Businesses today use enormous resources to search for Intellectual Capital (IC) that can value their Business Model Innovation. However business often focus the search for IC in their nearest Business Model Ecosystem and do often not “see” and “sense” valuable IC in BM ecosystems that are not or only peripheral related. Thereby many business rely their business model innovation on the same “pool” of IC – preventing them to release different IC that could eventually give valuable advantage to their business. Some research indicate that it is a good idea to search for IC in different BM Ecosystems – however there is a lack of research on Why this does not take place more and – How to release and relate to Intellectual Capital (IC) in BM Ecosystems that are different to those that the business is already operating in? The paper shows 3 case examples on how 3 different business relates to IC in different BM Ecosystems and value their business model innovation. The paper address the potential and challenges to release IC from different Business Model Ecosystems. Design/methodology/approach – The paper provides case studies of IC exchange between different BM ecosystems. It shows a map of different business model ecosystems and maps the challenges to releasing IC.. The research methology was chosen as to be an action research approach and was carried out from 2010 to 2014. The findings shows characteristic of different BM Eco systems related to the multi business model approach (Lindgren & Horn Rasmussen, 2013). Mapping our findings in a BM ecosystem perspective and the BM relation axiom enabled us to get a first picture of – What is the business BM relations to IC in different BM ecosystems? The mapping enabled us and the business to “see” and “sense” potentials but also challenges to release valuable IC to Business Model Innovation (BMI) from different BM Ecosystems? Originality/value – The paper illustrates how business by using IC from different BM Ecosystems potentially can improve their BMI results and the sustainability of their BMs. The research reveals that Business mainly focusing and releasing IC internal or from their nearest BM ecosystem prevents themselves from valuable BMI. Practical implications Business struggle with releasing valuable IC from their business BM´s. The research shows that they potentially could get value able IC from different BM ecosystems that are outside their BM Ecosystem. This is however a challenge to many businesses when they cannot “see” and “sense” the IC in different BM ecosystems. They hereby miss the opportunity to adapt important IC to develop their business and escape “red ocean” business model ecosystems (Chan and Mahoughne 2008, Markides 2008). One consequence of this is that the practice of multi business model innovation and releasing intellectual capital (IC) becomes more difficult and complex to carry out than necessary.