This study looks at the cognitive factors that influence the discovery-driven business model innovation. We explore four case studies in the European Connected Health sector, an emergent high-tech industry that blends healthcare and ICT, seeking to understand which types of founders’ mental models, imprinted upon organization at the formation stage, are more conducive to a subsequent change of business model. Our study contributes to the conversation on discovery-driven business model innovation by investigating cognitive boundaries to an experimentation process and developing a model that conceptualizes the influence of mental models on all stages of experimentation process. We also build a framework that introduces a typology of companies using the type of initial mental model and experimentation behavior as two core dimensions. For each type of companies, this framework points practitioners towards rigidities that may inhibit business model innovation.