从飞行员到适合未来的商业模式

FROMPILOTSTOFUTURE-FITBUSINESSMODELS

ScalingBusinessModelsThatDeliverCommercial,Environmental,andSocialValue

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FOREWORD

Weknowthatbusinesseshaveacriticalroletoplayincreatingamoresustainablefuture.Acrossindustries,thereisnoshortageofpromisingideas,pilotsandinnovationsdemonstratingthatitispossibletocreatevalueforbusiness,peopleandplanetsimultaneously-thechallengeiswhathappensnext.

Toooften,promisinginitiativesremainattheedge.Theyprovewhatispossible,butstruggletobecomecommerciallyviable,influencethecorebusinessmodel,orreachthescaleneededtodelivermeaningfulimpact.Atatimewhenenvironmentalandsocialpressuresareintensifying,movingfromexperimentationtoimplementationisbecomingincreasinglyurgent.

Fromourdifferentvantagepoints,wehavebothseenthatscalingsustainablebusinessmodelsisrarelyaboutfindingasinglebreakthroughidea.Itisaboutcreatingtheconditionsthatallowgoodideastotakerootandgrow-connectingsustainabilitytothebusinessimperative,designingforrealcustomerandstakeholderneeds,buildingtherightinternalcapabilitiesandpartnerships,changinghowsuccessismeasured,andgivingpeoplepermissiontotest,learnandadapt.Thatiswhythisreportmatters.

FromPilotstoFuture-FitBusinessModelsbringstogetherpracticallessonsfrombusinessesworkingthroughthischallengetoday.Ratherthanofferingasingleblueprint,itidentifiestenunlocksthatcanhelpleadersunderstandwhereprogressisgettingstuckandwhattheycandodifferently.Together,theyshowthatscalingisnotsimplythefinalstageofinnovation.Itneedstobedesignedfromthestart.

Forus,oneofthemostimportantmessagesisthatsustainabilitycannotremaintheresponsibilityofsustainabilityteamsalone.Bringingfuture-fitbusinessmodelsintothemainstreamrequirespeopleacrossstrategy,innovation,finance,marketing,operationsandleadershiptoseeboththeirroleandthevaluetheycancreate.

Wehopethisreportencouragesleaderstolookagainatthepromisingideasalreadywithintheirorganizations.Whicharereadytomovebeyondthepilot?Whatisstandingintheirway?Andwhatwouldbecomepossibleifwedeliberatelycultivatedtheconditionsforthemtosucceed?

Theopportunitynowisnotsimplytogeneratemoregoodideas.Itistohelpthebestofthembecomehowbusinessgetsdone.

DrSallyUrenOBE

ExecutiveDirector&ChiefAccelerationOfficerForumfortheFuture

MarissaPagnaniMcGowan

ChiefSustainabilityOfficer,NorthAmericaL’OréalUSA

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TABLEOFCONTENTS

Foreword 1

Introduction 3

Whybusinessmodelinnovationmattersnow 4

Whatdowemeanbyfuture-fitbusinessmodels? 5

10unlocksforfuture-fitbusinessmodels 6

1.Solvetomorrow'sbusinessproblem,nottoday'ssustainabilityproblem 7

2.Leveragepilotstode-riskscale 8

3.Designforcustomerbehavior,notcustomerintentions 9

4.Createanecosystemofcomplementarybusinessmodels 10

5.Changethescorecardbeforeaskingpeopletoplaydifferently 11

6.Buildaculturewherefuture-fitbusinessmodelscanthrivein 12

7.Maketransformationpartofhowthebusinessisgovernedandrewarded 13

8.Earnpermissiontoscale 14

9.Policycreatesmarkets-advocacyshapesthem 15

10.Co-createthebusinessmodelacrossthevaluechain 16

Conclusion 17

Acknowledgements 18

Additionalresources 18

Disclaimer 19

AboutBSRandForumfortheFuture 20

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INTRODUCTION

In2024,BSRandForumfortheFuturedecidedtojoinforcestoexplorehowbusinessescanreconcileeconomicvaluecreationwithplanetaryboundariesandtheneedforajusttransition.Thisreportbuildsonthatcollaborationandreflectsasharedview:thatthenextphaseofcorporatesustainabilitycanbepoweredbybusinessmodelinnovationthatadvancesenvironmentalandsocialgoalswhilestrengtheningbusinessresilience.

Byrethinkingwhatisproduced,howitisused,whobenefits,andhowvalueiscreatedanddistributed,businessescanrespondtotoday’svolatilitywhilebecomingbetterequippedtothriveoverthelongterm.

