This study examines the ways in which business models are used by market actors in their efforts to create and stabilize business in interaction with others in emerging technology-based service context. This study is interested in the dynamic, processual, and interactive nature of business models instead of their mere structure. By integrating business models into two contemporary discussions on networks and markets, the study widens the scope of business models and explicates the variation in the use of business models. Through a longitudinal study on a service development project the paper shows ways of using of business models by market actors in developing and providing emerging technology-based service offerings. The results of the study show the multi-faceted essence of business models, the levels at which market actors use them, and the activities that market actors perform with them. This study contributes to the business model literature by integrating notions from the network approach and market studies literature. The study also contributes to the network approach by explicating the nature and formation of business nets, and adds to our understanding of market dynamics.