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This article discusses the literature on the business model approach to highlight its contributions to the fields of innovation and entrepreneurship. First, we trace back the development of this concept and its theoretical underpinnings. Then, we argue that the business model is more than a concept and provides an original view of organizations. This view enables us to reinterpret some classical notions in entrepreneurship and innovation and to reintroduce the crucial issue of value capture in order to understand performance in entrepreneurial activities. Finally, after discussing the theoretical, conceptual, and pragmatic contributions of this approach, we propose some further avenues of research. In particular, we believe that the implementation of business models and its relationships with design activities, along with the concrete entrepreneurial work undertaken to legitimate a business model are both areas that would merit further exploration.