Business model innovation has to do with inventing and implementing new models for doing business and creating value. As such, business model innovation can be viewed as a process of transformation and reinvention (hence, the acronym for this project).Because of the unique importance of small and medium-sized enterprises (SMEs) and the creative sectors for Europe, Reinvent will have SMEs in creative sectors as its empirical focus.Reinvent will develop knowledge about how SMEs in creative sectors – SMEs operating in both digital and non-digital markets - can implement business model innovation as a means to enhance competitive advantage, and put this knowledge into practice in three SMEs. Reinvent will create opportunities to evaluate and validate business model innovation as a competitive tool for European SMEs through empirical research among SMEs in the partner countries.The research to be conducted in Reinvent is particularly relevant right now as Europe faces the challenge of finding ways out of the current economic recession. Identifying the keys to creating successful business models with which recovery based on innovation and entrepreneurship in the creative sectors can be achieved is particularly urgent.Reinvent will have substantial impact for European SMEs, which need approaches, methods and tools to develop competitive strategies. Reinvent will develop, implement and evaluate tools for business model innovation. Developing the capability for business model innovation in SMEs across a range of creative sectors will contribute to European firms’ ability to create and maintain competitive advantage. A comprehensive impact and dissemination strategy has been devised, including dissemination and networking aimed at the general public, policy makers, academia and industry, particularly SMEs. This will ensure that the project impacts SMEs outside the consortium and, thereby, at a broad European level.