New business models that incorporate the digital economy

There has been an explosion of innovation in the Digital Economy with implications for how Small/Medium Enterprises (SMEs) do business. This calls for a rethink of business models, particularly for SMEs and their owners. This chapter presents an emergence perspective, involving a methodological process to developing business models that takes account of the digital economy.. From a methodological point of view, our chapter focuses on particular constructs and activities that we term �emergents� that are relevant to the business model development process. Improvements in the practical management of emergents can aid practising OMs develop new business models. Better understanding of such processes should be useful to educators and policymakers in the SME field.