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A major challenge for firms these days is how to differentiate themselves in a global market and build competitive advantage. Many firms have been able to move up the value chain from a services base to an experience base as a means to attaining high levels of customer satisfaction and profitability. Consequently a better understanding of the experience economy will assist business managers and designers to develop effective strategies by focusing on the m-business experience and how this experience can build sustainable technology innovation, business models and strategies, and help design products for mobile delivery to meet the market's needs. In this paper we describe several experience economy models, identify their weaknesses, and introduce a new cognitive based experience model that can be used to develop more effective m-business infrastructure and applications. It offers a new understanding of experiences which emphasizes cognition as a whole which includes background knowledge, desires and intentions, rather than the sensory and perceptual aspects alone which are the focus of most traditional models. As a result the new model offers new predictive and explanatory power in understanding the m-business experience economy.