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Numerous authors have developed a list of tactics and analyticaltechniques to discover new business or new business models (Markides2008)(Johnson 2008). The Blue Ocean strategy (Kim & Mauborgne 2005)have been one of these - probably one of the most important analyticaltechniques related to the area of innovation and new business model (BM)innovation since 2005. Today many consultancies and managersresponsible for innovation use the Blue Ocean framework as one of theirtop 5 innovation tools.Wanting to accentuate the importance of analyzing the strategy canvascarefully, when generating new business models - it is important tounderstand the very foundation and construction of the strategy canvas -namely value.This paper addresses the question on How is value defined, measured andfrom which viewed in the Blue Ocean theory and framework. How is valuedefined and used by companies using the Blue Ocean strategy canvasframework? Moreover, when addressing this, what are the pitfalls relatedto these definitions of value and use of the strategy canvas. What is theimplications of the strategy canvas in the process of developing a new BMon the basis of a Blue Ocean Strategy?