CONFERENCE TRACKS NBM2025

Besides our traditional conference tracks, our conference program will offer specialized workshops with an inter and transdisciplinary approach on Sustainable Business Models.

We are seeking workshop proposals for practitioners that are:

Engaging and interactive: Workshops should be designed to promote active participation from all participants (e.g. hands-on activities, group discussions, ...)

Relevant and timely: Workshops should focus on global challenges - local responses: Scaling up local sustainability innovations and business models to address the SDGs

Informative and educational: Workshops should provide participants with new knowledge and skills that they can apply in their activities.

If you are interested in offering a workshop, please send an email with your proposal to: nbm2025@hi.is

Annukka Näyhä & Irene Kuhmonen, Jyväskylä University School of Business and Economics, Finland

Timber Haaker Saxion, University of Applied Sciences, The Netherlands

Nguyen Hong Quan, Institute for Circular Economy Development, Vietnam National University - Ho Chi Minh City, Vietnam,

Nguyen Cong Thanh, National Economics University, Hanoi, Vietnam,

Milou Derks, Orange Corners and Eindhoven University of Technology, Netherlands

It is widely agreed that diverse organizations, instead of seeking purely economic profits attained through innovations, should increasingly pursue sustainability-oriented innovations which promote environmental and/or social sustainability (e.g. Boons and Lüdeke-Freund, 2013; Adams et al., 2016; Bocken et al. 2019). Further, aligned collaborative efforts by a diverse range of value network actors and stakeholders are needed for sustainable value creation and successful innovation diffusion. For example, circular business models and innovations with networked nature are key levers for implementation of circular economy principles (Antinkainen and Valkokari, 2016). All in all, sustainability transition requires innovative business models and collaboration between diverse organizations as well as between organizations and their stakeholders in diverse business ecosystems, value networks and platforms (Köhler, 2019; Aagaard et al. 2021; Planko and Kramer, 2021; Derks et al., 2022; Näyhä and Wallius, 2024; Nguyen, Haaker, and Le, 2023).

However, in-depth information on the impacts of innovative business models and ecosystems on system-level change is often lacking. Similarly, effects of system structures and the drivers and barriers they pose on sustainable business models requires more knowledge. Transition studies explore large-scale societal transformation towards sustainability, thus offering more systemic and interdisciplinary approaches to management and organizational studies (Markard et al., 2012). Management studies, in turn, when combined with transition perspectives, can illuminate the role of business actors and their agency in transition processes (Köhler et al., 2019). Further, the form that the business models and ecosystems take depends on the societal and business context in which they are to be embedded, such as Global North and Global South. For example, the Global South has informal low-income contexts which are rich in necessity-driven value retaining practices for materials and goods (Korsunova et al., 2022; Muchangos, 2021). While the transition contexts in these regions vary greatly, businesses in both regions are connected to each other through global telecouplings which affect the distribution of both environmental and social sustainability impacts and economic returns, highlighting also the justice aspects related to transition processes (Ramcilovic-Suominen, 2022).

Thus, attuning towards the specific challenges that arise from these contextual settings enhances the opportunities for promoting the role that innovative business models and collaborations can play in sustainability transitions.

This session welcomes studies that combine research on sustainable business models and large-scale, systemic sustainability transitions. The session explores the role of innovative business models and ecosystems in the sustainability transition both in Global South and North.  Bringing together these diverse theoretical and geographical perspectives is a necessity for studying, understanding, and facilitating the sustainability transition in our society. The session is divided into two parts, one of them concentrating on presentations related to Global South, and the other one to Global North. Both sub-sessions ask questions such as the following:

• What kinds of innovative business models and collaboration can improve the capacities of business organizations to promote the sustainability transition?

• What are current developments and examples of sustainable and circular business models in the Global South and Global North?

• How can collaboration between informal, formal and public sector's strengthen sustainability (e.g. circular) activities in the Global North and Global South?

• How do sustainable business ecosystems emerge and how are they hindered? How can they best be stimulated?

• How do the collaboration, dialogue and value co-creation of organizations with their stakeholders facilitate the spread of new ideas through different levels of society?

• How can circular strategies in the Global North and Global South be connected to avoid the ‘circular divide’ (Barrie et al., 2022)?

• How does inter- and transdisciplinary research that combines business models and different perspectives on transitions generate novel insights into the sustainability transition?

