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This master’s thesis examined the business model innovation process of circular economy-driven start-ups. The research focused on start-ups which contribute to the progress of the circular economy in the construction industry. The circular economy business models improve resource efficiency by extending the life cycle of materials, which reduces environmental impact. Current trends support such sustainable business models and some companies have already exploited this major business potential. The development of these groundbreaking business models requires extensive collaboration between organizations. Start-ups need other players to support growth, as well as to enable their business models to function. Only a few companies have succeeded in developing lucrative business models that operate in accordance with the principles of the circular economy. The well-established business environment in the construction industry is slowly evolving to support the circular economy. Growth companies should be able to adapt their business models to this systemic change, which requires a wide range of strategic capabilities. The aim of this multiple case study was to identify the success factors of business model innovation, as well as to demonstrate the abilities of start-ups to adopt the use of external resources and competencies in the innovation process. Interviews were conducted to four completely different kinds of start-ups, three expert organizations supporting the start-up business, and four major players in the construction industry who are actively pursuing the progress of the circular economy. A literature review was conducted on the innovation of business models, the characteristics of start-ups' innovations and ecosystems, on the basis of which various success factors were identified from the empirical data. The analysis examined the abilities of different companies to innovate business models and compared results to previous research. Based on the results, a number of different success factors (dynamic capabilities) were identified that allow companies to innovate business models by observing the systemic change. These factors relate to the ability of companies to identify different opportunities, design and modify a business model, and build a business model based on the resources and competencies of the right kind. In particular, companies should monitor and anticipate the needs and developments of the enabling organizations. In addition to value creation and delivering, mechanisms should be identified for value capturing, as it encourages other actors to complement business models, thus contributing to sustainable development. Business models should be developed especially on the basis of the proper strategy, the needs of future customers and the stages of the ecosystem life cycle. Companies can accelerate development by sharing information and jointly developing industry-wide solutions. Through profound cooperation, start-ups can scale their business models, as well as share risks with partner companies. |