ThereportdrawsoninsightsgatheredthroughForumfortheFutureandBSR’slong-trackrecordofsuccessfulcollaborationswithbusinessesincircularityandregeneration.ItalsoshowcaseslearningsfrominterviewswithninediversebusinessesconductedintheperiodApril-July2026,alongsideBSRandForumfortheFuture’swiderworkonbusinesstransformation,future-fitbusinessmodels,climatetransitionplanning,consumption,andregenerativeapproaches.Thesectorscapturedincluderetail,fashion,beauty,consumergoods,sportsgoods,builtenvironment,householdgoods,andforestry.ContributorswerelargebusinesseswithsignificantrepresentationacrosstheUK,Europe,andtheAmericas.

Itisdesignedprimarilyforsustainabilityleadersandteamsseekingtousebusinessmodelinnovationasaleverforbusinesstransformation,aswellasthestrategy,innovation,finance,commercialandoperationalteamstheyworkalongside.Itsharespracticalinsightsfrombusinessesalreadytestingorscalingfuture-fitmodelsandidentifiestheinternalandexternalconditionsthatcanhelppromisingpilotsbecomeviablebusinessmodels.Sustainabilityteamshaveanimportantroletoplayincatalyzingthisinnovation,buttheydonotneedtoownit.Theycanhelpidentifywhereexistingbusinessmodelsarecreatingtensionswithclimate,natureandsocialambitionsandhelpthewiderbusinessseetheopportunity,connecttherightcapabilitiesandembedsustainabilityintohowvalueiscreated.

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WHYBUSINESSMODELINNOVATION

MATTERSNOW

Manybusinessesarereachingthelimitsof‘sustainabilityasusual.’Inthepastfewyears,theyhavesetclimate,nature,andsocialgoalswhilecontinuingtooperatebusinessmodelsthatweredesignedforlineargrowth,highresourcethroughput,andshort-termfinancialoptimization.Earlymoversareincreasinglyacknowledgingthetensionbetweengrowthandsustainabilityintheircurrentmodels,anddespitemeaningfulprogress,evenmanypurpose-orientedandambitiousbusinessesarestrugglingtooperatewithinsafeplanetaryboundarieswhiledeliveringonfinancialexpectations.Thepersistentdisconnectbetweensustainabilityambitionsandbusinessvaluecreationcanmakethoseambitionsvulnerablewhencommercialpressuresintensify,contributingtotheretreatfromsomecorporatetargets.Businessmodelinnovationcanhelpbusinessesclosethisgap,helpingreduceriskamidvolatility,andcaptureneweconomicopportunities.

Businessactioniscriticaltoachievingglobalclimate,nature,andsocietalgoals.

Circular,repair,resale,product-as-a-service,regenerative,sufficiency-oriented,andotherfuture-fitmodelscansupportdecarbonization,reduceresourcepressures,createnewrevenuestreams,strengthenresilienceandsupplychains,andimproveaccessandaffordability.However,thesemodelsdonotscalesimplybecausetheyhavesustainabilitybenefits.Theyscalewhentheysolveuserneeds,makecommercialsense,areoperationallydesignedforscale,andaresupportedbytherightinternalandexternalconditions.Thesemodelsarenotonlyaboutwastereductionorproductinnovation-attheirbest-theyrepresentbusinesstransformation:changinghowbusinessescreatevalue,generaterevenue,manageresources,servecustomers,andbuildresilience.

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WHATDOWEMEANBYFUTURE-FITBUSINESSMODELS?

Abusinessmodeldescribeshowanorganizationcreates,delivers,andcapturesvalue.

Afuture-fitbusinessmodeldoesthisinwaysthatareeconomicallyviablewhilehelpingthebusinessmaximizeresiliencebyoperatingwithinenvironmentalconstraintssetbyplanetaryboundariesandadvancejust,resilient,andregenerativeoutcomes.

‘Abusinessmodelishowyour

organizationoperatesandmakes

money.Innovationcanhelp

evolveit,butthetwo

shouldnotbeconfused.’

Thisreportuses‘businessmodelinnovation’torefertochangesinthewayvalueiscreated,delivered,andcaptured—notsimplyanewproduct,campaign,orstandalonesustainabilityinitiative.Arecurringlessonfromtheinterviewsconductedisthatbusinessesoftenblurproductinnovation,sustainability

initiatives,andbusinessmodeltransformation.Anewproduct,pilot,orsustainabilityprogrammaycontributetobusinessmodelchange,butshouldnotbedefinedasanewbusinessmodel.

