Abstract:The business model innovation of technology-based start-ups is of great significance to resolve the disadvantages of new enterprises and break through the development bottleneck in the early stage of entrepreneurship. Exploring the antecedents of agricultural business model innovation is the prerequisite for promoting innovation. Based on the grounded theory, the paper explores and extracts the factors that influence the innovation of the business model of technology-based start-ups. Then, by means of the interpretative structural modeling method, the hierarchical relationship of each influencing factor is calculated and reasoned out. The results show that the factors influencing the innovation of agricultural business model are market driving, innovation subject, innovation collaborator, innovation collaboration, industrial resources, macro environment and innovation expectation. The level of correlation between influencing factors can be divided into four levels. Innovation expectation is the core and most important factor of business model innovation of agricultural enterprises. Market driving factors and macro environmental factors jointly constitute the external uncontrollable factor of business model innovation.