This paper-based doctoral dissertation addresses the question of how early stage ventures develop their business models. By means of a qualitative case study method, it analyzes 1) how the mental models of entrepreneurs/founders impact the business model development process of early stage ventures; 2) how scarce resources affect the adaptations of particular business model elements; 3) which differing network configurations develop from different incubation models. The self-authored paper 4) builds on findings from 1-3 and current literature in order to recommend a framework of cognitive capabilities to inform business model development and innovation.
