It is widely acknowledged that the design and quality of the business model is a main building block in what constitute a successful company. In this paper, we approach the critical question of how firms can successfully renew their business models over time. The aim is to identify the main sequences of events that precede business model innovation and which trigger evolutionary changes in how a firm develops and capture value. Theoretically, we approach business model innovation as an evolutionary phenomenon by emphasizing the dynamic and path dependent aspects of strategic change processes. Empirically, we employ a historical case study where we make an in-depth analysis of a firm in the process industry that has managed to innovate its business model several times since its inception. In all, the study identifies five main sequences of events related to customer value proposition, strategic investments, corporate identity, corporate structure, and value networks.