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This chapter applies the lens of emergentism and emergent properties to the understanding of value propositions, value creation, value delivery and value realization. It argues that none of the building blocks typically asserted with business models are of any value without the underlying intellectual capital to apply them and furthers this understanding through a series of case examples. This chapter enhances our understanding of the role of intellectual capital in the value creation of business models and argues that intellectual capital is the foundation of business models.