Open source software (OSS) and open source hardware (OSH) have evolved from community-driven projects into mainstream phenomena with diverse commercial business models. In OSS, the source code is freely available for use, modification, and redistribution under open licenses, while OSH makes hardware designs publicly accessible. Early skepticism about the viability of "free" products gave way to creative strategies enabling companies to create and capture value around open assets. Today, many successful firms leverage OSS and OSH for competitive advantage, from software company Red Hat (acquired by IBM for $39 billion)1 to hard- and software company Arduino, by building business models that blend openness with revenue generation. In this note, we survey the landscape of OSS and OSH business models, identify six strategic dimensions that define them, and then use these dimensions to construct eight primary business models used with open source. Finally, we discuss emerging trends such as open source in artificial intelligence.