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Towards Sustainable Innovative Business Models

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Abstract

This paper addresses two research questions: (1) How do firms innovate their business models to deal with the economic, environmental and social aspects of sustainability, and their interconnections? (2) How do managers design the process toward more sustainable innovative business models? Starting from the triple-layered canvas as a theoretical framework, a pattern matching technique is used to compare that theoretical pattern to the empirical pattern observed. The study is based on qualitative methods and data from a Spanish company in the wine sector. The findings indicate that the triple-layered canvas is applicable and useful for micro firms, although the process to design sustainable innovative business models might be even more important. A new theoretical model is inferred and proposed to incorporate the perspective of the process of the business model innovations for sustainability, and to add several relevant aspects to make the process more successful. Besides this, non-family firms introducing sustainable business model innovations in their economic, ecological, and social aspects move closer to family firms’ distinctive behavior. Finally, the implications and future lines of research are summarized.
sustainability
Article
Towards Sustainable Innovative Business Models
Carolina López-Nicolás1, *, Jesús Ruiz-Nicolás2and Enrique Mateo-Ortuño 3


Citation: López-Nicolás, C.;
Ruiz-Nicolás, J.; Mateo-Ortuño, E.
Towards Sustainable Innovative
Business Models. Sustainability 2021,
13, 5804. https://doi.org/10.3390/
su13115804
Academic Editors: Francisco
Jose Molina-Castillo,
Noemi Sinkovics and Rudolf
R. Sinkovics
Received: 31 March 2021
Accepted: 19 May 2021
Published: 21 May 2021
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Attribution (CC BY) license (https://
creativecommons.org/licenses/by/
4.0/).
1Department of Management and Finance, University of Murcia, 30100 Murcia, Spain
2Technical Department, University of Murcia, 30100 Murcia, Spain; jesus.rn@um.es
3Department of Marketing, University of Murcia, 30100 Murcia, Spain; enrique.mateo@um.es
*Correspondence: carlopez@um.es; Tel.: +34-868-88-37-62
Abstract:
This paper addresses two research questions: (1) How do firms innovate their business
models to deal with the economic, environmental and social aspects of sustainability, and their
interconnections? (2) How do managers design the process toward more sustainable innovative
business models? Starting from the triple-layered canvas as a theoretical framework, a pattern
matching technique is used to compare that theoretical pattern to the empirical pattern observed.
The study is based on qualitative methods and data from a Spanish company in the wine sector. The
findings indicate that the triple-layered canvas is applicable and useful for micro firms, although
the process to design sustainable innovative business models might be even more important. A
new theoretical model is inferred and proposed to incorporate the perspective of the process of the
business model innovations for sustainability, and to add several relevant aspects to make the process
more successful. Besides this, non-family firms introducing sustainable business model innovations
in their economic, ecological, and social aspects move closer to family firms’ distinctive behavior.
Finally, the implications and future lines of research are summarized.
Keywords:
sustainable business model; business model innovation; wine business; Spain; social
business model; ecological business model
1. Introduction
Today, organizations are being urged to innovate their business models so that they
generate sustainable value on the economic, social and environmental levels. Researchers
have devoted significant attention to business models and business model innovation
in the last decade [
1
]. Despite lacking a unique conceptualization of a business model,
most studies use the definition given by Teece [
2
] (p. 172): “design or architecture of the
value creation, delivery, and capture mechanisms”. Business model innovation refers to
significant changes to the key elements of a firm’s business model and/or the architecture
linking these elements [
3
]. Our time demands new sustainable value be generated [
4
], and
business model innovation can contribute to generating and consolidating this sustainable
value both for established organizations and for new entrepreneurial initiatives [5].
Firms are being encouraged to integrate sustainable innovations into their business
models [
6
]. Practices of sustainability have been associated with family firms due to their
longer-term orientation and social dealing with multiple stakeholders [
7
]. Many innova-
tions seeking more sustainable business models fail [
8
]. The challenge that companies
face to strongly integrate social and environmental objectives into the fundamental way of
doing business is increasingly evident [
9
], especially in non-family firms whose innovative
behavior is different [
10
]. This effort probably implies a comprehensive rethinking of
companies’ business models and a new questioning both of the value that is created and
the way in which it is captured [
11
]. However, the ways in which managers can manage
and design that process is unclear.
Some research attempts have been made to describe a unified perspective on business
model innovation for sustainability [
12
]. One example is the triple-layered canvas by [
13
],
Sustainability 2021,13, 5804. https://doi.org/10.3390/su13115804 https://www.mdpi.com/journal/sustainability
Sustainability 2021,13, 5804 2 of 19
which extends the original economic business canvas model [
14
], a widely adopted frame-
work to support and develop economic business model innovation. The model reflects
two new layers (environmental and social) and highlights the need for horizontal and
vertical coherence within and between the economic, ecological and social layers of a firm’s
business model. However, the generation of sustainable business models is a complex task,
with multiple dimensions for which a sufficient number of success stories have not yet
been documented [
15
,
16
]. Despite the relevance of the business model innovation process
to the success of the firm [
17
], few studies go beyond a simple inventory of business model
components and neglect the specificities of the process behind them. A holistic, systematic,
new approach to business practices is needed in order to deal with sustainable develop-
ment [
18
] and to help hybrid companies facing the challenges and tensions associated with
economic, ecological and social issues [19].
This paper aims to fill this gap by addressing two research questions: (1) How do
firms innovate their business models to deal with the economic, environmental and social
aspects of sustainability, and their interconnections? (2) How do managers design the
process toward more sustainable innovative business models? The study shows in detail
an illustrative case of a successful, sustainable and innovative business model supporting
the theoretical model of the triple-layered canvas proposed by [
13
]. That model has been
applied mainly to large companies like Nespresso worldwide in 2015 [
13
], ignoring the
potential for successful business model innovations for sustainability in smaller firms.
Furthermore, the triple bottom line has been studied in medium and large corporations.
Firm size may influence sustainable business model innovation, and further research is
needed [
20
]. We use a qualitative methodology and pattern matching principles to compare
the predicted conceptual pattern with the observed empirical pattern [
21
]. Specifically,
flexible pattern matching was used due to the exploratory nature of the research design [
22
].
The evidence collected from personal interviews, private information, and public data is
analyzed and confronted with the pattern, and a new proposal is made with regards to the
iterative process through which companies should travel towards sustainable innovative
business models.
