Purpose: This paper aims to present a method for interpreting and reinterpreting business models as analogies to support the creation of new business model ideas.

Design/methodology/approach: The authors use the literature on cognitive frames and attention to demonstrate the often-overlooked potential of analogies. From this, the authors derive practical recommendations for the use of analogies in creative business model design.

Findings: Managers can design creative business models by seeking multiple interpretations of the way other businesses create and capture value.

Originality/value: Business model frameworks are commonplace, but there is little discussion on how to use them effectively. Furthermore, while analogies are helpful in inspiring novel ideas, their creative potential is limited if the questions asked of and insights found in the case study are not reimagined. The authors provide a practical solution to increase creativity in business model design by recursively reflecting upon issues and solutions.