Purpose - The purpose of this paper is to provide an integrative framework on business models that combines andconnects concepts pertinent to the literatures of strategy, entrepreneurship, and organization. Design/methodology/approach - The paper describes the framework’s theoretical development. Findings - The framework enriches the discussion on business models by providing a life cycle perspective. Research limitations/implications - This paper aims at advancing the theoretical grounds of business models by integrating and extending the existing literature. In the future, further research needs to evaluate the use of this integration. Originality/value - The paper integrates a number of disparate contributions to the understanding of business models from the fields of strategy, entrepreneurship and organization theory.