Attention to business models (BM) is increasing as digital technologies are transforming enterprises in many industries. Technological disruptions such as the Internet of Things (IoT) force enterprises to rethink their BM to create and capture value. Even though the need for business model innovation (BMI) may be clear, how to change a BM is not always obvious, and often requires extensive BM exploration. Existing BM tools are mainly focused on formalizing one specific BM design rather than facilitating systematic exploration of alternative BMs. In this paper, we provide the preliminary results of a design science research project in which software supported tooling is created to support BM exploration.