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Track chairs: Abel Diaz Gonzalez, Maastricht University (The Netherlands);

Nikolay Dentchev, University of National and World Economy (Bulgaria) and Vrije Universiteit Brussel (Belgium);

Bart Leyen, Vrije Universiteit Brussel (Belgium);

Valery Chistov, Deusto Business School, University of Deusto (Spain)

The ecosystem concept has gained significant attention over the past decade (Audretsch et al., 2018). Ecosystem thinking offers valuable insights into how various stakeholders can align, interact, and collaborate to gain competitive advantage, foster innovation, and enhance business productivity (Adner, 2017; Jacobides et al., 2018). Ecosystems support business growth by leveraging the diversity and complementarity of actors, their interactions, and coordinated efforts to mobilize resources (Neumeyer & Corbett, 2017; Roundy et al., 2017; Spigel & Harrison, 2018). Although there is still a lack of conceptual and theoretical clarity around ecosystems (Wurth et al., 2021), they serve as an ideal unit of analysis for addressing sustainability issues due to their holistic and systemic characteristics (Henriques et al., 2022).

In recent years, world leaders have increasingly advocated for more coordinated efforts to address various global challenges. Organizations like the World Economic Forum (World Economic Forum, 2020) have established supportive structures and programs to help entrepreneurs develop their businesses and increase their impact, offering both financial and non-financial assistance. Despite these initiatives, more cross-sectoral partnerships and support are urgently needed to address complex global challenges effectively.

As we strive to tackle sustainability problems, building well-functioning ecosystems becomes critical (Theodoraki et al., 2017). These ecosystems must prove their capacity to adapt, mobilize flexible and complementary resources (funding, infrastructure, knowledge), and evolve governance structures (Acs et al., 2017), policies (Stam, 2015), boundaries (Audretsch et al., 2019), and interrelationships (Stam & van de Ven, 2021). Ecosystem culture and resilience capacity are equally important (Roundy et al., 2017).

The ecosystem approach is crucial for both large, established businesses aiming to reduce their environmental impact and small, new sustainable ventures. For large businesses, ecosystems offer a platform to collaborate with diverse stakeholders, share knowledge, and access innovative solutions that help them transition to more sustainable practices and reduce their environmental footprint. These ecosystems provide the necessary support for integrating sustainable technologies, adjusting supply chains, and aligning with evolving environmental regulations. On the other hand, for small, new sustainable ventures, ecosystems are equally vital as they provide access to essential resources such as funding, mentorship, and networks, which are often limited for startups. By leveraging these ecosystems, small ventures can collaborate with key actors, foster innovation, and accelerate their growth while maintaining a sustainability focus. Ecosystems help these startups overcome barriers to entry and scale their impact more effectively by tapping into shared knowledge and resources.

This session aims to bring together scholars to discuss their current research on how ecosystems can be developed to support sustainability. Our focus will be on building ecosystems that foster new business models and address emerging global challenges. We welcome papers that explore the importance of ecosystems both for large, established businesses working to decrease their environmental impact, and for small, new sustainable ventures looking to scale their innovations. Papers from various methodological backgrounds, including literature reviews, theoretical, conceptual, and empirical work, are encouraged. These papers can address one or more of the following topics, which is not an exhaustive list:

• How do ecosystems support businesses in reducing their environmental impact and fostering sustainable growth?

• Who are the key actors in ecosystems that support sustainability efforts, and how do they contribute to the success of businesses?

• How do ecosystems evolve to meet the changing needs of businesses pursuing sustainability goals?

• What strategies do ecosystems use to build resilience that supports the sustainability efforts and growth of businesses?

• How do universities contribute to the success of businesses within sustainable entrepreneurship ecosystems?

• How do ecosystems drive the creation of sustainable business models?

• How do ecosystems that support sustainable businesses differ from those designed for traditional, profit-driven enterprises, and what role do sustainability-focused resources play?

• How do ecosystems adapt their structures, resources, and support mechanisms to meet the distinct needs of large firms compared to smaller ventures in their sustainability efforts?

• How do ecosystems tailor their support to meet the diverse needs of businesses pursuing sustainability?

• What causes the failure of ecosystems that support sustainability efforts in businesses?

• What are the key theoretical frameworks that define ecosystems for sustainable businesses, and how do they evolve over time?

• What lessons can be learned from case studies of successful and unsuccessful ecosystems in supporting sustainable businesses?

This track aims to engage a diverse range of contributors, including senior and early-career academics, students, entrepreneurs, and practitioners. This mix of profiles and backgrounds will foster dynamic discussions and provide valuable feedback on the ideas and work presented. The variety of perspectives will enrich the dialogue, encouraging meaningful exchanges that benefit all participants.

