In the preceding section, I described the process of choosing which fi tness peak(s) to climb and thus which business model(s) to develop. This choice is the fi rst and most fundamental that organisations have to make as they adapt to the changing, fragmenting fi tness landscape of the life science industry. The rationale of the choice process described is that, for each fi tness peak, there is a business model of optimal fi tness. Each of these models is characterised by a particular approach to creating value, a particular target group of value defi ners and a particular set of choices about how to optimise the balance between risk and return.