Our study contributes to academia and practice in several ways: (1) by analyzing in
detail how business model innovations in one layer provoke changes in the other layers
of the business model; (2) by showing how any company (even our studied case, a small
Spanish firm) can innovate its business model from diverse perspectives other than the
economic dimension, and also by changing the environmental and/or social components
of the business model; (3) by showing that the triple-layered canvas should represent not
only the static picture of the current situation of the firm’s business model innovation
from the three perspectives but also the trajectory over time; and (4) by showing that a
non-family firm introducing business model innovations for sustainability moves closer to
family firms’ distinctive behavior.
2. Theoretical Background
2.1. Business Model Innovation for Sustainability
Business model innovation is defined as “designed, novel, and non-trivial changes
to the key elements of a firm’s business model and/or the architecture linking these
elements” [
3
]. In today’s turbulent environments, the innovation of a firm’s business model
is a must to survival [
23
], a source of a firm’s competitive advantage [
24
], a significant
driver of higher firm performance [
25
], and an effective mechanism to create customer and
social value by integrating environmental, social and business activities [26].
It is well known that innovation is an especially difficult activity, as well being as
costly in economic terms, and it has been recognized for decades as one of the drivers
of organizational growth [
27
]. Innovation can help create unique, novel capabilities in
organizations which may be difficult to develop, and that may therefore enhance new
competitive advantages [
28
]. Innovation applied to sustainable development can also
Sustainability 2021,13, 5804 3 of 19
provide companies with valuable resources that help them develop new competitive
advantages [29].
All business models are susceptible to being modified over time, and in fact, this is
one of the fundamental courses of action to introduce innovations in favor of improving
sustainability in organizations [
12
]. Innovation in business models has recently become
an efficient manner to achieve the objective of integrating the values, actions and results
associated with sustainability in the business operations of companies [
26
]. A conventional
business model aims to achieve customer satisfaction, ensure regulatory compliance and
achieve the economic benefit of the organization [30].
A business model for sustainability can be defined as “supporting voluntary, or mainly
voluntary, activities which solve or moderate social and/or environmental problems” [
26
]
(p. 112). Three elements are stated to be required in order to move from a business model
to a sustainable business model: sustainable values, pro-active multi-stakeholder man-
agement, and a long-term perspective [
7
]. Practices of sustainability have been associated
with family firms due to their longer-term orientation and social dealing with multiple
stakeholders [
6
]. Non-family firms show different innovative behaviors [
9
] which may
affect the modifications implemented to innovate their business models for sustainabil-
ity. Sustainable business models are given a greater capacity to obtain achievements that
generate an impact of a social or environmental nature [
9
], and this may be due to the
fact that they transcend the customer orientation of conventional business models because
they pursue a positive impact on a greater number of stakeholders, on society and on
the environment [
30
]. Its implementation means the achievement of beneficial effects on
the business that, in any case, can always be evaluated, measured and discussed within
the organization.
Thus, the research shows that sustainable business model innovation constitutes one
of the fundamental change processes that companies need to apply to their activity, and
even their very purpose, in order to broaden their prospects for improvement in multiple
areas [
31
,
32
]. This process of improvement through innovation affects the development of
new value proposals, value creation, delivery networks and value capture procedures [
2
].
In fact, action networks must be expanded to reach governments, customers, companies,
charities, suppliers, partners, or any other type of organization [
6
]. Innovation in sustain-
able business models, therefore, aims at an action that transcends the company and puts its
focus beyond its organizational borders, assuming that it will be necessary to interact with
networks of stakeholders not only because the developed business model affects them but
also because those stakeholders will also contribute to it [9].
Sustainability is one of the fundamental elements for organizations and for the devel-
opment of their businesses [
33
]. Likewise, it is verifiable that it not only constitutes a core
element of their activity but also represents an opportunity to grow and transition towards
new paths in organizations [
34
]. The discipline of business strategy and management is
gradually incorporating the development of sustainability as one of its long-term postu-
lates, rethinking the theoretical and practical foundations of strategic management [
35
]
and giving rise to new and interesting lines of work and research [
36
]. Besides this, run-
ning sustainable development activities provides organizations with especially valuable
resources that may bring the opportunity to develop new competitive advantages, as well
as to generate “radical new ideas for products, services, and business models ” [
29
] (p. 15).
The literature on sustainability includes a multitude of new proposals related to the
archetypes of sustainable business models [
20
,
35
,
37
41
]. Circular business models are one
of them [
42
]. However, the problem of determining how the development of innovation
inside organizations can lead to more sustainable societies remains unresolved [
43
]. Al-
though it seems clear that a more sustainable society cannot be achieved without significant
changes in companies, it is not clear enough how social, economic and environmental
policies, and interactions among them, will be deployed and integrated within organiza-
tions [44].
Sustainability 2021,13, 5804 4 of 19
One of the research focus points has been to analyze the different mechanisms that
explain the degree of integration accredited by organizations between the management
of their environmental activities and their economic performance [
44
]. The integration of
environmental management processes into the business model fosters multiple benefits of
a strategic nature, such as reducing inefficiencies caused by divergent objectives, enhancing
value creation, and improving the visibility of organizations [45].
It is known that more innovative work approaches, based on business models in
general or on product-service systems in particular, allow organizations to lead their
activity to obtain greater environmental benefits [
46
,
47
]. Sustainable business models take
into consideration different perspectives of sustainability itself, fundamentally at social and
environmental levels, in order to integrate them with the strategic and economic objectives
of the organizations [
42
]. This integration is carried out both in companies themselves and
in the value networks in which they participate [
12
]. The so-called triple bottom line is
generally used to evaluate their performance [20].
Additionally, the triple-layered canvas by [
13
] proposes a model to design innovative
and sustainable business models by complementing the economic traditional canvas given
by [
14
], with two additional perspectives: the environmental layer and the social layer. The
combination of these three layers leads to the more effective capture of the way an organi-
zation generates value at different levels, i.e., at the economic, social, and environmental
levels [
13
], as they represent the three basic pillars of sustainability. The triple-layered
canvas is recognized as a significant contribution to the field of sustainable business model
innovation [
48
]. In fact, both scholars and practitioners have already paid attention to the
development of business model innovation through the triple-layered canvas, because it is
a practical tool with a small learning curve, contributing to the development, visualization
and communication of sustainable innovations in the business model [49].
The use of tools such as the triple-layered canvas provides special utility to obtain
a more comprehensive view of the business model, as well as to facilitate the creative
process that can lead to the innovation of the business model and make it more sustainable.
This tool provides two new analysis dynamics, horizontal coherence (within each layer)
and vertical coherence (across different layers), and contributes to research on sustainable
business models by incorporating sustainability-related issues as part of the business model
innovation process [13].
By reflecting the life cycle and the stakeholder dimensions together with the economic
perspective, the triple-layered business model canvas is a tool that is used to investigate
and explore the innovation of sustainability-oriented business models. The ecological and
social issues are further explained in the next section and will be analyzed in the case study
research later.
