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The concept of business model gained popularity among managers and entrepreneurs during the dot-com boom in the late 1990s (Zott et al., 2011). A key tenet of the concept is that it connects the value creation and value capture sides of a firm’s strategy. In other words, the business model must link the activities performed by the firm to create and capture value to outside actors such as customers, partners, and complementors (Baden-Fuller and Mangematin, 2013). In doing so, the business model plays three main roles (Spieth et al., 2014): it helps (1) to describe the business (that is, how the firm generates its profit);(2) to run the business (in terms of, for example, operational aspects like processes, linkages, and structures); and (3) to develop the business (in other words, as a support to the management in the strategy process). In addition, entrepreneurs can use the business model to generate and test working …