Piispanen et al. (2022). Sustainable Circular Economy in the Wood Construction Industry: A Business Opportunity Perspective

Summary: The article explores the factors driving the recognition of circular economy (CE) business opportunities within the Finnish wood construction industry. Through a multiple case study of six entrepreneurs, the research identifies six key drivers influencing the recognition of business opportunities: environmental conditions, social capital, prior knowledge, systematic search, cognition, and entrepreneurial alertness. The study shows that prior knowledge of the environment and altruism are critical for sustainable opportunity recognition. The findings emphasize the importance of continuous interaction within networks and highlight how wood construction, a sustainable and renewable industry, contributes to reducing carbon emissions, supporting Finland’s goal of becoming carbon-neutral by 2035.

Usefulness of the results: The findings demonstrate how entrepreneurs can identify and exploit business opportunities in the circular economy, offering valuable insights for others in sustainable industries. Moreover, the wood construction industry plays a key role in carbon sequestration, making it a critical component of sustainable development and the transition to a circular economy. The also emphasizes altruism and environmental concern among entrepreneurs seeking the potential for socially and environmentally responsible business models to thrive in the circular economy. Lastly, collaborative networks in recognizing and capitalizing on CE opportunities are really important.

Authors: Ville-Veikko Piispanen, University of Eastern Finland; Sini-Tuulia Suokas, University of Eastern Finland; Kaisa Henttonen, University of Eastern Finland; Hanna Lehtimäki, University of Eastern Finland

Publishing date: 11.3.2022

Format of the publication: Scientific Article

Publishing platform: South Asian Journal of Business and Management Cases (https://doi.org/10.1177/22779779221080570)

More information: ville-veikko.piispanen@uef.fi