This study analyses the business model development of an internationalizing high-tech firm seeking rapid growth, addressing the connection between the business model and entry mode selection. The paper employs an in-depth case study examining a high-tech firm that operates in the cleantech industry. The study demonstrates that fast internationalization is possible by using a range of entry modes at the same time by developing and applying different business models for different target markets. Product/technology-based vs. service-based models can be developed in parallel but require adjustments in business model components, determining the suitable entry modes. Developing diverse business models may help firms balance risk, revenue flow, and resource allocation and acquisition when entering new markets. Our results emphasise the role of network components in the business model.