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In this article we examine the integration of three emerging trends in information technology (utility computing, grid computing, and Web services) new computing paradigm (grid-based application service provision) that is taking place in the context of the European research project GRASP. In the first of the paper, we explain how the integration of emerging trends can support enterprises in creating competitive advantage. In the second part, we focus on grid-based application service provision (GRASP), which builds a new technology-driven business paradigm on top of such integration. We conclude by outlining a plan for prototyping a GRASP platform in the context of an ongoing European research project.