Circular Business Models for the Bio-Economy: A Review and New Directions for Future Research

Wiebke Reim, Vinit Parida and David R. Sjödin
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Wiebke Reim: Entrepreneurship and Innovation, Luleå University of Technology, 971 87 Lulea, Sweden
Vinit Parida: Entrepreneurship and Innovation, Luleå University of Technology, 971 87 Lulea, Sweden
David R. Sjödin: Entrepreneurship and Innovation, Luleå University of Technology, 971 87 Lulea, Sweden

Sustainability, 2019, vol. 11, issue 9, 1-14

Abstract: Circular and bio-economy represents a political and industrial initiative to ensure that our society can rely on renewable biological sources while achieving economic growth. However, there is a need to critical review how realistic and feasible such initiatives are towards fulfilling the promised benefits of this economy. The literature on bio-economy often discusses the importance of innovative business models and their role in a successful shift to a bio-economy. Still, much of the discussion that is related to circular business models is fragmented and immature. Therefore, the purpose of this study is to conduct a systematic literature review of circular business model activities and the barriers to a bio-economy. Further, this review provides future research directions for a shift to a bio-economy. This study is based on a systematic review of 42 scientific journal articles and book chapters on a forest-based bio-economy. The business model canvas is used to provide a structured aggregation of the existing circular business models activities being used by the forestry sector. In addition, we develop a framework that describes the barriers to bio-economy-based circular business models and suggest new directions for future research. The study highlights the need for alignment among the elements of a business model as a key condition for its successful implementation in a bio-economy.

Keywords: bio-economy; circular economy; business models; circular business models; forest; literature review (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

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