2.2. Environmental and Social Issues for Sustainability
According to [
50
], issues of social and environmental impacts are increasingly being
considered in organizations. However, these authors also express their concern about
the existence of impediments in the definition of business models that could limit the
further development of sustainability in companies. It is true that the interest of companies
in sustainable development has increased significantly, and that those companies have
been moderately successful in enhancing their efficiency in environmental matters, but
this achievement is overshadowed by the greater growth in their activity and production,
which inevitably entails a greater environmental footprint [
51
]. Thus, organizations are
called upon to consider the environmental and social perspectives of their business models,
along with their economic performance, in order to achieve sustainability. For instance, [
13
]
propose the triple-layered canvas, which consists of the economic, environmental and
social layers of a firm’s business model.
Regarding the environmental issues, it is becoming increasingly clear that there is a
growing need for the more efficient use of resources and materials [
52
]. The capacity of
our planet is being exceeded, and this is causing various environmental problems [
53
,
54
].
Sustainability 2021,13, 5804 5 of 19
The reasons could be multiple, but according to [
55
], companies are primarily responsible
for problems of both environmental and social nature, and are therefore also the main
responsible actors for the lack of sustainability that current society evinces [55].
The potential benefits that can be derived from the introduction of environmental
policies or practices in organizations are [
56
]: better access to certain markets; differentiating
products; selling pollution-control technology; risk management and relations with external
stakeholders; the costs of material, energy and services; the cost of capital; and the cost
of labor.
Among the organizations that voluntarily undertake the adoption of measures or
policies of an environmental or social nature, it is obvious that some do so solely because of
their obligation to comply with legal precepts. Those that go beyond what the legislation
requires of them show that they have a certain extra motivation, probably because they
expect that such investment in sustainable developments will bring them some compet-
itive advantage, economic benefit, greater visibility in the market, or a better corporate
image [51].
In recent years there has been a progressive understanding of how new technologies
and activities of a social nature contribute to making societies more and more sustainable.
To some extent, this is due to a rapid expansion of the research on sustainable innovations
over the past two decades [
6
]. The result of the accumulated research implies a greater
knowledge of the factors that favor the development of sustainable innovations, such
as the regulation or characteristics of organizations, as well as a study of the interaction
between different elements related to innovation and society, and that can lead to the
difficult transformation of new ideas into real products and services [
57
]. For instance, [
58
]
assessed social sustainability in the construction sector.
Despite the importance and value of the social issues of firms’ innovative business
models, few social benefits are monetized or considered in corporate analysis, mainly due
to the scarce incentives for firms to adjust their business models to social regulations and
frameworks [
59
]. Besides this, measuring the benefits in the environment, economy, and
society of business model innovations is difficult [12].
In addition, interconnections between the three layers (economic, ecological and social)
exist. For instance, changes in a firm’s business model due to environmental issues may
affect social factors as well [
59
]. In other cases, the sustainability of the business model
becomes overfocused on environmental issues, dodging social and economic layers [
60
].
This is why an appropriate combination of economic, environmental and social issues in
business model innovation for sustainability is needed [
12
,
13
]. The question is, therefore,
how to get to the required balance between those diverse aspects, and how innovations
in the economic, ecological and social layers can leverage value for the firm. Illustrative
cases of organizations working to successfully encompass the three issues can contribute
to assist managers in doing so.
3. Materials and Methods
The empirical study used is based on qualitative methods. Due to the explorative
nature of the phenomenon and the type of research questions used, the case study research
methodology is the most appropriate. This method may offer insights that might not
be achieved with other approaches [
61
]. Rather than making statistical generalizations,
our intention is to deeply understand each firm individually [
62
], collecting evidence
from different sources and analyzing the preliminary theoretical framework within each
individual case. Moreover, case studies can be a useful tool for the preliminary, exploratory
stage of a research project [6163]. A summary of the method is detailed in Table 1.
Sustainability 2021,13, 5804 6 of 19
Table 1. Summary of methodology used.
Methodological approach
Qualitative exploratory research
Content analysis
Pattern marching
Technique Case study
Number of cases One
Case selection Purposive sampling
Theoretical sampling strategy
Field work Interviews: February-April 2021
Secondary data: February–April 2021.
Primary source of information In-depth interviews with the CEO
Instrument used Case study protocol
Semi-structured questionnaires
Number and duration of interviews Three interviews
70 min, 53 min, 55 min.
Main topics of the interview
Economic business model and business model innovations
Business model and business model innovation: ecological and social layers
Interconnections between the three layers
Process of decision making toward sustainable innovative business models
Setting and data collection
Interviews conducted at the workplace and videoconferencing
Interview guide provided in advance
Field notes by authors during and after interviews
Additional/missing/incomplete information requested after the interviews
Data analysis Authors classified, categorized and analyzed information
Key informant participated by checking and combining perspectives with researchers
Secondary sources of information Public data: website, presentations, press news, regional TV and radio media, events.
Private data: sales volume, products catalogues, observation.
Case studies as a research method have traditionally been viewed as lacking rigor and
objectivity when compared with other social research methods [
61
]. For that reason, special
attention to the research design and implementation stages has been paid in our research.
Before collecting the data, a case study protocol was prepared, containing the instrument,
procedures and general rules that should be followed in collecting and analyzing the
evidence from the cases. This protocol was established by researchers working in the frame
of a European research project (H2020) and approved by the European Commission. The
project was a three-year research action aiming at understanding and supporting BMI
in SMEs. The case study protocol is essential when using a multiple case study because
it is a major tactic in increasing the reliability of case study research and is intended to
guide the investigator in carrying out the case study [
63
]. Although the European project
consisted of dozens of cases, the case company studied here is only one. Qualitative
research based on single cases allows greater depth [
64
], opportunity for unusual research
access to revelatory cases [
63
], and extensive description and analysis for theory refinement
or extension [
62
,
64
]. One single case may be a very powerful illustrative example and
the preferable methodology in this context [
65
]. The selection of the case is based on
purposive sampling resting on the researchers’ judgments aligned with the research goal.
Therefore, the theoretical sampling strategy was used to make sure that the selected firm
was particularly suitable for studying and illuminating the specific phenomenon under
analysis, as other researchers recommend [62].
Following the detailed protocol, a team of researchers collected evidence from different
sources: semi-structured interviews and questionnaires addressed to the management
team, observation, archival data and documents provided by firms. The triangulation of
data from multiple sources was used because that technique is essential in organizational
Sustainability 2021,13, 5804 7 of 19
diagnosis [
66
] and reduces respondent bias [
67
]. The analysis results were shown in a
draft report that the key informants (interviewees) reviewed. This tactic increases the
construct validity.
