Innovative business models towards sustainability
Companies invest in sustainable development in more and more innovative ways through business model innovation which “offers a potential approach to deliver the required change through re-conceptualising the purpose of the firm and the value creating logic, and rethinking perceptions of value”. This chapter provides several demonstrative cases of Russian and international companies operating on the Russian market that have made attempts to become more competitive through the adoption of sustainable practices and business models. The circular economy involves a more meaningful use of resources aimed at applying the principles of the “green” economy and is characterized by new business models and approaches, as well as innovative business ideas. Business leaders are in constant search for a better way to hedge emerging risks and introduce new approaches and models that can effectively respond to the challenges faced by the world community on the verge of a new industrial revolution.