For centuries, it has been acknowledged that after major technical innovations, there exists a business opportunity for turning innovations into businesses. Similarly, the very same has happened when the opportunities of electronic business based on the Internet were identified over a decade ago. In the late 1990s, the business model concept appeared to describe a business logic according to which electronic businesses were typically described in brief and put into practice. Meanwhile, several daily business magazines reported success stories of electronic business models, drawing the attention of investors and stock markets. Soon after this phenomenon, researchers developed an interest in gaining a better understanding of the business model concept by defining the concept, listing various business models, and identifying the underlying constructs of the business model concept. Still most of the business model research has focused mainly on the static constructs of the business model concept instead of studying the dynamic nature of a business model. The purpose of this study is to evaluate e- business models and their dynamic nature.

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