A business model is a representation of how an organisation makes (or intends to make) money. Based on an extensive literature research and real-world experience we define a business model as consisting of nine building blocks that constitute the business model canvas: 1. The value proposition of what is offered to the market; 2. The segment(s) of clients that are addressed by the value proposition; 3. The communication and distribution channels to reach clients and offer them the value? proposition; 4. The relationships established with clients; 5. The key resources needed to make the business model possible; 6. The key activities necessary to implement the business model; 7. The key partners and their motivations to participate in the business model; 8. The revenue streams generated by the business model (constituting the revenue model); 9. The cost structure resulting from the business model.