The data from the studied case was gathered by conducting individual, in-depth
interviews with the CEO, i.e., the person with the most experience in management, the
strategic domain, and innovation. Three interviews were performed, and the average
duration of the interviews was 60 min, ranging from 53 to 70 min. According to the
research model, the information was collected using open questions with regards to the
changes the company has made on different components of its business model, as identified
by the literature [
3
,
13
,
14
,
68
]. In addition, other sources of evidence were used, as explained
earlier in this section, in order to increase the rigor of the qualitative methodology.
Data analysis is based mainly on content analysis and the pattern matching approach.
Regarding the content analysis, no software (e.g., MaxQDA or NVivo) was used to code
and analyze the qualitative interviews and responses to the questionnaire because only
one case was studied. The researchers did, however, follow a systematic analysis of the
evidence collected from triangulated sources. The information of the selected case was
classified according to a set of categories extracted from the literature, the conceptualization
of business model innovation, and the triple-layered canvas by segmenting the data into
units and rearranging them into categories that facilitated insight, comparison, and the
development of the theory [
69
]. The manager of the studied company participated in
checking some steps of the analysis and categorization so that the perspectives of the
informant and researcher could be combined, thus increasing the rigor and quality of the
qualitative research [
70
]. Additionally, we used pattern matching which “involves the
comparison of a predicted theoretical pattern with an observed empirical pattern” [
21
].
This approach is especially appropriate for single-case studies [22].
The studied case was a Spanish importer of European wine brands and an exporter
of Spanish wines, with its own brands from four different Designations of Origin (Rioja,
Jumilla, Alicante, La Mancha). They also sell Spanish food specialties (Tapas & Gourmet
Catalogue). The firm, created in 2014, introduced several innovations into its business
model in the last five years. The company has eight employees, and its turnover last
yearwas
900,000. The sales volume comes from retail (including the Horeca channel),
internationalization, regional distributors and e-commerce.
4. Results
In the interviews, the studied firm stated that it is highly customer-centric, with a
business model centered on very close customer relationships and a value proposition
oriented to providing clients with (personalized) solutions to their problems. The CEO
described the following (note: Horeca refers to the segment of hotels, restaurants, and
cafébars):
We have approximately 70% of sales from retail, we decided to go for this channel
because it was where I came from with more contacts and experience after my years at a
multinational group of beverage distribution, as well as being the channel that allowed us
to work with more payment guarantees and lower marketing structure costs. The difficult
part of this strategy is to enter, to know how to get to Key Accountants (there are many
companies that get lost because they do not know how to handle negotiations with large
supermarkets in terms of promotional concessions and commercial approaches, especially
Trade Marketing). The positive thing is that once you enter, volumes are generated, and
you can start working with sales planning. The Horeca channel is more unstable (imagine
if by chance there is a pandemic!). It also requires more sales structure, sales force, more
prospecting, travel expenses, representation expenses, etc. Another 20% of sales come from
the internationalization of the company. These are sales to importers who represent us in
other countries. (Germany, Mexico, Brazil, Nigeria). Classic export formula, an importer
comes to us and we sell him by 20” containers (14,000 Bottles approx.) per shipment. The
importer in the destination market buys in bulk and then resells to supermarket chains
Sustainability 2021,13, 5804 8 of 19
and/or regional distributors. The last 10% comes from regional distributors within Spain
(Mallorca, Ibiza, Malaga, Madrid) and also from Ecommerce, wine clubs specialized in the
online channel. The latter, together with exports, is where the company has identified its
sales growth channels for the next few years.
The company sells and distributes products that are produced by their allies (vine-
yards). Reliance on critical partners is especially relevant in this case to obtain wines of
the highest quality. Competition is fierce, and each value proposition is somehow related
to competitors’ offerings. Although the wine industry is formed by many producers, the
CEO is optimistic:
. . .
There are many competitors in this sector, especially in the production sector.
However, the company has a lot of experience in the wine sector. I have been working for
many years in this industry before creating my own company.
The firm’s competitive strategy is differentiation based on customer relationships,
product quality, uniqueness, innovation, and exclusiveness. Its corporate strategy is growth
based on product development and market development. The CEO stated that:
. . .
Despite the Covid-19 pandemic, we had a very good year, much better than our
competitors because of our multifocal approach. In 2020, the company’s sales increased.
The decisions and innovations made by the firm in each component of the economic,
environmental, and social layers of the case’s business model are shown in Figures 13.
The business model innovations are presented in the boxes with highlighted colors.
Sustainability 2021, 13, x FOR PEER REVIEW 8 of 19
us in other countries. (Germany, Mexico, Brazil, Nigeria). Classic export formula, an im-
porter comes to us and we sell him by 20 containers (14,000 Bottles approx.) per ship-
ment. The importer in the destination market buys in bulk and then resells to supermarket
chains and/or regional distributors. The last 10% comes from regional distributors within
Spain (Mallorca, Ibiza, Malaga, Madrid) and also from Ecommerce, wine clubs specialized
in the online channel. The latter, together with exports, is where the company has identi-
fied its sales growth channels for the next few years.
The company sells and distributes products that are produced by their allies (vine-
yards). Reliance on critical partners is especially relevant in this case to obtain wines of
the highest quality. Competition is fierce, and each value proposition is somehow related
to competitors’ offerings. Although the wine industry is formed by many producers, the
CEO is optimistic:
There are many competitors in this sector, especially in the production sector. How-
ever, the company has a lot of experience in the wine sector. I have been working for
many years in this industry before creating my own company.
The firm’s competitive strategy is differentiation based on customer relationships,
product quality, uniqueness, innovation, and exclusiveness. Its corporate strategy is
growth based on product development and market development. The CEO stated that:
Despite the Covid-19 pandemic, we had a very good year, much better than our com-
petitors because of our multifocal approach. In 2020, the company’s sales increased.
The decisions and innovations made by the firm in each component of the economic,
environmental, and social layers of the case’s business model are shown in Figures 1–3.
The business model innovations are presented in the boxes with highlighted colors.
Figure 1. Economic canvas of the studied case.
Figure 1. Economic canvas of the studied case.
Sustainability 2021,13, 5804 9 of 19
Sustainability 2021, 13, x FOR PEER REVIEW 9 of 19
Figure 2. Environmental canvas of the studied case.
Figure 3. Social canvas of the studied case.
4.1. Research Question 1: How Do Firms Innovate Their Business Models to Deal with the
Economic, Environmental and Social Aspects of Sustainability and Their Interconnections?
