Figure 1

Our proposed key and interconnected elements of business models in action. Two cornerstones of business models, the value and the network perspectives, are effectively interlinked and the main levers for a third key module, business model dynamics. We seek to outline that when opening up the boundaries of their business models, high-tech SMEs and large multinational corporations find themselves on diametrically opposed sides within each of these modules, as highlighted in gray for small firms and in red for large firms. The three modules also involve necessarily the notion of dependence as companies are highly dependent on complementary resources and their partners’ networking activities. In particular, small innovative firms lack financial and material resources and need to interact with large industrial companies that control those resources and with financial firms, such as venture capital firms.