The paper adopts the dynamic capabilities framework as a theoretical lens for observing business model adaptation by practitioners. It explicates how very recent contributions to dynamic capability theory have made the connection clearer. It is part of a larger program aimed at understanding the forces that affect business model adaptation and innovation in technology-based firms. The very rare previous research has been mostly theory based, focused on eBusiness, or focused at the industry level. This study is seeking a theoretical base for making sense of practitioner behaviour, in studying the process of adaptation and innovation. The theoretical base needs further development and will likely be augmented or altered as patterns are discerned from the field studies, as well as through other extant theories. Contributions will be not only to business model research, but also to the fields of entrepreneurship, commercialisation and strategic management.