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A common thread in the modern marketing theories, such as service‐dominant logic and viable systems approach, is the notion value co‐creation: the locus of value creation is no longer perceived to reside within firm boundaries but value is considered to be co‐created among various actors within the networked market. The evolution of value creation, from value creation by the manufacturing firm to value co‐creation in a network, necessitates a corresponding change in the concepts used to depict value creation. The purpose of this paper is to investigate business models as a broader conceptualization of value co‐creation that captures this change.