When designing and assessing a business model, a more visual and practical ontology and framework is necessary. We show how an academic theory such as Business Model Ontology has evolved into the Business Model Canvas (BMC) that is used by practitioners around the world today. We draw lessons from usage and define three maturity leve l. We propose new concepts to help design the dynamic aspect of a business model. On the first level, the BMC supports novice users as they elicit their mode ls; it also helps novices to build coherent models. On the second level, the BMC allows expert users to ev aluate the interaction of business model elements by outlining the key threads in the business models’ story. On the third level, master users are empowered to create multiple versions of their busin ess models, allowing them to evaluate alternatives and retain the history of the business model’s evolu tion. These new concepts for the BMC which can be supported by Computer-Aided Design t ools provide a clearer picture of the business model as a strategic planning tool and are the basis for further research