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The purpose of this article is to investigate the business model practice and the existence of business model innovation within an agricultural biotechnology organization in Brazil. This is a qualitative study of exploratory character, with case study procedures based upon bibliographical and documental references, as well as in-depth interviews, which were analyzed using the content analysis technique. After describing the nuclei of the concepts of business model and business model innovation and applying these concepts to Monsanto do Brasil S.A. (Monsanto Brazil, Inc.), as well as the company’s historical path, the study allowed concluding that, after incorporating biotechnology into its businesses, Monsanto innovated its business model. The results showed that the innovation was based upon the offer of value propositions previously unknown to the company’s customers (the farmers) and upon changes in some of the components of the company’s business model, such as the management infrastructure and the financial aspects

INOVAÇÃO DE MODELO DE NEGÓCIOS EM UMA EMPRESA DE BIOTECNOLOGIA AGRÍCOLA