Christensen defines a value netowrk as the context within which a firm identifies and responds to customers’ needs, solves problems, procures input, reacts to competitors, and strives for profit; within a value netowrk each firm’s competitve strategy, and particularly its past choices of markets, determines its perceptions of the economic value of a new technology. (Innovators Delimma, p 32)

So value networks include a company’s internal capabilities (people, processes, strategies, business models, etc…) in the center, with its suppliers and their capabilties to one side, and its markets and thier capability, needs, desires, etc, to the other.

So a new value network could be a new context where you take existing technologies and repurpose them in a new business model to solve the problems of entirely new customers. The disk drive industry give us an consistent example of this.

Alternatively a new value network could be the results of having entirely different suppliers from incumbents. Southwest and discount retailing provide examples of this.

So the idea of a value network is awfully broad.