The Lean Canvas is a template for developing new business models and consists of several components: 1) It identifies key problems, existing alternatives that solve those problems, and how the solution addresses the problems. 2) It outlines the business model components of cost structure, solution, unique value proposition, unfair advantage, channels to reach customers, customer segments, and potential early adopters. 3) It examines revenue streams, sources of income, and financial metrics like revenue and gross margin.