Virtual Organisation Breeding Environments (VBEs) represent an emerging valued added strategy for small and medium enterprises (SMEs). to respond in a competitive way to changing market conditions, through the integration of their capabilities in the configuration of Virtual Organizations. The creation of sustainable VBEs is a challenge that requires new business models based on collaborative and trustable environments. Since the VBE include several types of organisations its business model must consider a multi-value system definition and a multi-stakeholder perspective; that will also call for a new governing approach. This paper presents first attempts in the definition of guidelines for develop Business Models and Governance Rules in VBEs.