The original economic business model consisted of a value proposition dealing with
providing customers with a unique, exclusive experience through the taste of high-quality
wines. Distributors were needed especially for international trade, and the company
needed to invest heavily in the relationships with distributors in order to reach the highest
number of clients possible. As the CEO explained above, the customer segments were
mainly retail (including the Horeca channel), followed by international and end-users
who bought online from the company webshop. For the creation of value, the firm de-
pends on vineyards and captured value from product sales in those segments.
Usually, innovation occurs in several product lines, such as gourmet foods, wine and
other products. The product range is in constant development, launching new products
and incorporating wines into the product catalogue. Different products are in diverse
lifecycle phases. The CEO highlighted the launch of the first vegan wine certified in the
industry and market in 2016. Although nowadays there are hundreds of vegan wines of-
fered in the Spanish market, five years ago the studied firm launched the first vegan wine
Figure 2. Environmental canvas of the studied case.
Sustainability 2021, 13, x FOR PEER REVIEW 9 of 19
Figure 2. Environmental canvas of the studied case.
Figure 3. Social canvas of the studied case.
4.1. Research Question 1: How Do Firms Innovate Their Business Models to Deal with the
Economic, Environmental and Social Aspects of Sustainability and Their Interconnections?
The original economic business model consisted of a value proposition dealing with
providing customers with a unique, exclusive experience through the taste of high-quality
wines. Distributors were needed especially for international trade, and the company
needed to invest heavily in the relationships with distributors in order to reach the highest
number of clients possible. As the CEO explained above, the customer segments were
mainly retail (including the Horeca channel), followed by international and end-users
who bought online from the company webshop. For the creation of value, the firm de-
pends on vineyards and captured value from product sales in those segments.
Usually, innovation occurs in several product lines, such as gourmet foods, wine and
other products. The product range is in constant development, launching new products
and incorporating wines into the product catalogue. Different products are in diverse
lifecycle phases. The CEO highlighted the launch of the first vegan wine certified in the
industry and market in 2016. Although nowadays there are hundreds of vegan wines of-
fered in the Spanish market, five years ago the studied firm launched the first vegan wine
Figure 3. Social canvas of the studied case.
4.1. Research Question 1: How Do Firms Innovate Their Business Models to Deal with the
Economic, Environmental and Social Aspects of Sustainability and Their Interconnections?
The original economic business model consisted of a value proposition dealing with
providing customers with a unique, exclusive experience through the taste of high-quality
wines. Distributors were needed especially for international trade, and the company
needed to invest heavily in the relationships with distributors in order to reach the highest
number of clients possible. As the CEO explained above, the customer segments were
mainly retail (including the Horeca channel), followed by international and end-users who
bought online from the company webshop. For the creation of value, the firm depends on
vineyards and captured value from product sales in those segments.
Usually, innovation occurs in several product lines, such as gourmet foods, wine and
other products. The product range is in constant development, launching new products
Sustainability 2021,13, 5804 10 of 19
and incorporating wines into the product catalogue. Different products are in diverse
lifecycle phases. The CEO highlighted the launch of the first vegan wine certified in the
industry and market in 2016. Although nowadays there are hundreds of vegan wines
offered in the Spanish market, five years ago the studied firm launched the first vegan
wine with an official certification within the Spanish industry. The new value proposition
included the vegan wine for a new market segment that had been long neglected in the
wine industry: vegan people. This business model innovation provoked major changes in
other economic components. New partnerships with vegan wine producers were required
and key resources were committed to the new product and segment. The cost structure and
income stream were not affected. This innovation in the firm’s economic business model
was considered successful in terms of sales volume, growth, awareness in the new market
segment (specialization) and differentiation against competitors. As the CEO said:
. . . We became unique.
As a result, the business model innovations in the economic perspective resulted in
higher sales volume, and also improved strategic flexibility. The CEO summarised that
issue as follows:
. . .
After the business model innovation process, we are better able to identify innovation
opportunities, commit resources to new courses of action. In fact, the new segment also
brought the opportunity to increase the number of product lines.
The ecological aspects of the business model of the firm are presented in Figure 2. The
studied case was proud of offering a high-quality product with no contaminating elements.
No plastics were used as the bottles were made of glass, which is sustainable, infinitely
recyclable and environmentally friendly, making customers’ experience a hygienic and
natural use of the products and maintaining the wine quality at the highest level.
The distribution of the offerings in trucks and container ships has, however, an
important ecological cost. One of the innovations that is currently being introduced is a
new bottle made of a special glass which lighter and more environmentally responsible as
the transportation of the products will have a lower ecological impact and the functional
value will be greater.
One business model innovation mentioned in the economic canvas, the launch of the
first certificated vegan wine, had an effect on the environmental perspective of the firm’s
business model. The interviewee stated:
. . .
Vegan consumers seem to be more motivated by sustainability, by preserving nature
from animals.
Therefore, there is an interrelation between the economic and environmental layers.
Additionally, the CEO states that:
. . .
We already sell organic wine provided by a winery in Jumilla using no pesticides.
Currently, we are starting a collaboration with the local university for developing a
certificate of non-genetically modified wine which is promising for the European wine
industry and market.
The environmental innovations in the firm’s business model are seen as especially
relevant, and a significant impact on ecological cost reduction is expected. It is too early,
though, to measure the exact impact of the new bottle.
The company has long been highly committed to local vineries, a member of the
city’s chamber of commerce, and affiliated to diverse social initiatives such as Camino
de la Cruz (routes for pilgrims from all over Spain to the Jubilee city of Caravaca de la
Cruz) or the Rotaract project “A wine, a smile” in collaboration with the Rotary Club in
the city. The regional media have echoed the firm’s dedication to the development of
the region. Recently, the company modified its social business model by signing a new
strategic alliance with a hundred-old winery located in an area of special environmental
sensitivity. They have embarked on a project to reorganise the cellar, improve the control
of the historic product, reorganize the pipes, protect its organoleptic properties, and launch
Sustainability 2021,13, 5804 11 of 19
of its new brand, which is being developed by the studied case that will internationalize
the brand. This business model innovation aims to highlight the extraordinary heritage of
the winery and the effort to maintain and update this tradition of the culture of the region.
Additionally, this project includes reforesting old lands where a unique type of grapes
grow to make a special wine, Louis XIV, named after the French monarch who was among
the most famous followers of Fondillón wine. The alliance with that hundred-year-old
winery does not only intend to exploit this discovery but to keep it alive, cultivating old
Monastrell wines and making wine suitable for Fondillón, protected by the DO, which
feeds those old soleras as it has for a century.
