Abstract
The circular bioeconomy represents a societal paradigm shift and transition challenge that inevitably influences how companies act in their evolving operational environment. The disruptive features may be particularly difficult to foresee and tackle strategically in companies with long-term operations and a relatively stable marketplace position, such as firms operating in the forest sector. Here we consider large forest sector companies in a circular bioeconomy sphere and scrutinize opportunities to hasten their sociotechnical transition pathway with a combination of open foresight and open innovation activities. We present a synthesis drawn from contemporary strategic business management literature and adapt that to forest sector multinationals. A greater openness to the actors, knowledge, and expertise outside the forest sector may be an essential element of successful bioeconomy transition for incumbent forest sector firms. This requires leadership to shift culture and an investment in the skills and expertise held by company employees. Increased investment in human capital and embracing a broader network of collaborators may pave the way for forest industry companies towards sophisticated corporate foresight and open innovation, corresponding to Future-Fittest status.
Highlights
Embracing the concept of circular bioeconomy requires a paradigm shift and transition from a linear, fossil-based economy to a new economic model in which societal well-being is advanced in an inclusive and sustainable way, helping society to keep within planetary boundaries (Hetemäki et al 2017)
While scientific literature has on one hand advanced the independent concepts of green economy, circular economy, and bioeconomy, recent conceptual discourse around the bio-based manufacturing industry has concentrated on the combination of circular economy and bioeconomy (e.g., Antikainen et al 2017)
Based on the motivation above, this paper explores the integration of corporate foresight and open innovation as a recipe to help forest sector companies more effectively embrace the promise of the circular bioeconomy, as a part of wider societal transformation
Summary
Embracing the concept of circular bioeconomy requires a paradigm shift and transition from a linear, fossil-based economy to a new economic model in which societal well-being is advanced in an inclusive and sustainable way, helping society to keep within planetary boundaries (Hetemäki et al 2017). Despite the obvious promise of strategic foresight as well as growing interest in utilizing the futures mindset in corporate management, application in industry appears to be low (Iden et al 2017) and is especially rare in the forest sector. Based on the motivation above, this paper explores the integration of corporate foresight and open innovation as a recipe to help forest sector companies more effectively embrace the promise of the circular bioeconomy, as a part of wider societal transformation. Our contribution is conceptual in helping to envision the role for corporate foresight and open innovation in helping forest sector companies take their place in a future circular bioeconomy
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