Key observations:

Strate’s business model is effectively communicated by using a simple diagram on pages 8-9 that shows the capitals that the company relies upon. The business model further communicates how value is created by transforming the capitals through State’s business activities by specifying the company’s outputs and outcomes. The narrative on the following pages provides further information about State’s business model, including its value proposition to clients and the key resources and activities that create value, which further explains the importance of the capitals