Research on the effect and influence of external factors on the sustainable business model elements of technology-based start-ups in the Netherlands operating in the PV sector. This resulted in research findings demonstrating that external factors exert a substantial influence on the business model dynamics of Dutch technology-based PV start-ups. Understanding and adapting to these external influences is essential for the sustained success of these start-ups, emphasizing the need for strategic responsiveness and alignment with the evolving external environment. It also shows that the findings of this thesis are not limited to Dutch technology-based PV start-ups but can also be applicable to start-ups in the renewable energy sector, or even start-ups in general.