Digital transformation is critical for the competitiveness of SMEs. Digital Innovation Hubs (DIHs) aim to regionally support companies in the development of new products, processes, or services, providing access to advanced technologies. Since DIHs have to be financially sustainable, it is important to discuss which business models are put forwardin such complex arrangements. Ourmain goal is to analysehow DIHs,specialized in Industry 4.0 technologies and services,create, offer, and capture value. The research was conducted through a documentary analysis of reports about DIHs’ Business Models, generated by three European initiatives (encompassing more than 300 DIHs). Results demonstrate thatone Business Model does not fit all, since regional characteristics, which vary among different DIH’s, are the maindrivers to define value creation, offer and capture. This work aims to provide DIH managers insights to help them develop sustainability strategies.