As agile and lean methods continue to increase in popularity and move away from their home ground - small, co-located teams with an actively involved customer - they are faced with new challenges. One such challenge is the definition and communication of business value in large settings, where multiple development teams interact with multiple business stakeholders. This challenge is exacerbated by the fact that the term business value in agile contexts is not clearly defined, even though the creation of business value is one of the central themes in agile and lean development. In this paper, we propose a model for business value that is intended to make explicit different factors that constitute the concept of business value in agile and lean software development. This model has been jointly developed with industrial partners in the Cloud Software Finland research project. We aim to further evaluate and develop the model in the future within this research project.