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The business model canvas, created by Alex Osterwalder over 15 years ago, is a crucial business tool that helps visualize how a company creates, delivers, and captures value. It consists of nine building blocks mapped out on a single page, facilitating both startups in developing new models and established companies in refining existing ones. Regular use of the canvas is recommended for ongoing improvement. Overall, it serves as a streamlined method for understanding and optimizing business operations.