The literature on business models recognizes the model development as a networked process involving various actors, but providing little empirical evidence on how the process evolves, particularly concerning service-based models. First, focusing on a project business setting in the emerging Finnish wind power industry and its various actors, this study examines the prerequisites and drivers for the service-based model development. Second, focusing on the dynamics of the model development, this study analyzes how business models evolve as a networked process between business actors. According to the study findings, the network actors are extensively involved in each other’s model development and in particular defining the contents of the service offering, also influencing each other’s strategy.