While business model innovations are critical to a company’s long-term strategy, they are still poorly understood compared to other kinds of innovations. In this paper, we investigate prior research and reframe business model innovation through a top management lens. We report on a content analysis of interviews with top managers of small and medium enterprises in the technology industry, with the aim of recording their definition of business model innovation ans their impact on strategy. This research intends to contribute to a better understanding of the meaning of business model innovation from a practitioners’ perspective and its impact on strategy. These findings open new directions for theory development and empirical studies in the business model and strategic management literature.