“…Therefore, business model thinking gradually evolved into a broader The need to better integrate sustainability into mainstream business model thinking has led to the formulation of alternatives, including triple bottom line business models (Joyce & Paquin, 2016), green business models (Bisgaard, Henriksen, & Bjerre, 2012), social business models (Yunus, Moingeon, & Lehmann-Ortega, 2010), shared value business models (Lüdeke-Freund, Massa, Bocken, Brent, & Musango, 2016), and flourishing business models (Upward & Jones, 2016). There is a growing literature on closed-loop and circular business models which break with the linear take-make-dispose logic of conventional business models by looking at value creation, value delivery, and value capture throughout the product lifecycle and the stakeholders involved in these activities (Aguiñaga, Henriques, Scheel, & Scheel, 2018;Kortmann & Piller, 2016;Linder & Williander, 2017;Pedersen, Earley & Andersen, 2019;Stål & Corvellec, 2018). Sustainable alternatives to conventional business models adopt a more holistic perspective of business, which broaden the understanding of stakeholders and value creation (economic, social, and environmental) (Bocken, Rana, & Short, 2015;Lüdeke-Freund et al, 2018;Pedersen et al, 2018;Schaltegger et al, 2016).…”