Abstract
Driven by digital solutions, the bioeconomy has taken major steps forward in recent years toward achievement of the long-lasting goal of transition from a traditional fossil economy to a circular economy. The coupling of digitalization and the bioeconomy is leading toward a digitalized bioeconomy that can satisfy a shift in people’s preferences for eco-consciousness, which in turn induces coupling of up-down stream operation in the value chain. This dual couplings has led to a new R&D model that absorbs external innovation resources from a broad value chain and assimilates them into various entities. In light of the increasing significance of such a new R&D model that may avoid the dilemma between R&D expansion and productivity decline, this paper elucidated dynamism enabling dual couplings. An empirical analysis of global forest-based bioeconomy firms was conducted, thereby providing an insightful suggestion with respect to dynamism emerging from a new R&D model.
Highlights
Driven by digital solutions, the bioeconomy is taking major steps forward in recent years toward achievement of the long-lasting goal of transition from a traditional fossil economy to a bioeconomy-based circular economy [1].Almost 50 years have passed since the similar goal was proposed in Japan amidst an industrial society in the early 1970s with the world highest economic growth
Supported by the advanced digital innovation such as artificial intelligence (AI), machine learning, virtual reality (VR), augmented reality (AR), and big data analysis, the coupling of digitalization and bioeconomy is leading towards a digitalized bioeconomy that can satisfy the shift in people’s preferences for eco-consciousness, which in turn induces coupling of up-down stream operation in the value chain [11, 12, 13]
Together with the long-lasting goal of transition from a traditional fossil economy to a circular economy, the coupling of digitalization and bioeconomy is leading towards a digitalized bioeconomy that can satisfy the shift in people’s preferences for ecoconsciousness, which in turn induces coupling of up-down stream operation in the value chain
Summary
The bioeconomy is taking major steps forward in recent years toward achievement of the long-lasting goal of transition from a traditional fossil economy to a bioeconomy-based circular economy [1]. Supported by the advanced digital innovation such as artificial intelligence (AI), machine learning, virtual reality (VR), augmented reality (AR), and big data analysis, the coupling of digitalization and bioeconomy is leading towards a digitalized bioeconomy that can satisfy the shift in people’s preferences for eco-consciousness, which in turn induces coupling of up-down stream operation in the value chain [11, 12, 13]. This dual coupling enables VR and AR to practical business.
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