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Technological innovations are today progressing at a rapid rate with many technologies heralded as major breakthroughs. New technology-based firms (NTBFs) are important drivers of innovation and economic growth; however they face huge challenges in terms of realising the latent economic potential from new innovations in the current economic climate. Open innovation offers the prospect of lower costs for innovation, faster times to market, and the chance to share risks. By developing open business models companies can capture the multifaceted ideas of scientists, engineers and end users allowing beneficial technologies to reach the market more quickly in a way that is evidence focused. This research uses a case based approach to investigate the implicit and explicit business models used by innovating companies in the connected health arena. Improving the patient's quality of life using connected health technologies has been identified as a strategic priority of large companies and government organizations in the current environment. In this context connected health can be described as the utilization of "connecting" technologies (communication systems broadband, wireless, mobile phone, fixed phone lines) and medical devices for healthcare applications. There is a need to better understand how innovations are managed within technology based healthcare companies, developed, nurtured and brought to the patient. This paper explores the application of an innovative open business model approach to 5 companies involved the research & development or delivery of connected health solutions in Ireland. The results have shown that there is an emerging typology of NTBFs that is dependent on the technology and customer focus and on the background of the 'innovation leaders' within each organization. The work has highlighted the challenges to success for NTBFs and develops the open innovation strategic solutions that can enable them to remain competitive in the future.