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Track chairs: Niels Faber, Hanze University of Applied Sciences, Groningen and University of Groningen (The Netherlands) & Jan Jonker Radboud University Nijmegen, em (The Netherlands). 

Recently, it has become clear that we need to develop innovative and radical solutions to tackle wicked and pressing problems associated with our current, linear economy and the sticky societal arrangements that are formed around it. Limitations of current society to tackle complex challenges become more and more visible. Efforts to address these issues thus far have only resulted in the creation of waste, pollution, depletion, and extreme forms of social exclusion.

A new generation of business models is needed that fosters a transition towards sustainable societies (Derks, et al., 2023; Faber and Jonker, 2023). Since many, if not all, of these problems, stem from how value creation is organised, it calls for a reconceptualization of how the amalgamation of sustainable, circular, inclusive, and restorative business models can bring about radical (system) change.

This track invites contributions exploring how sustainable business models can shape transformation and transitions towards a more sustainable and inclusive society (e.g., Jonker and Faber, 2021; Faber and Witjes, 2024). Problems to be addressed include a mixed and diverse perspective on circularity, sustainability, social well-being, and biodiversity (Rockström et al., 2009; Raworth, 2017). These problems are linked and should be addressed at various levels of aggregation.

For NBM2025@Reykjavík, we want to continue to explore the debate started at NBM2024@San Sebastian on how sustainable business models contribute to shaping transitions towards a more just, more inclusive, and sustainable society. We welcome both empirical as well as theoretical and conceptual contributions. Regarding practice, we are interested in contributions that address the question of where we may find examples of this in practices and/or policies, in which business models are deliberately applied to realize such transition. We are interested to learn what the real and if possible measurable impact of these business models is.

Concerning theoretical/conceptual contributions we are looking for ways in which the foundations and concepts of business models foster transition. How are the connections between the concepts of transition and value creation operationalized and to what effect?

Our concept of business models is not limited by thinking only in concepts based on organizations’ pur-sang. On the contrary, we are convinced that value creation can be shaped through a rich and emerging variety of collective or collaborative business models based on collaboration between diverse stakeholders such as citizens, businesses, and government.

Our ambition is to chair two sessions. The first is on empirical observations and experiences of how business models shape societal transition. The second session will focus on exploring the theoretical and conceptual foundations of business models for transition. All those who submit to this track are cordially invited to join both sessions, present their work, and join the discussions.

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Track chairs:Maya Hoveskog, Halmstad University (Sweden), Laura Michelini, LUMSA University of Rome (Italy), Magnus Holmén, Halmstad University (Sweden), Lauri Paavola, University of Eastern Finland (Finland); Luís Irgang Dos Santos, Halmstad University (Sweden)

This track explores and explains the relation between innovation, AI-related technologies, data-driven business models and ecosystems with sustainability. This track intends to analyze and conceptualize theoretically and empirically the emergence and structure of both firms’ and ecosystems’ value propositions for sustainability. The track focuses on, but is not limited to, the interplay between products and services vs data-driven business models and ecosystems; digitization, digitalization and digital transformation of business models; the development and use of big data and machine learning, the use of generative AI for innovation and decision-making, data acquisition strategies and new business models; the role of digital platforms for business model innovation; methods for developing data-driven business models and ecosystems. A particular focus is placed on AI for data-driven business models for sustainable transformation.

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Track chairs: Sonia Marcos, Universidad de Burgos (Spain), Jaime González-Masip, Universidad Politécnica de Madrid (Spain), Moniek Kamm, Saxion UAS

 This track explores and explains community-based and community-led business models as a new approach to better understand the necessity of bottom-up initiatives for sustainable development. Already community-led and based actions and strategies result in successful new business models to address challenges in communities and rural areas, where the community's interests are closely linked to the preservation of the social capital and environment. Collective and Community-led and based business models can provide new solutions to local needs of communities such as ageing populations, elderly care, lack of essential services, access to affordable housing or integration of vulnerable groups, and spark the development of opportunities in high potential sectors such as food and agriculture, new bio-based value chains and ecosystem services, among others. Communities are intermediate, mediating and moderating environments. The collective context and the collective value proposition profoundly influence the types of entrepreneurship initiatives and businesses and how they are organised, demonstrating the importance of the community context in sustainable entrepreneurship. A particular focus is placed on rural entrepreneurship for sustainable transformation.

