In this short paper we examine the integration of three emerging trends in Information Technology (Utility Computing, Grid Computing, and Web Services) into a new Computing paradigm (Grid-based Application Service Provision) that is taking place in the context the European research project GRASP. In the first part of the paper, we explain how the integration of emerging trends can support enterprises in creating competitive advantage. In the second part, we summarise an architecture blueprint of Grid-based Application Service Provision (GRASP), which enables a new technology-driven business paradigm on top of such integration. 1 From Application Service Provision to Utility Computing Application Service Provision (ASP) is a business model, originally derived from the idea to use the Internet or other wide area networks to provide online application services on a rental basis-commercially delivering computing as a service. As indicated in [1], [2], one can distinguish two different typ...