What does it take to make it as a MVNO in Europe?

What does it take these days to become a successful MVNO in Europe? Network operators, MVNOs and enablers of MVNOs likely have different answers to that question. Large operators like Vodafone are cutting off unsuccessful MVNO partners left and right and MVNOs are searching for new business models. The overwhelming message appears to be that to succeed, MVNOs need to find a business model that works for all parties concerned. Business models for MVNOs range from "Full MVNOs" such as Virgin Mobile, which take on more network management activities, to brand partnerships such as Red Bull Mobile. Some of the newer business models include ad-funded MVNOs and the likes of Giffgaff, which is a community-based MVNO on the O2 UK network (albeit also owned by O2). For more on the evolving MVNO market in Europe, check out this FierceWireless:Europe/TelecomsEMEA special report.