This paper builds upon the paradoxical/ambidexterity literature to develop a new, integrated view of the dynamism of the intangibles in organizational settings. The proposed model integrates an extended version of the well-established construct “dynamic capabilities” with the dynamism of three key intangibles: knowledge, relationships and rules. The results show that all these dimensions of the dynamism of the intangibles are key to successful business model innovation in turbulent business environments. A carefully selected sample of 35 cases is analysed through fsQCA to confirm that highly dynamic configurations of the intangibles lead to high performance in turbulent business environments. Consistently with an evolutionary, ambidextrous view of the intangibles, the proposed model focuses on the intertwined dynamics of the intangibles, rather than the cross-sectional measurement of intangible assets. These results have important managerial implications, and could suggest a more dynamic and adaptive approach to the traditional practices of intellectual capital and knowledge management.