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Track chairs: Laura Niessen, Maastricht University (The Netherlands), Matthew Coffay, NHH Norwegian School of Economics (Norway), Sveinung Jørgensen, NHH Norwegian School of Economics (Norway), Lars Pedersen, NHH Norwegian School of Economics, (Norway) & Nancy Bocken, Maastricht University (The Netherlands)

The circular economy is an inspiration to many companies. Yet, established businesses and new ventures alike need significant experimentation to create desirable, feasible, viable, and sustainable business models. While companies have been quite successful at creating business models focused on resource efficiencies and ’narrowing the loop’ and closing the loop through recycling, the more challenging business models focused on regeneration, as well as slowing the loop through strategies such as sufficiency are less commonplace. This track focuses on the cases, practices and tools of experimentation with new circular business model strategies.

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Track chairs: Burcin Hatipoglu, The University of New South Wales (Australia), Silvia Cantele, University of Verona (Italy) and Assunta Di Vaio, University of Naples "Parthenope", (Italy), and Vincenzo Riso, University of Verona (Italy)

This track explores the future directions for developing managerial capabilities and accountability when innovating business models for digital, green, and inclusive transition. Engagement with sustainability and circularity involves integrating ecological and social aspects into products, processes, and organizational structures. Some avenues to explore in this track are governance and the role of boards, leadership, and managerial responsibilities; employee participation in eco-innovation processes; circular and sustainability KPIs and incentives; formal and informal organizational learning; knowledge management; sustainability practices and sustainability or integrated reporting; and creating co-creation opportunities with employees and other stakeholders.

Theories that lend themselves to exploring the managerial side of business model innovations include the resource-based view of the firm, dynamic capabilities, capability view of the firm, stakeholder theory, organizational learning, and sustainability transition frameworks. We invite research that applies some of these theories or proposes unexplored theories to examine how the managerial side of an organization can be developed when organizations innovate their business models.

Some non-exhaustive examples of possible topics included in this track can be:

• Employee engagement in sustainability initiatives (e.g., sharing of common values, co-creation of sustainability innovations)

• The double role of human resources in sustainable business models: as internal stakeholders, beneficiaries of sustainability initiatives (health and safety, training, welfare, etc.), and intermediaries in the relationship between the firm and its external stakeholders (in implementing sustainability initiatives)

• The role of founder/board characteristics in the creation and successful development of new business models for sustainability or in the conversion of more "traditional" BM towards sustainability

• The role of the sustainability manager or sustainability management teams in guiding the organization's sustainability implementation and linking the different business unit managers toward sustainable business models

• The decision-making interlinkages between governance and managerial roles in defining, implementing, and monitoring sustainability strategies and initiatives.

• The use of frameworks and tools (e.g., sustainability plans, scorecards, KPI dashboards, canvas.) to align the sustainability strategies with the sustainable business model components, the implementation of firm initiatives, and managers' objectives.

• How management control systems change in sustainable business models and the role of controllers as enablers of both financial and sustainability objectives.

• The relationship between external and internal sustainability reporting, the alignment of compliance to regulation with internal decision-making purposes

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Track chairs: Dorleta Ibarra, Mondragon Unibertsitatea (Spain), Juan Ignacio Igartua Mondragon Unibertsitatea (Spain) 

We are facing a paradigm shift marked by a convergence of multiple crises, such as climate change and environmental degradation, energy crises, water scarcity, global health crises, geopolitical conflicts, economic downturns, supply chain disruptions, social inequalities, and migration and displacement. The urgency to address these interconnected crises is driving the global triple transition—digital, green, and inclusive.

Crises stress societies, disrupt economies, strain public services, and can significantly challenge conventional business models. They increase uncertainty, challenge governance structures and regulations, aggravate inequalities, and damage social cohesion, leaving businesses and communities struggling to maintain stability and resilience while adapting to new contexts and market dynamics.

New business models emerging from crises and adapting to the triple transition often focus on agility, resilience and sustainability, accelerating technology diffusion and digital transformation to remain competitive in a changing world. In this context, emerging technologies such as artificial intelligence can play a crucial role in addressing crises by providing rapid data analysis, supporting decision-making, and predicting trends. Likewise, organisations are increasingly pivoting toward circular business models to address climate change, resource constraints and regulatory pressures. These business model innovations must be inclusive and just, placing people at the centre and ensuring that no one is left behind. We must move towards organisations that integrate intergenerational challenges, promote diversity in all its forms (gender, race, class, etc.), foster (inter-)cooperation, create shared social value, and cultivate a culture that empowers individuals to play a more active role in social transformations.

