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Industrial companies that carry on innovation and operation must have well-organized and capable business systems and processes. Customer needs, market demands, global competition and technological changes drive the companies to be more adaptable, flexible and dynamic. By working in network structures as extended enterprises, the companies face new possibilities and new challenges. Design, manufacturing and delivery of high quality products to competitive prices to the customers are essential for industrial companies. Holistic view of the product life cycle from technology development, via product and business system development and realization, to business operation, is important for sustainable industrial companies. A company with engineering and manufacturing of products in a business context needs to have effective innovation of business system and process. Business innovation encompasses the area from business idea to business operation and includes customer demands and solutions. The main part of business innovation is development of the product platform including product and support structures. Product variants are created and realized by various configurations of products and production systems. The thesis is elucidating that business innovation can be carried out by working in a systematic and structured way and by utilizing engineering design theories and methods. The business models, based on a new theory with a new navigation tool for interactions, are describing which activities should be performed in business innovation with product platform development and product structuring. For companies in business with changes, innovations can create new markets and products. Well-managed and innovative companies have good possibilities to be competitive in a tough business environment. The creation of business innovation models has been carried out according to a hermeneutic research method. The research work followed the hermeneutic circle or spiral. The thesis introduces a new dimension to the design area, namely business innovation or engineering, corresponding to business design and development. Business innovation is also a new type of innovation, combining technological, product, process, market and organizational innovations in industrial companies. / QC 20100920