Itis widely acknowledged that the design and quality of the business model is amain building block in what constitute a successful company. In this paper, weapproach the critical question of how firms can successfully renew theirbusiness models over time. The aim is to identify the main sequences of eventsthat precede business model innovation and which trigger evolutionary changesin how a firm develops and capture value. Theoretically, we approach businessmodel innovation as an evolutionary phenomenon by emphasizing the dynamic andpath dependent aspects of strategic change processes. Empirically, we employ ahistorical case study where we make an in-depth analysis of a firm in theprocess industry that has managed to innovate its business model several timessince its inception. In all, the study identifies five main sequences of eventsrelated to customer value proposition, strategic investments, corporateidentity, corporate structure, and value networks.