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Abstract
Growth of the Blue Bioeconomy has potential for contributing positively towards economic growth, societal needs and multiple United Nations Sustainable Development Goals. However, organisations currently experience many challenges which limit success in this field. The aim of this paper is to identify trends in challenges linked to target end markets, stages in the value chain and organisation types, to suggest potential solutions and link these to potential novel business models. A survey was completed by 58 organisations representing countries across four continents, and interviews were conducted with seven selected European start-ups/ SMEs, to gather information regarding existing bottlenecks and to validate their business model. Results indicate that organisations targeting the pharmaceutical and nutraceutical sector experience a majority of challenges related to supply and technology, whereas organisations targeting the industrial biotechnology or agricultural industry experience more issues linked to market. Both bottom-up and top-down approaches could be applied in order to implement suggested actions. Analysis of the business model canvas used by start-ups/ SMEs revealed potential for improvement. In particular, it was noted that review of the ‘revenue stream’ segment within the business model, specifically regarding alternatives to governmental funding, could be helpful for the long-term survival of these types of organisations.
Highlights
Ocean and coastal ecosystems cover more than 70% of the Earth’s surface and provide humanity with economic and environmental services as well as natural capital (European Commission, 2019)
Whilst broad bottlenecks can be identified through a review of existing literature, there remains a lack of clarity regarding the specific issues that stakeholders experience and any trends or patterns that might be present amongst different groups. To address these gaps identified during literature review, the aim of this paper is firstly to identify the major challenges currently experienced by organizations involved in marine bioresource research and development (R&D) worldwide, with a focus at the European level
The specific objective of reviewing the literature was to map the types of organizations involved, the types of marine bioresources used, the variety of target end products and markets, the steps involved in value chains linked to various target markets and potential associated bottlenecks
Summary
Ocean and coastal ecosystems cover more than 70% of the Earth’s surface and provide humanity with economic and environmental services as well as natural capital (European Commission, 2019). The European Commission suggests that Blue Economy encompasses all sectoral economic activities related to the oceans, seas and coasts. Blue Economy is recognized by the European Union as ‘indispensable to our future welfare and prosperity’ and as a ‘source of food, energy, transport or leisure, and as a driver for new jobs and innovation’ (European Commission, 2019). This gives an indication of the valuable potential opportunities that this topic can bring at the national, regional and international scale
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