Abstract: The adoption of smallholder technological innovation is affected by the interaction between supply anddemand. However, the existing studies have seldom touched on the relationship between supply and demand. As the business model aims to connect supply and demand, explains the core logic of the business, and allows reflection on how to capture value from new products and services that add value to customers. From the perspective of business model, the present research conducts in-depth interviews with 10 agri-technology suppliers to obtain research data through non-probability sampling strategy, and adopts qualitative research and strict induction method. In combination with the literatures in the fields of smart agriculture, technological innovation and business mode, the present research investigates the business model of agri-technology suppliers to explore the factors that influence the adoption of technological innovation by smallholders. The research results show that smallholders have the potential to provide valuable market opportunities for agricultural technology suppliers targeting them. The value proposition of agri-technology suppliers needs to balance investment and human capital to attract smallholders. Because the agri-technology providers can only solve the problems of smallholders to a certain extent, they should expand key partnerships. The provision of a complete product service system by agri-technology suppliers will promote the adoption of smallholder technological innovation.