Businessmodelinnovationbecomesmeaningfulwhenitchangesthevalueproposition,revenuemodel,coststructure,customerrelationship,supplychain,ownershipmodel,orthewayvalueissharedacrossstakeholders.

PEER-TO-PEER

Enablingshareduseorresale

betweenusers,oftenthrough

platformsormarketplaces

PRODUCTASASERVICE

Shiftingfromone-offproduct

salestoongoingaccess,

performance,orservicemodels

REPAIRANDMAINTAIN

Extendingproductlifethrough

maintenance,repair,upgrades,

andspareparts

DEMATERIALIZATIONTHROUGH

DIGITALIZATION

Replacingorreducingphysical

products,processes,or

transactionsthroughdigital

alternatives

PORTFOLIOREFOCUSING

Reducingorexitingproducts,

activities,ormarketsthatare

misalignedwithsustainability

goals

MADETOORDER

Reducingoverproductionby

aligningproductionmoreclosely

withdemand

CIRCULARITY

Keepingproducts,components,

andmaterialsinusethrough

reuse,resale,refurbishment,

remanufacturing,andrecycling

REGENERATION

Creatingpositiveoutcomesfor

ecosystemsandcommunities

throughthebusinessmodelitself

SUFFICIENCY

Helpingcustomersmeetneeds

withlessmaterialandenergy

throughput

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10UNLOCKSFORFUTURE-FITBUSINESSMODELS

‘Thereisnosingleblueprintforbusinessmodelinnovation.’

Thefollowingtenunlockscapturethepatternsthat emergedacrossinterviews.Despitespanningdifferent industriesandregions,thebusinessesinterviewed arrivedatremarkablysimilarconclusions.Whatstoodoutwasnotthetechnologiestheywereinvestingin,butthewaystheywerechanginghowtheyinnovate,makedecisions,measuresuccessandworkwithothers.

Thetenunlocksarenotgenericinnovationadvice;theyarehard-earnedlessonsfrombusinessestryingtomovebeyondpromisingpilotsandembedfuture-fitbusinessmodelsattheheartoftheirbusiness.

1.Solvetomorrow'sbusinessproblem,nottoday'ssustainabilityproblem

2.Leveragepilotstode-riskscale

3.Designforcustomerbehavior,notcustomerintentions

4.Createanecosystemofcomplementarybusinessmodels

5.Changethescorecardbeforeaskingpeopletoplaydifferently

6.Buildaculturewherefuture-fitbusinessmodelscanthrivein

7.Maketransformationpartofhowthebusinessisgovernedandrewarded

8.Earnpermissiontoscale

9.Policycreatesmarkets-advocacyshapesthem

10.Co-createthebusinessmodelacrossthevaluechain

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1.SOLVETOMORROW'SBUSINESS

PROBLEM,NOTTODAY'SSUSTAINABILITY

PROBLEM

(Youmusthaveabusinesswhy.Thevirtuouswhywon’tgetyouthere.’

(Innovationiscoretoour

competitiveness’

Theorganizationsmakingthemostprogressarenottryingtoconvincetheirexecutivestoinvestinsustainability.Theyareredesigningtheirbusinessmodelstosolvethechallengesthatwilldefinecompetitivenessoverthenextdecade:constrainedresources,changingcustomerexpectations,affordability,resilience,supplysecurityandnewsourcesofvalue.Thisisasubtlebutfundamentalshift.Sustainabilityisnolongertheobjectivethat

needsabusinesscase.Instead,itbecomesthemechanismthroughwhichthebusinessaddressesitsfuturecommercialchallenges.Acrosstheinterviews,theinitiativesthatgainedtractioninternallywerethosepositionedassolutionstobusinessproblemsfirst—withsustainabilityastheconsequenceratherthanajustification.Inotherwords,thequestionisnolonger(Howdowemakesustainabilitycommerciallyattractive?’Itis(Howdowebenefitfrominitiativesthatbringbusinessvalue,whichalsohappentobeenvironmentallyand/orsociallysustainable?’

Target'sCarSeatTrade-Inprogramilluminatesthisevolution.Itbeganin2016tohelpfamiliesgetridofandrecycleunwantedorexpiredcarseatswhilereceivingsavingsonselectnewbabyproducts.Initially,third-partyorganizationscoordinatedthereuseofcarseatcomponentsinsecondarymarkets.Today,recycledcarseatmaterialsarefindinganotherpurposewithinTarget’sownedbrandassortment,includingBrightroomandRoomEssentialsproducts.

