Virtual Enterprise is one form of collaborative networks that allows partners to exploit emerging business opportunities in a flexible way. Moreover, in the competitive landscape of the twenty-first century, the business model innovation has become increasingly a key element for companies’ positioning in the market. Consequently, this paper aims at proposing a set of business model elements to be used by a virtual enterprise in order to explore a new business opportunity for its network. Literature review is used to identify the business model elements and evidence from a pilot case study confirms that these elements are considered in practice.