The aim of this paper is to examine the applicability of Grant’s framework of the resource-based view of competitive advantage to the current Internet-based dynamic business environment. As one of the most highly cited and applied frameworks in strategic management and the broad field of business strategy, Grant’s seminal work has been cited over 16000 times (Web of Science) since 1991. In this paper, we present a critical review of Grant’s resource-based view of competitive advantage which was primarily designed for the relatively static, stable and predictable business environment of 1990s. The aim of the review is to identify any inherent limitations and weaknesses of Grant’s framework for the present, dynamic, unstable and unpredictable Internet-based e-business environment. In doing so, we present a modified version of Grant’s framework and offer several working propositions to effectively respond to the requirements of the current dynamic, unstable, unpredictable, Internet-based e-business environments.