Leveraging Value Creation Toward Business Models for Sustainability

Creating, delivering, and capturing value is at the heart of any well-succeeded business. This forms the central focus of the Business Model (BM) research, which seeks to understand what value the organization offers and how it is created, delivered to its stakeholders, and ultimately captured by the business. A BM represents the organization's business logic, encompassing its strategies and tactics, for creating both economic and social value. Since the 2000s, BM research has gained increasing attention in the management literature, leading to a multitude of approaches, interpretations, and formulations in line with the researchers' interests and interpretations. The introduction of the Triple-Bottom-Line (TBL) framework introduced a new era of integrating sustainability into BM concepts. This framework urges organizations to think beyond profit by balancing their social, environmental, and economic impact. Business Models for Sustainability (BMfS) have emerged to present a multi-stakeholder environment where the focus is on co-creating value to achieve a joint sustainability goal. This work emphasizes the integration of sustainability concerns and the co-creation of value among stakeholders. Adopting a conceptual approach, this paper explores the potential of the stakeholder theory as part of a BMfS, providing insights into shaping BMfS practices.