This master’s thesis focuses on the use of business models to describe a development path for developing localized resources. The thesis takes its point of departure in a project initiated by Naturstyrelsen Søhøjlandet and Silkeborg Sti- og Sporbyggerlaug with the purpose of developing a mountain bike destination in Søhøjlandet in Silkeborg, Denmark. The focus of the thesis is to give clear recommendations as to how the project should be organised and which business model would be most appropriate in the current situation. By studying cases concerning developing localized resources, the thesis identifies critical key factors that can work either as a driver or as a barrier for the development process of mountain biking in Søhøjlandet. The critical key factors lead to the discovery of a general development path showing different phases, which a project of developing localized resources typically run through. The thesis identifies the key partners central to the development of mountain biking in Søhøjlandet and maps their interests and incentive for participating in the project. Using Ron Adner’s adoption chain and co-innovation risk perspective on the mappings, the phases of the project (through the general development path) are analysed and recommendations for a business model canvas are provided for each phase (Osterwalder & Pigneur, 2012).