Vision: Frequently, a (radically) new vision of entrepreneurs or managers is the starting point for the business model of SMEs. A quilts manufacturer defining the company as “a provider of healthy sleep” is a completely different vision about the industry than what most quilt manufacturers have in mind. The vision may be disruptive, but entrepreneurs always have strong background knowledge of the industry. What works is a vision, not a dream. In most cases, the vision can be considered as a new value proposition, which the company brings to potential customers (not necessarily existing ones). A radically new value proposition may offer customers new meaning to the product or service offering.
The network of partners: Common in all cases is that the SMEs establish a network of external partners. Partners may be technology partners such as universities, research labs, or other companies, but in most cases these are not the most important partners in the network. An SME commonly starts from the vision or concept and searches for partners depending on the technology, value chain positions, and competencies it needs to realize the new product offering. In most cases, the network is small at the beginning (two to three partners), but other SMEs take a different approach and set up a large consortium of partners. The size of the network is determined by the type of products or services the SME wants to launch.