In the past year, the standards around Wasm and WASI have started to solidify and become reality. One of the most interesting emerging standards has been the Component Model. Similar to how interchangeable parts dramatically changed manufacturing, Wasm components have the potential to change we build software. However, there is still confusion among those following the growth of Wasm about how the Component Model works and what it can do. Using practical examples, code drawn from recent work on wasmCloud, and the Component Model as a backdrop, this session will explore what the Component Model is, how it works, and how it will change how software is consumed.