Despite the recent rise of complex businesses which are becoming increasingly less linear and more circular, visualizing the value created and captured by different stakeholders in a business ecosystem remained an issue. In this paper, the authors propose to address this gap by introducing a new business model design instrument, the value creation ecosystem (VCE), which allows for a simple visualization of the key value exchanges and/or value capture occurring amongst the main stakeholders within an ecosystem built to create and deliver a specific value proposition to an end-user. The VCE concept and its functionality are then described in the context of an electricity system-based business model that was explored as part of a Horizon2020 project, EU-SysFlex, which aimed to improve and solve technical issues that would arise as renewable energy shares in the European grid network and increase to 50% by 2030.