Startwiththestrategicchallengeyourcompanyneedstosolve—whetherthat'saffordability,resilience,resourcesecurity,customerloyaltyornewgrowth.Thestrongestbusinessmodelsmakesustainabilityinseparable

frombusinesssuccess,sothatscalingthemisnolongerasustainabilitydecision,butacommercialone.

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2.LEVERAGEPILOTSTODE-RISKSCALE

‘Wedon'twanttobean

organizationofperpetual

pilots.’

Thebusinessesmakingthegreatestprogressarenottryingtoeliminateriskbeforeinnovating.Theyrecognizethatuncertaintyisunavoidablewhendevelopingfuture-fitbusinessmodels.Insteadofwaitinguntilalltheanswersareknown,theyusepilotstosystematicallyreduce

uncertainty—aboutcustomers,operations,economicsandscalability.

Acrosstheinterviews,successfulpilotsweredesignedaslearningmechanismsratherthandemonstrationsoftechnology.Theyhelpedbusinessesunderstandcustomerdemand,operationalrequirements,commercialviability,organizationalreadinessandtheconditionsrequiredforscaling.Theobjectivewasnotsimplytoproveanidea,buttobuildenoughconfidencetomakethenextinvestmentdecision.

MercerInternationalillustratesthisparticularlywell.Itsone-ton-per-dayligninplantwasneverintendedasacommercialenterprise.Itwasbuilttounderstandcustomerapplications,productioncosts,operatingperformanceandwhetherthevaluepropositionjustifiedinvestmentinafacilitythirtythousandtimeslarger.

Targetistakingatest-and-learnapproachwithitsTextileDropSpot™program,testingcollectionprogramsthatengageguestsandgeneratematerialsforown-brandproducts.BuildingonlearningsfromitsinitialCaliforniapilot,TargetexpandedTextileDropSpot™tomorethan300storesstatewide.

Decathlonstressedtheimportanceofshorteningthelearningcycle.TheobjectivewastomoverapidlyfromProofofConceptthroughMinimumViableProducttoscalablebusinessmodel,avoidingthetrapofremaininginexperimentationfortoolong.

Apilotworkswhenitprovidesusefulevidencetoinvestinscale.

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3.DESIGNFORCUSTOMERBEHAVIOR,NOTCUSTOMERINTENTIONS

‘Customersaren'tbuyingitbecauseit'ssustainable.

Theyseekmultiplebenefitsbutmostlyconvenience.’

Manysustainablebusinessmodelsfailbecausetheyassumecustomerswillchangetheirbehaviorsimplybecauseaproductismoresustainable.Ourlearningssuggesttheopposite-businessesthataresuccessfullyscalingnewbusinessmodelsarereducingtheeffortrequiredfromcustomersbyembeddingsustainability

intoproductsandexperiencesthatarealreadydesirable.Ratherthanaskingcustomerstomakegreenerchoices,theyareredesigningthevaluepropositionaroundconvenience,affordability,aesthetics,reliabilityorpeaceofmind.Sustainabilitybecomesalmostinvisible;itisdeliveredthroughbettercustomerexperienceratherthanrequiringcustomerstoconsciouslychooseit.Thisshiftsthequestionfrom‘Howdoweconvincecustomerstobehavedifferently?’to‘Howdowemakesustainablebehaviortheeasiestormostvaluableoption?’.Toscaleeffectively,businessleadersmustbereadyandwillingtore-evaluatethedesirability,viability,andfeasibilitycontinually.Dowehavetherightsolutionstosolvetheendproblem?Areweclearabouttheeconomics?

Electrolux’sfixed-pricerepairmodelillustratesthiswell.Theinnovationisnottherepairserviceitselfbutbetterclarityforthecustomer.Customersknowtherepaircostupfront,makingrepairasimplerandlessriskyalternativetoreplacement.

3M’sadhesivessupportRighttoRepairbyprovidingastrongbondduringusebutcanstillbede-bonded,allowingcustomerstochoosebothperformanceandrepairability.

Aglobalpersonalcarebrandalsofoundthatarefillableproductgainedtractionbydeliveringbenefitsbeyondsustainability.Itspremiumdesign,attractivelookandportabilitymadeitdesirable,whiletherefillformataddedconvenienceandfunctionalityforcustomers.

Don'taskcustomerstocaremore.Designyourproductsandservices,sotheydon'thaveto.Themostscalableinnovationsreducefrictionratherthan

relyingonbehaviorchangecampaignsorstrongersustainabilitymessaging.

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4.CREATEANECOSYSTEMOF

COMPLEMENTARYBUSINESSMODELS

‘Businessmodelsdon'tscale

inisolation,theyreinforce

oneanother.’