Moreover, collaboration with the local university is becoming stronger, and the studied
firm organizes events with researchers and society to transfer their expertise and scientific
results with the local community. Various local media (TV, radio, and newspapers) usually
release pieces of news on those events, highlighting the firm’s participation in a new session
of the university “wine club project” with the objective of disseminating the culture of
grapevines and wine among interested people. The company stated that they prefer to
work with local researchers and contribute to their academic careers, instead of working
with more salient professors who do not know the singularities of the local environment
and community.
Another innovation, coming from the economic canvas, was the launch of the first
vegan wine, thus targeting a social group and a customer segment that had been long
ignored with regard to wine products.
Additionally, with regards to employees as a social element of the firm’s business
model, the CEO explained that:
We help employees in balancing work-family life, support regular training of the workers
in new technologies and activities. For instance, we are now using lean management
among office employees, and before the implementation, workers were trained in this way
of doing things.
With regards to the interconnections between the layers, Figure 4represents the
chronological steps of the firm’s journey to sustainability by highlighting the innovations
made in each layer (blue = economic, green = ecological, and yellow = social) over time.
The bold square represents the new changes incorporated.
Sustainability 2021, 13, x FOR PEER REVIEW 11 of 19
Additionally, this project includes reforesting old lands where a unique type of grapes
grow to make a special wine, Louis XIV, named after the French monarch who was among
the most famous followers of Fondillón wine. The alliance with that hundred-year-old
winery does not only intend to exploit this discovery but to keep it alive, cultivating old
Monastrell wines and making wine suitable for Fondillón, protected by the DO, which
feeds those old soleras as it has for a century.
Moreover, collaboration with the local university is becoming stronger, and the stud-
ied firm organizes events with researchers and society to transfer their expertise and sci-
entific results with the local community. Various local media (TV, radio, and newspapers)
usually release pieces of news on those events, highlighting the firm’s participation in a
new session of the university “wine club project” with the objective of disseminating the
culture of grapevines and wine among interested people. The company stated that they
prefer to work with local researchers and contribute to their academic careers, instead of
working with more salient professors who do not know the singularities of the local envi-
ronment and community.
Another innovation, coming from the economic canvas, was the launch of the first
vegan wine, thus targeting a social group and a customer segment that had been long
ignored with regard to wine products.
Additionally, with regards to employees as a social element of the firm’s business
model, the CEO explained that:
We help employees in balancing work-family life, support regular training of the workers
in new technologies and activities. For instance, we are now using lean management
among office employees, and before the implementation, workers were trained in this way
of doing things.
With regards to the interconnections between the layers, Figure 4 represents the
chronological steps of the firm’s journey to sustainability by highlighting the innovations
made in each layer (blue = economic, green = ecological, and yellow = social) over time.
The bold square represents the new changes incorporated.
Figure 4. The studied firm’s journey to sustainability.
4.2. Research Question 2: How Do Managers Design the Process Toward More Sustainable
Innovative Business Models?
The empirical study also focused on understanding how the company is designing
the different changes and modifications to the three perspectives of its business models.
The CEO explained the following:
The changes mentioned are management decisions, I take all these types of decisions, as
they are strategic, in economic terms, any approach that may arise, I devise it and then
I look at it tactically and in terms of implementation with each person responsible for the
affected area to see if it is viable. It must be like this, even if we are few, as it implies more
work for each area and I always have to see if it can be implemented or not, the current
structure of the company is tight in terms of personnel, as the budgets are tight from one
year to the next.
Figure 4. The studied firm’s journey to sustainability.
4.2. Research Question 2: How Do Managers Design the Process toward More Sustainable
Innovative Business Models?
The empirical study also focused on understanding how the company is designing
the different changes and modifications to the three perspectives of its business models.
The CEO explained the following:
The changes mentioned are management decisions, I take all these types of decisions, as
they are strategic, in economic terms, any approach that may arise, I devise it and then I
look at it tactically and in terms of implementation with each person responsible for the
Sustainability 2021,13, 5804 12 of 19
affected area to see if it is viable. It must be like this, even if we are few, as it implies more
work for each area and I always have to see if it can be implemented or not, the current
structure of the company is tight in terms of personnel, as the budgets are tight from one
year to the next.
Hence, some activities, even informally, are recommended for management changes
when a new decision has been made. The CEO usually explains the activities implied in
the change:
. . .
If I need to introduce any of the changes mentioned that involve more people, they
are normally changes that do not automatically result in direct sales and therefore these
jobs are not clearly amortized until after a time when these changes are reflected in the
company’s results.
Often, the CEO questioned himself and his workers about the future of the company:
. . .
Lately I am especially wondering how will the company be in the future? What do
we want to be when we grow up?.
The owner relied on scaling up the method articulated by [
71
73
] for the growth of
the firm, and usually gave much thought about the four components of that tool (namely:
people, strategy, execution, and cash) to make decisions with regards to the design of the
firm’s business model innovation and sustainability.
Continuous questioning about its identity and future has led and will lead the firm to
include more nonprofit purposes in the ecological and social layers of its business model,
without leaving behind the economic perspective. The CEO stated that:
The company is not an NGO, but in our case, the management is clear that being updated
in terms of ecological, social, etc. is a necessary and an advantage to be shown as a current
company and with projection, in addition, we work with large customers in which we
have to be aligned in these terms. Furthermore, what we explain at the University, and
what I put a lot of emphasis on with the kids, which is Marketing that is concerned not
only with the consumer but with society as a whole, is going to be key for companies in
the medium term. The consumer is going to force all companies to make this adaptation,
the first large companies to implement it are the big ones, and then behind them, whether
they are convinced or not, the SMEs will follow suit. It is a change produced mainly
by the incessant growth of consumer power in their ability to give their opinion and
co-create products and services thanks to the technological change of the digitalization of
the economy.
The process toward innovative and sustainable business models within the company
is also supported by lean management concepts. The CEO said that:
. . .
Last year we began to use lean management among the five office employees, and it
is working so well.
As mentioned earlier, the interviewee insisted that:
. . .
.After the business model innovation process, we are better able to identify innovation
opportunities, commit resources to new courses of action.
Finally, the use of the triple-layered canvas, as explained in this paper, was a useful
experience for the company to identify the three perspectives of its business model. In the
words of the CEO:
. . .
.The scaling up method we usually trust on is a bit limited with regards to the
ecological and social aspects pursued by a company like most, looking for profit.
