The business model literature has increased dramatically during the last decades. However, most business model literature does not deal with the international location dimension of business. That is, in which countries value-creating, delivering, and capturing activities are carried out or localised. Localisation decisions are of significant importance for international new ventures as these firms have to deal with liabilities of newness, smallness, and foreignness. This chapter contributes by merging literature on business models with international new venture literature and discussing how business models in new international ventures are created and developed and how the international context influences these firms' business models, especially from the localisation perspective.