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The use of an adequate modelling method can substantially reduce the cost and risk associated with a project. Nevertheless, it may be too much effort for many companies to develop high quality conceptual models from scratch. Reference models are generic models of certain domains, e. g. object models or process models, which should have been thoroughly developed according to high quality standards. Therefore, an adequate reference model can reduce development costs tremendously. From an economic point of view, reference models are extraordinarily attractive, since they promise to accomplish two goals, which are usually in conflict: higher quality at lower cost. However, the development of high quality reference models is facing severe challenges. Usually, semantics compromises the chance of reuse: The more specialized a particular model (the more meaning it represents), the higher its convenience of reuse, the lower, however, the chance that it fits a certain case. In order to overcome this conflict, it is required to develop concepts that allow for adapting reference models to individual needs both conveniently and safely. We have developed a number of adaptable reference models, such as object models, strategy models and a library of business process models. Further, the Open Model Initiative examines how to develop reference models collaboratively in an open and public process.