Globalization has driven organizations to innovate rapidly by impelling lower entry barriers. As a result, or-ganizations adopt new business models that value interconnectedness and complement partnerships. Simultaneously, business ecosystems enable dynamic networks and creative cultures by integrating a variety of innovation stakehold-ers. The research explores the business model of organizations within the Ülemiste City ecosystem to understand the conceptualization of business models and the factors leading them to create or transform the business models based on ecosystem perspective and a conceptual framework is developed to reinforce the participation and value processes of an organization within the ecosystem. Through semi-structured interviews and thematic analysis, the study revealed that the business model concept is perceived differently by organizations as an abstract idea of the business’s inputs, op-erations, activities, and output. Product or service differentiation, market needs, value creation, and a continuous im-provement process were a few factors that influenced a business model transformation. The influence of the ecosystem in the business model pertained to the infrastructure and value-added services offered, with a networking opportunity of partnerships within the community.

DOI: https://doi.org/10.3846/bm.2022.769