Redesigning Business Models for Sustainability: A Stakeholder-Centric Approach

Adopting a business model for sustainability (BMfS) has become an imperative paradigm for promoting a responsible and ethical way of doing business. Over time, literature has extensively explored the fundamental elements that define a BMfS. BMfS is widely recognised as a model that transcends economic value by incorporating the creation of environmental and social value for a wide range of stakeholders. Recent definitions of BMfS indicate that stakeholders are not merely passive value receivers (value creation for stakeholders) but participate in value creation as contributors (value creation with stakeholders). Thus, a business model needs to include a variety of stakeholder groups in order to be sustainable. Through the stakeholder's involvement in the BMfS, organisations can achieve their sustainability goals and always be informed about the needs of stakeholders, creating a positive impact. However, the discussion on this topic is in its early stages. Therefore, further studies are needed to investigate the stakeholder involvement process and how this can be considered an integral part of a BMfS. Therefore, this dissertation aims to understand stakeholder involvement in BMfS, how it can be implemented, and what benefits can be achieved. Following this objective, each paper in this dissertation represents a step in this process. The starting point is a literature review paper that traces the temporal evolution of the stakeholder involvement concept, highlighting the transformations, influences, and interpretations that this concept has undergone over the years. Through case studies, the second, third and fourth papers analyse how stakeholder engagement - considered one of the stages of involvement - occurs at different levels of business maturity (start-ups and mature companies). In the second paper, early stakeholder engagement is considered a key driver in the emergence and development of a networked BMfS in 'born sustainable' companies; in the third paper, proximity dimensions are addressed as new mechanisms to engage stakeholders by overcoming physical distances. The fourth paper studies the benefits of engaged stakeholders' contribution to BMfS. The contribution of this dissertation is twofold. From an academic point of view, it formally contributes to the link between the BMfS literature and stakeholders and how this process takes place from beginning to end. From a practical point of view, it provides best practices for understanding why and for whom to create value, who to involve, how to involve them, where to involve them in the BMfS, and what benefits to obtain from involvement.