5. Discussion, Implications and Future Research
5.1. Findings Discussion
The firm is an example of companies following a pivoting business model innovation
strategy, as the company refined its original economic business model by changing the value
Sustainability 2021,13, 5804 13 of 19
creation and/or value capture dimensions, instead of making significant modifications to
their unique value proposition [
72
]. The studied case illustrates a focused business model
innovation [
3
] because the changes in its economic business model are new to the industry
and only affect two business model components. This is a low-complexity business model
innovation [
68
]. The studied firm made modular changes in its value offering by focusing
on wine and launching the first vegan wine certified in the country, meaning that this type
of innovation is new to the industry. The vegan wine enlarged and enriched the value
proposition, and is targeted towards a new market segment (vegan consumers) which has
been ignored by the wine industry in the past. No changes occured in the other value
proposition elements. The value capture mechanisms suffered no changes due to the
implementation of the economic business model innovations. The case is illustrative in the
sense that the firm succeeded in its product innovation and launched the first vegan wine
with certification. This contrasts with the idea that the wine industry is characterized by
core products remaining unchanged for hundreds of years [73].
Meeting vegan users’ needs was the primary external aim of this business model
innovation, together with looking for specialization and differentiation from competitors.
Thus, the innovations in the economic canvas in the studied firm are consistent with its
business strategy. This finding supports the idea that business model innovation and
the firm’s strategy cannot be taken in isolation; otherwise, firm’s competitiveness and
sustainability may be hindered [74].
The reality of the Covid-19 pandemic urges firms to innovate in their traditional
business models and transform themselves digitally [
75
]. The studied firm, however,
introduced economic, ecological and social innovations with no digital transformation,
and achieved very successful performance. This case is a lesson learned about how to
successfully design business model innovations for sustainability without digitalization in
the current era.
With regard to Research Question 1, the pattern matching technique applied shows
that the triple-layered canvas is applicable to and useful for micro firms, such as the one
studied here. The case also illustrates how innovations in the economic perspective of the
firm’s business model happen in parallel to changes in the environmental and social layers
of its business model. Hence, companies pursuing economic objectives can, simultaneously,
make social and ecological changes in their business models toward sustainability, thus
turning into hybrid business models defined as “businesses that pursue social and/or
ecological goals while being guided by a distinct business mindset and some form of
commercial orientation, which follow shared values and principles of sustainability” [35].
As presented in Figures 13, the innovations in the three perspectives show horizontal
and vertical coherence. The evidence collected from the studied case illustrates how the
components and innovations in the economic canvas are consistent with the firm’s business
strategy (differentiation). Furthermore, the elements and changes in the ecological and
social layers of the firm’s business model are sometimes driven by economic business model
innovations which may offer new opportunities to solve social and ecological inefficiencies,
increasing horizontal coherence [13].
In addition, this illustrative case presents a high consistency and alignment between
layers. The business model innovations implemented in the firm occur in the equiva-
lent components in each perspective, as highlighted in the three figures, i.e., the value
proposition, functional value, and social value; or customer segments, use phase, and
end-user. The interrelations between the components and layers of the business models are
illustrated in the studied firms, and were commented upon earlier. Prior research suggests
that business model innovation’s goal is to increase performance through an improved
fit between the business model and the market [
17
], but our findings reveal that the fit
among the three layers of the business model innovation is especially successful to achieve
economic, social and ecological coherence and sustainability. The studied firm usually
revisits its business model to check that the adjustment and coherence are appropriate.
Sustainability 2021,13, 5804 14 of 19
That is a recommended practice to other companies willing to innovate their business
models to gain fit, coherence and adjustment.
The company analyzed here has combined the three elements which are stated to be
required for moving from a business model to a sustainable business model: sustainable
value, pro-active multi-stakeholder management, and a long-term perspective [
8
]. Those
three requirements have been specially identified in family firms of which the innovative
behavior is different from that seen in non-family businesses [
10
]. Therefore, the findings
presented here suggest that when a non-family company focuses on a triple-layered busi-
ness model and introduces business model innovations for sustainability, as the studied
case is doing, then its way of doing business becomes closer to family firms’ behavior,
featuring a longer-term perspective, having relationships with multiple stakeholders, and
being oriented to sustainable value.
Despite prior studies showing that economic issues were ranked as most important,
followed by social aspects and environmental perspectives as the least important [
76
],
the studied firm illustrates how the key to success may rely on the equal importance
placed upon the three layers for sustainable business models, with relevant and coherent
innovations in economic, ecological and social perspectives.
Regarding Research Question 2, the analysis of the evidence collected from the studied
firm suggests that the process to design sustainable innovative business models might be
even more important than the innovation itself, or the elements or layers of the business
model in isolation. By the pattern matching technique, we can infer that the triple-layered
canvas theoretical pattern is somehow limited and does not represent exactly the empirical
pattern observed in the case with regards to the process towards sustainable innovative
business models. Conversely, a new theoretical pattern has been proposed to incorporate
the perspective of the process of the business model innovations for sustainability and to
add several relevant aspects to make the process more successful. The description of the
studied firm regarding the different elements of the process used to design business model
innovations in the three layers shows that the empirical pattern can help in refining the
original theoretical pattern towards a new model in which additional issues are represented
to assist organizations in their initiatives toward sustainable innovative business models
(Figure 5).
Sustainability 2021, 13, x FOR PEER REVIEW 14 of 19
value, pro-active multi-stakeholder management, and a long-term perspective [8]. Those
three requirements have been specially identified in family firms of which the innovative
behavior is different from that seen in non-family businesses [10]. Therefore, the findings
presented here suggest that when a non-family company focuses on a triple-layered busi-
ness model and introduces business model innovations for sustainability, as the studied
case is doing, then its way of doing business becomes closer to family firms’ behavior,
featuring a longer-term perspective, having relationships with multiple stakeholders, and
being oriented to sustainable value.
Despite prior studies showing that economic issues were ranked as most important,
followed by social aspects and environmental perspectives as the least important [76], the
studied firm illustrates how the key to success may rely on the equal importance placed
upon the three layers for sustainable business models, with relevant and coherent inno-
vations in economic, ecological and social perspectives.
Regarding Research Question 2, the analysis of the evidence collected from the stud-
ied firm suggests that the process to design sustainable innovative business models might
be even more important than the innovation itself, or the elements or layers of the business
model in isolation. By the pattern matching technique, we can infer that the triple-layered
canvas theoretical pattern is somehow limited and does not represent exactly the empiri-
cal pattern observed in the case with regards to the process towards sustainable innova-
tive business models. Conversely, a new theoretical pattern has been proposed to incor-
porate the perspective of the process of the business model innovations for sustainability
and to add several relevant aspects to make the process more successful. The description
of the studied firm regarding the different elements of the process used to design business
model innovations in the three layers shows that the empirical pattern can help in refining
the original theoretical pattern towards a new model in which additional issues are rep-
resented to assist organizations in their initiatives toward sustainable innovative business
models (Figure 5).
Figure 5. Proposed theoretical model.
