Abstract
Increased global concerns about climate change and environmental degradation have attracted attention to sustainable development strategies. Sustainability involves maintaining ecological balance, requiring organizations to integrate social, political, economic, and environmental concepts in their business models. This research chapter aims to explore the new business models associated with increased awareness of sustainability. Literature review methodology was used as the primary data collection method. Four main new business models were identified, including sustainable business model innovation (SBMI), triadic business model (T-Model), circular business model, and Web 2.0-based business model. Despite the differences in definition and implementation of these modern frameworks, innovation and sustainability remain the central concepts of enhancing value creation and capturing. While these business models aim to enhance organizations' capabilities to optimize new opportunities and overcome challenges, they also aim to improve society and protect the environment.
TopMethodological Approach
Conducting a literature review enables researchers to understand the depth and breadth of existing literature regarding the topic of study and aids the identification of explorable knowledge gaps (Rosário, 2021, Rosário et al., 2021; Rosário & Cuz, 2019; Sacavém, et al., 2019). The methodology involves analyzing, synthesizing, and summarizing multiple related works of literature to develop new information, theories, or test hypothesis. It can also assess the quality and validity of available information related to the topic, thus, identifying inconsistencies, weaknesses, and contradictions. In this study, the literature review process involved the eight steps recommended by Rosário, (2021), Rosário et al., (2021); Rosário and Cuz, (2019); Sacavém, et al., (2019); Xiao and Watson (2019), summarized in Table 1.
Table 1. Process of systematic literature review.
| Phase | Step | Description |
| Phase One | Step 1 | Formulate the problem |
| Step 2 | Develop and validate the review process |
| Phase Two | Step 3 | Search for relevant literature |
| Step 4 | Search for inclusion |
| Step 5 | Quality evaluation |
| Step 6 | Data extraction |
| Step 7 | Data analysis and synthesize |
| Phase Three | Step 8 | Report Findings |
Source: own elaboration