This article discusses Organizational Capabilities as the basic components of business models that emerged under the New Product Development Process and Technological Management. In the context of the new Technology Based Companies Development, it adopts a qualitative research in order to identify, analyze and underpin the organizational capability deployment in a process of technology conversion into product and service. The analysis was carried out considering concepts from literature review, in a technology based enterprise started by an academic spin-off company. The analysis enabled the elicitation of a Business Model and the discussion of their components, and correspondent evolution hypothesis. The paper provides an example of capability deployment accordingly the established theory illustrated by a case study. The study not just enumerate the needed partners, resources, customer channels, it enabled the description of their connection, representing the logic behind the decision made to develop the conceptual model. This detailed representation of the model allows better addressed discussions.