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- Transformative business models for decarbonization: The case of Web Summit award-winning start-upsPublication . Costa, Evaldo; Bento, Nuno; Fontes, MargaridaABSTRACT: The social demand for decarbonization has placed increasing pressure on businesses to contribute actively to mitigate the risks of a climate disruption resulting from carbon emissions. The development of new business models capable of transforming conventional systems of production and consumption and replacing them with more sustainable alternatives is one critical step towards this goal. This study combines several streams of literature including sustainability transitions and business model theories to investigate the key elements of the business models that have the potential to transform the provision of goods and services in a way that enables the transition to a low carbon society. We investigate the start-ups and relate to the extent to which they avoid, shift or improve the production or consumption of goods and services in a way that significantly reduces carbon emissions. For that, we analyze the start-ups that received innovation awards on the Web of Summit between 2014-2020.
- Transformative business models for decarbonization: the case of Web Summit award-winning start-upsPublication . Costa, Evaldo; Fontes, Margarida; Bento, Nuno; Academic Conferences International LimitedABSTRACT: The social demand for decarbonization has placed increasing pressure on businesses to climate mitigation. The development of new business models capable of transforming conventional systems of production and consumption and replacing them with more sustainable alternatives is one critical step towards this goal. This study combines several streams of literature including sustainability transitions and business model narratives to investigate the key-elements of the business models that have the potential to transform the supply of goods and services in a way that enables the transition to a low-carbon society. We investigate the organizational arrangements in the business activities of start-ups and relate to the extent to which they avoid, shift, or improve the production and consumption of goods and services in a way that significantly reduces carbon emissions. To do this, we analyzed start-ups that received innovation awards and were on the list of finalist’s candidates of the Web of Summit between 2014-2020. The results suggest that start-ups may be in the process of transforming their business models (BM), since a growing trend of transformative projects that adopt integrated business models was identified, e.g., business-to-business-to-commerce (B2B2C), instead of the familiar business-to-business (B2B) and business-to-consumer (B2C) models. The findings also highlighted the role of Industry 4.0, such as artificial intelligence (AI) and machine learning (ML), together with other sustainable elements, as crucial to shortening the gap between design and consumption, leveraging innovative solutions, and transforming the model of business, from start-up. This research emphasizes the importance of transformative business models in the context of decarbonization and contributes to filling a gap in the literature on the elements that drive this transformation. The research is also relevant for policymakers aiming to promote a low-carbon economy by highlighting the levers that can be used to promote transformative pathways through business models.
- How innovations lead to structural change: Elements for a theory of system transformationPublication . Bento, Nuno; Fontes, Margarida; Costa, EvaldoABSTRACT: Accelerating decarbonization to limit global warming to 1.5ºC requires a deep change in the provision and consumption of essential services such as mobility, thermal comfort or substance. It involves the dissemination of several social, technological and institutional innovations across multiple sectors. This contrasts with the traditional perspective in the literature that focuses on specific innovations in a single sector (e.g., solar PV in electricity generation). This research examines the conditions and processes that enable system transformation, here defined as a structural change which have wide social and economic impacts on several sectors (energy, transport, building, industry, food). Building on theories and concepts from economics, innovation and technological change, and sustainability transitions, four main conditions for system transformation emerge: technology; business model; social acceptance; institutions. These conditions underpin processes of system transformation that can be led by demand, supply or coordination. The analysis of two empirical examples (digital convergence and sharing economy) illustrates the explanatory power of this framework and offers insights for improving both the theory and the strategies for deep decarbonization.