BACKGROUND. Business model innovation (BMI) appears to be a key element in guaranteeing competitive advantage in today’s world. However, there is a lack of clarity on the progression of BMI, and the extant frameworks cover incumbent firms and not specifically new ventures.

PURPOSE. The purpose of this master thesis is to contribute to the existing literature by offering research exploring BMI in new ventures. The aim is, hereby, to bridge the research gap concerning the dynamics, stages and iterations of BMI progression within new ventures.

METHODOLOGY. For the empirical research, a multiple case study following a grounded theory approach has been conducted with four tech new ventures. Two of the frameworks identified through the theoretical background, namely, the 4-I framework and the 5-stage model, serve as the basis for the collection and the analysis of the empirical findings.

RESULTS. It appears that the 4-I framework is not fully transferable to the stages of the BMI progression in new ventures, however, seems to be suitable to explain the iteration processes within the different stages. Moreover, the results suggest BMI progression in tech NVs is non- linear, dynamic, and highly dependent on trial and error.