Abstract
Aiming for a sustainable business model, circular economy is the main source for innovations. The main objective of this study is to investigate current practices of business model formulated and implemented for bio-based products in order to develop a conceptual framework for a high performing Styrax Benzoin business model. This study examines three cases, namely, the traditional Styrax model, small-business Patchouli model, and Patchouli Refinery Centre model, through in-depth interviews and thick descriptions. These cases were then compared and analysed using a proposed business model framework. Results showed that the first and second models are in dire need of renewal, while the third model exemplifies an integrated value chain model with numerous innovation opportunities. The proposed conceptual framework orchestrates circular business model innovations to create value sustainably.
| Original language | English |
|---|---|
| Title of host publication | ISPIM Connects Salzburg: The Sound of Innovation |
| Publisher | International Society for Professional Innovation Management |
| ISBN (Print) | 978-952-65069-4-4 |
| Publication status | Published - 30 Dec 2023 |
Keywords
- Business model
- business model design
- bio-based product
- circular business model
- circular economy
- governance
- innovation
- resourcebased approach
- transaction economics
- sustainability
