With his business model design template, an enterprise can easily describe its business model. Osterwalder's canvas has nine boxes: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure.

The canvas was invented by Alex Osterwalder, a Swiss business theorist and entrepreneur as a part of his PhD research. The Business Model Canvas was elaborated in a book called Business Model Generation co-authored with his graduate supervisor Yves Pigneur, a Belgian computer scientist.

The Value Proposition Canvas was initially developed by Dr Alexander Osterwalder as a framework to ensure that there is a fit between the product and market.

The Business Model Canvas consists of nine essential parts: Customer Segments, Value Proposition, Revenue Streams, Channels, Customer Relationships, Key Activities, Key Resources, Key Partners, and Cost Structure. Let's take a look at each section of the Business Model Canvas.