In order to become more innovative, companies that operate in the Smart Living domain increasingly initiate and participate in networked business environments that transcend industry boundaries. Inter-organizational collaboration is often characterized by conflicting strategic interests and incoherent operational business processes and procedures. Although many scholars and practitioners use stakeholder analysis to gain insight into the actors’ relationships and interactions, existing literature on stakeholder analysis focuses mainly on high-level strategic analysis, often limited to a conceptual and static understanding of stakeholder interests. In this paper, it is argued that a ‘true’ understanding of stakeholders can be achieved by looking at their interactions and interdependencies at a more detailed level. This study uses a conceptual framework from the service innovation and business model domain, the VIP framework, to extend stakeholder analysis by including an analysis of their dynamic interactions and processes. The qualitative evaluation of the framework’s application in illustrative design cases shows that this extension provides additional insights into stakeholders, and their potential operational conflicts and critical dependencies. By making these conflicts and interdependencies explicit, products and services are potentially easier to implement and commercialize.