Today’s business environment is characterized by its high environmental dynamism, driven by technological and digital disruptions and the disruptive growth of innovative new business models. Due to the high environmental dynamism in which both internal and external circumstances are constantly changing, firms face the important challenge of continuous adaptation. On the one hand, firms with innovative new business models are capable of achieving high growth quickly. However, these fast-growing organizations face critical challenges of continuous adaptation of their organizational practices to the internal and external environments that are in constant flux in order to not only achieve, but also sustain its high growth over prolonged periods of time. On the other hand, incumbent firms operating in traditional industries are challenged by the disruptive growth of new entrants. These incumbent firms face the important challenge of adjusting their business models in order to protect and enhance their competitive position. While this phenomenon has attracted significant research attention in recent years and various theoretical perspectives have been applied to study this phenomenon, there still remain important gaps in our understanding of how firms and top managers deal with the critical questions of high growth and innovation in the pursuit of successful adaptation. Throughout this dissertation, we aim to contribute to theory by addressing the critical gap of how firms, and especially top management manages to deal with these challenges. To address this omission, we applied an inductive qualitative research approach in order to build theory. We conducted three empirical studies, two in-depth single case studies and one multiple-case study. Throughout these empirical studies, we aim to answer three related research questions. First, we examined how the top management team of an incumbent firm combines the dynamic managerial capabilities of its top managers in order to adapt its firm’s business models to protect its competitive position. In this study we zoom in to the interpersonal mechanisms that allow the top management team to bring together and combine the capabilities of its individual top managers in the process of business model innovation. In our second study, we analyze how a scale-up company manages to sustain high growth over prolonged periods of time. We specifically analyze how it creates and enacts specific high growth organizational and managerial dynamic capabilities that enables its sustained high growth. In our last study, we investigate how scale-up companies design scalable business models that enable them to create and capture value over prolonged periods of high growth. We specifically zoom in to the strategic characteristics of scalable business models that enable long term value creation and capture. We build our theorizing on three related research topics that have gained momentum in recent years: Business Models, Dynamic Capabilities, and High-Growth Firms, often referred to as Scale-ups. Our insights have important implications for both theory and managerial practice as we provide a more dynamic perspective on our understanding of how firms and top managers deal with the important, yet complex challenges of sustaining high growth and the challenge of protecting their firm’s competitive position against its fast-growing competitors.