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The report investigates theoretical and practical perspectives on sustainable business models in the context of open data. The main purposes of this report are (1) to investigate the opportunities and challenges for establishing a regional data-driven lab in the context of open data, and (2) to explore the possibility of developing a sustainable business model for a data-driven lab in Umeå (Västerbotten). The report examines conceptualizations of open data that initially emerged in the public sector and highlights the requirements open data are expected to comply with. The report identifies several types and categories of open data, which can be used to provide a variety of benefits for the public and private sectors, stimulate data-driven innovation, and enhance public value. In addition, the report acknowledges the barriers to the publishing and re-use of open data. The review of contextual conditions includes prominent examples of international, regional, and national initiatives for stimulating practical activities and policy-making in the context of open data. Furthermore, the report addresses different theoretical perspectives on how to conceptualize business models, ranging from presenting a company’s organization and its strategic view to emphasizing the elements required for creating, delivering, and capturing value in a specific context. The report elaborates upon the capacities of sustainable business models to achieve long-term success through business model innovation and to address environmental and social challenges while sustaining economic performance. Furthermore, the report emphasizes the importance of considering a complex ecosystem engaging diverse stakeholder groups and the open data lifecycle for developing a successful business model in the context of open data. The report reviews the business models used in the open data industry and discusses the important practical considerations for a data-driven lab. Overall, the report emphasizes the critical importance of creating the conditions that will enable the valuable resource of open data to be exploited and prioritizing the establishment of a regional data-driven lab by considering its potential to stimulate data-driven innovation and increase public value for society.