Agile Modeling (AM) provides a set of best practices of “light-weight” modeling to support the modeling process on a macro level within the agile development teams. At the core of AM is close collaboration with stakeholders which is similar to participative Enterprise Modeling (EM). Hence, the objective of this paper is to analyze the potential of using EM in agile development projects to address some of the existing challenges of agile projects. We analyze the objectives and compatibility of artifacts of AM and EM, compatibility of Agile Model Driven Development and the EM process, as well as the specifics the EM process and the tool support. The discussion is based on Enterprise Knowledge Development method which is a representative of the Scandinavian strand of EM methods.