvas-model. The usage of the canvas-model in practice is however less explored. The purpose of this study was thus to examine how the canvas-model works in practice by conducting a case study on the contemporary business model of Veolia Nordic. Future visions with respect to IoT have also been examined. The result of the study implies that the canvas-model is inadequate when implementing it on the business model of Veolia. The business environment is constantly changing and competitive, and businesses need to find innovative possibilities and evaluate them against the business context in order to find optimal solutions. This entails that companies, such as Veolia, should look at the business model as a process that requires progressive improvement, rather than a static image of contemporary data. Furthermore, the canvas- model is considered to be better suited for companies focusing on products, rather than services. To use the model as a tool for strategic decisions in a company like Veolia, it is appropriate that the canvas-model is extended to characterize more building blocks from a transformative perspective. When looking at the development of IoT, the model could be further adapted along the specificities within the paradigm, for example along the terms of security and liability issues, as these are important to consider when making decisions about strategic initiatives. This study has shown the importance of business models and the need to adapt these to external occurrences, such as the new paradigm IoT.