The refined theoretical model extends the extremely limited literature on business
model innovation process toward sustainability and growth by highlighting the im-
portance of doing so in a formal, deliberate and planned way, based on the regular and
constant rethinking of the elements, layers and timing of the business model innovations
within the organization. Most of the existing tools provide limited guidance along with
the specificities of the process toward sustainable innovative business models [8] and
Figure 5. Proposed theoretical model.
Sustainability 2021,13, 5804 15 of 19
The refined theoretical model extends the extremely limited literature on business
model innovation process toward sustainability and growth by highlighting the importance
of doing so in a formal, deliberate and planned way, based on the regular and constant
rethinking of the elements, layers and timing of the business model innovations within
the organization. Most of the existing tools provide limited guidance along with the
specificities of the process toward sustainable innovative business models [
8
] and adopt
a static perspective [
24
]. The effectiveness and efficiency of business model innovation
highly depends on the process [
17
]; hence, it is vital to envision a holistic framework so
that firms can overcome challenges and tension related to hybridity and achieve economic
stability at the same time that they positively impact nature and society [19].
As the firm described, organizational decisions are mainly made by the CEO, and are
then explained to the workers; sometimes, training programs are needed. For business
model innovation, proper internal change management is critical, especially when dealing
with established and mature companies [
17
] and/or when it is desired to reach circular
and sustainable value chains and business models [
42
]. Moreover, this is achieved with
the support of the top management through transformational leadership, proper change
management and high commitment to the change to be made [
77
]. Furthermore, [
17
]
considers that this change management must be professional and prior to the innovation of
the business model for it to be successful. In the studied firm, the CEO has the professional
and academic qualifications to manage and lead the changes related to business model
innovation for sustainability and growth based upon scaling up methods [
71
] and a clear
vision of where he wants the company to be in the future. The use of the triple-layered
canvas might be somewhat overwhelming to any firm at the beginning [
13
]. The studied
company had the guidance and help of the researchers to understand the tool and identify
the components, layers and innovations in its business model for sustainability. Addition-
ally, the evidence reveals that combining lean management principles with sustainability
is another key element to the success of the innovation process under study. This is con-
sistent with the recent research recommending the interplay of lean manufacturing and
sustainability [78].
5.2. Implications
Our study contributes to research and practice in several ways. First, the paper
addressed two research questions which are relevant to academics and managers. The
study described and analyzed in detail the ways in which innovations in one layer provoke
changes in the other layers of the business model. The findings suggest that the economic,
ecological, and social layers should be considered simultaneously when designing business
model innovations for sustainability. The interactive relationships between the three layers
in the bottom line logic have often been ignored in previous studies, undermining the
potential success of firms’ efforts [76].
Another implication is that the present study constitutes an illustrative example
of the use of the flexible pattern matching approach. Conducting empirical research
using qualitative methods proves useful not only to academics but also to practitioners,
and more specifically to managers in the wine industry, by showing them with profuse
detail how a company has successfully implemented sustainable and innovative business
models. Prior research has used quantitative methods with statistical results [
73
], which
may be understood less by practitioners. Additionally, the flexible pattern matching
technique was used, an approach which “allows the interaction of deductive and inductive
components, thus combining rigor with a high level of flexibility” [
22
]. Beginning with the
theoretical pattern represented in the triple-layered business model canvas, the empirical
study showed that the model is applicable and useful to micro firms, but is limited with
regards to the business model innovation process toward sustainability and growth.
Specifically, innovations in the triple-layered business model for sustainability may
also be implemented successfully in micro or small companies, as the studied firm is doing.
Sustainability 2021,13, 5804 16 of 19
To the best of our knowledge, this is the first attempt to apply the triple-layered business
model canvas in a small Spanish firm, which is another contribution of the paper.
The proposed pattern highlights the importance of a formal, deliberate and planned
process, based on the regular and constant rethinking of the elements, layers, and timing of
the business model innovations within the company. The triple-layered canvas proposed
by [
13
] usually represents only the current situation of the company’s business model from
the three perspectives, but not the chronological changes and innovations with regards to
the economic, environmental and social issues of the business model. The present paper
contributes to that idea by analyzing the original elements of the economic, social, and
ecological business model, and the innovations introduced by the firm over time. As a
result, horizontal and vertical coherence is better assessed.
Finally, managers and academics now have detailed evidence on how a non-family
firm introducing sustainable business model innovations in its economic, ecological and
social perspectives moves closer to family firms’ distinctive behavior.
5.3. Future Research Directions
The main limitation of the research is its reliance on a single case. Although the case
selection motivations were articulated in Section 3and several mechanisms were used to
enhance the research rigor and validity, in the future, a multiple case study should be used
in order to compare the evidence presented here with the business model innovations for
sustainability introduced in other companies.
The present study considered the business model innovations for sustainability imple-
mented in a firm in the last five years. However, a proper longitudinal analysis should be
performed in the future in order to understand the evolution of the diverse elements over
time.
Furthermore, recent research has demonstrated that the manager’s gender influences
a firm’s business model innovations [
79
]. Further investigation is needed in companies run
by a female CEO and/or by women in the management team.
Finally, business model innovation for sustainability in family firms and non-family
firms should be compared further in order to confirm our exploratory findings in that
regard.
Author Contributions:
Conceptualization, C.L.-N. and J.R.-N.; methodology, C.L.-N.; validation,
E.M.-O.; formal analysis, C.L.-N. and J.R.-N.; investigation, C.L.-N. and E.M.-O.; resources, C.L.-N.;
data curation, C.L.-N. and E.M.-O.; writing—original draft preparation, J.R.-N. and C.L.-N.; writing—
review and editing, C.L.-N. and J.R.-N.; funding acquisition, C.L.-N. All authors have read and
agreed to the published version of the manuscript.
Funding:
This research was funded by the European Community’s Horizon 2020 Programme (2014–
2020) ENVISION, grant agreement 645791 and by Ministerio de Ciencia e Innovación (Spain), grant
number PID2019-106185GB-I00.
Institutional Review Board Statement: Not applicable.
Informed Consent Statement: Not applicable.
Data Availability Statement: The data presented in this study are available in the article here.
Conflicts of Interest: The authors declare no conflict of interest.
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... Sustainable business-model archetypes have been introduced to develop a common language useful to accelerate both research and practice on sustainability [80,81], and the conception of a sustainable business model has gained momentum and emerged as an evolving field [82]. Literature on sustainability includes a multitude of new proposals related to the archetypes of sustainable business models [83,84], particularly circular business models [85]. Several authors have suggested that sustainable business models can create social and customer value as a consequence of integrating the environment into business activities [84]. ...
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