Managing to evaluate the distribution of value between the various actors implicated on the creation, the production, the marketing and distribution of innovative offer remains an enormous challenge for a start-up. This value sharing is even more difficult for a start-up where the incumbent companies are big and have high negotiating powers. This is the kind of ecosystem in which Eveon found itself, a start-up and pioneer in the design of automatic medical devices, attempting to find its place amongst the giants of the pharmaceutical industry. This case shows how a start-up can define its position in a value chain when confronted with a number of strategic options and Business Models.