Few studies have focused on the impact of gender on the usability of innovation tools. This paper analyzes the experience of using the Business Model Canvas (BMC) by 204 students enrolled in entrepreneurial training to identify its perceived benefits according to gender. Analysis of the data using Partial Least Squares (PLS) indicates that males are more sensitive to functional benefits, while females also appreciate creativity as a potential cognitive benefit of the BMC. These findings reinforce the argument in favor of gender diversity in innovation teams: mixed-gender teams would tend to take into account both male biases toward performance and female biases toward more subjective aspects of the tool. More diversity could therefore lead to a more balanced use of BMC’s functional and cognitive benefits among innovation groups and start-up teams.