Despite the existence of number of well-known conceptualization in e-Business and e-Commerce, there have been no efforts so far to develop a detailed, comprehensive conceptualization for business model. Current business literature is replete with fragmented conceptualizations, which only partially describe aspects of a business model. In addition, the existing conceptualizations do not explicitly support the emerging phenomenon of open government data – an increasingly valuable economic and strategic resource. Consequently, no comprehensive, formal, executable open government data business model ontology exists, that could be directly leveraged to facilitate the design, development of an operational open data business model. This paper bridges this gap by providing a parsimonious yet sufficiently detailed, conceptualization and formal ontology of open government data business model for open data-driven organizations. Following the design science approach, we developed the ontology as a ‘design artefact’ and validate the ontology by using it to describe an open data business model of an open data-driven organization.