This track explores research aimed at understanding the dynamics that help businesses and communities not only weather crises but also seize them as opportunities for innovation and sustainable growth. It focuses on building and assessing more resilient business models, considering dynamic capabilities, financial resilience, upskilling and reskilling needs and supporting tools for risk management and informed decisions-making.

We are particularly interested in cases involving startups, SMEs, and cooperatives, as they often address global challenges through local responses, promoting community-driven and solidarity-based solutions. Their unique characteristics make them naturally adaptive and resilient. Additionally, these models often focus on mutual aid, support for local economies, and the provision of essential services during times of distress.

The track encourages both conceptual and empirical contributions—quantitative, qualitative, and mixed-method studies—that offer insights into creating business models capable of navigating the complexities of a multi-crisis environment.

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Track chairs: Florian Lüdeke-Freund, ESCP Business School Berlin (Germany); Romana Rauter, University of Graz (Austria); Henrikke Baumann, Chalmers University of Technology (Sweden); Ana Carolina Bertassini Chalmers University of Technology (Sweden); Joan Manuel Fernández Mendoza, Mondragon University (Spain)

Business models for sustainability aim at contributions to sustainable development and are therefore based on the principles of triple-bottom-line and stakeholder-centric value creation. They aim not just to improve the performance of organizations but also to have net positive ecological and social impacts beyond organizational boundaries. The aim of this track is to better understand whether and how business models can have such effects and how these effects – including outputs, outcomes, impacts, and value – can be managed and measured. Assessing and managing the sustainability effects of business models requires exploring and integrating various topics and concepts (e.g. business model, whole systems) as well as tools and metrics (e.g. from sustainability reporting and accounting, life cycle assessment). Digitalisation might and regulatory frameworks such as CSRD/ESRS, EU taxonomy, CSDDD etc. play an increasingly important role, too. This track is open to conceptual and empirical papers that integrate the notions of business models and measuring and managing the sustainability effects of organizations in new and convincing ways.

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Track chairs: Florian Lüdeke-Freund, ESCP Business School Berlin & Tobias Froese, ESCP Business School Berlin

This track explores the status quo and future directions of theories on business models for sustainability. Building on and going beyond prominent approaches such as activity-based, component-based, value-based, functional, design, and other theoretical views on business models for sustainability, we are looking for research that further develops the conceptual and theoretical foundations for a better understanding of the inner workings and sustainability implications of business models for sustainability. New theoretical views that lend themselves to this endeavour include, for example, theories of social practice, Alexandrian pattern theory, or social mechanism theory. We invite research papers that make use of new and fresh theoretical lenses.

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Track Chairs: Adam Gordon (Columbia Climate School); Þröstur Olaf Sigurjónsson (University of Iceland), Reynir Smári Atlason, (Creditinfo), Lára Jóhannsdóttir (University of Iceland)

Finance, such as loans, bonds, grants, sustainable investing, domestic budget allocation, etc., plays a crucial role in addressing sustainability issues. It drives enables research, innovation, and development of new solutions and can offer positive financial and environmental or social outcomes.  Responsible business practices can furthermore be incentivized through finance- and reporting-related regulatory frameworks, standards and criteria, including the EU Taxonomy, the Corporate Social Responsibility Directive (CSRD), European Sustainability Reporting Standards (ESRS), Environmental, Social, and Governance (ESG) criteria, and more relevant for finance and investment decisions, where finance is used to encourage companies to adopt more sustainable and ethical practices. Finance can also be used to support policy goals, such as the Paris Agreement targets where budget allocation can be used for climate change mitigation, adaptation or resiliency of projects. As such finance can therefore help manage or mitigate risks associated with climate change and social inequality, and/or provide necessary capital for preserving biodiversity, reduce carbon emissions, promote inclusive economic development, just to provide some examples. 

The purpose of this session is to explore the theoretical, methodological and practical foundation of transitioning of business models towards sustainability through finance.

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Track Chairs: Katrien Verleye, Ghent University (Belgium)

This track aims to provide insight into ways to engage a multitude of actors – such as businesses, customers, and governmental bodies – in the conceptualization, development, launch, and adoption of circular business models so that value is co-created. Specific attention is dedicated to the role of design thinking and other practices during circular business model innovation and value co-creation, but research on other practices and tools – such as experience and relationship management – is also embraced. This track welcomes scholars from different disciplines and it is open to conceptual, qualitative, and quantitative work.

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