There is a steady stream of business model innovations created to deliver value to customers using new approaches. Famous examples of business model innovations have been Amazon, Dell computers and Starbucks. Several other examples of business model innovations have been created across industries and reported in popular and academic forums. Osterwalder and Pigneur had defined a business model canvas as a framework for analysing business models. They had defined nine key subcomponents of a business model. Companies and individual entrepreneurs who wish to create business model innovations are still deploying trial and error approaches to discovering new business models. There is as yet no structured approach to creating new business models. Such a structured approach will have to be based on past successes with business model innovations while providing for including future business model innovations. This paper reports one such structured approach to designing business model innovations.