Abstract
Business model is influenced by various factors when a start-up company is going to develop its own business. Some factors are from the environment and the others are from the inside of the company, but they all lead to the changes from the originally dynamic equilibrium. This thesis attempts to take a view from co-evolution and business model transformation to explore three research questions: 1. What are the models or processes when business model is transforming? 2. How does business model co-evolve with the development of a start-up company at different stages? 3. Is “Business Entrepreneurship and Growth”from Prof. Shih-Chang Hung the right theory? If it is, how to modify the theory so that it can explain the phenomenon? The results of this study show that： 1. The co-evolution with environment is relatively unconspicuous for the start-up company. 2. The abilities and resources in the business model are continuous. 3. The firm would recognize the different opportunities by their respectively accumulating assets. 4. The verification of the relationship of different factors from different theory which can be combined together.