Thebusinessesmakingthegreatestprogressarenotscalingindividualbusinessmodels.Theyarebuildingportfoliosofcomplementarybusinessmodelsthatreinforceoneanotherandcreatemoreresilientsystemsofvaluecreation.

Throughtheinterviews,businessesrepeatedlydescribedbusinessmodelsworkingtogetherratherthancompetingforresources.Repairenablesresale.Product-as-a-serviceenablesrefurbishment.Take-backenablesremanufacturing.Digitalservicesenablemaintenance.Thebusinessmodelbecomesaninterconnectedsystemratherthanastandaloneinnovation.

Decathlonprovidesagoodillustration:Abicyclemayfirstbeleasedthroughasubscriptionmodel,thenrepaired,refurbished,resoldthroughSecondLifeandeventuallyrecycled.Eachbusinessmodelstrengthensthenext,extendingproductlife,whilecreatingmultiplesourcesofcustomervalueandrevenue.

Signifyfollowsasimilarlogic:Light-as-a-Serviceenablesremanufacturingbecausethecompanyretainsownershipoflightingassets,allowingproductstobeupgraded,refurbishedandredeployedacrossmultiplecustomersites.

Connectcomplementarybusinessmodelsintosystemsthatcreatemultipleformsofvaluewhilemakingeachindividualmodelstronger.

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5.CHANGETHESCORECARDBEFORE

ASKINGPEOPLETOPLAYDIFFERENTLY

‘Ifabusinesscaseisonlycreatinga

financialreturn,thenmyfearisthat

itisbuttressingthestatusquo.’

Thebusinessesmakingthegreatestprogressrecognizethatfuture-fitbusinessmodelscannotsucceediftheycontinuetobeevaluatedusingyesterday'smetrics.Traditionalfinancialmeasuresremainessential,butontheirowntheyfailtocapture

manyofthesourcesofvaluethesebusinessmodelscreate;includingresilience,resourceproductivity,avoidedrisk,customerloyalty,carbonreductionandpositiveimpactsonnatureandsociety.Acrosstheinterviews,businessesdescribedexpanding,notreplacing,theirdefinitionofvalue.Ratherthanabandoningfinancialdiscipline,theyarebuildingdecision-makingframeworksthatcombinecommercialperformancewithenvironmentalandsocialoutcomes.Thisallowsfuture-fitbusinessmodelstocompeteonamorecompletepictureofvalue.

NaturausesIntegratedProfit&Loss(IP&L)toguidecapitalinvestmentandinnovationdecisionsbymeasuringperformanceacrossfourcapitals.Crucially,theframeworkdoesnotallowpositiveperformanceinoneareatocompensateforharminanother,reinforcingthecompany'sambitiontobecomeregenerativeratherthansimplylessharmful.

L’Oréalhasputeco-friendlydesignattheheartofitsbusinessmodeltoensureeverynewproductiterationperformsbetteracrossmultipleenvironmentaldimensionsbeforereachingthemarket.

Electroluxusesgreenfinancingtoreinforceaccountabilityforitssustainabilitycommitments.Witharoundaquarterofitscapitalraisedthroughgreenfinancing,itslenderslinkaccesstofinancetothedeliveryofspecificsustainabilityoutcomes,creatinganadditionalfinancialincentivetomeetitstargets.

Don'taskfuture-fitbusinessmodelstocompeteusingyesterday'sscorecard.

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6.BUILDACULTUREWHEREFUTURE-FITBUSINESSMODELSCANTHRIVEIN

‘Cultureiswhatpeopledowhennobodyislooking.,

Newbusinessmodelsbecomescalableonlywhentheyarereinforcedbytheorganization,sculture,whentheyinfluenceeverydaydecisions,shapeprioritiesacrossfunctionsandbecomepartofhowthebusinessoperates.

Acrosstheinterviews,cultureconsistentlyemergedasthe

operatingsystemthatdetermineshowpeoplerespondwhentrade-offsarise.Itinfluenceswhetherteamsredesignproductsforrepairability,collaborateacrosssilos,prioritizelong-termvalueovershort-termoptimizationandcontinuesupportingtransformationevenbeforethecommercialcaseisfullyproven.Leadershipemergedasthecatalystforthistransformation.Executivesponsorshipgivesteamspermissiontoexperiment,mobilizesresourcesandprotectslong-terminnovationfromshort-termcommercialpressures.

3Misinvestinginfuture-focusedinnovationandventuresacrosshigh-growthareassuchaspassivecoolingfilms,energy-savingopticaltechnologies,EV(electricvehicle)batterymaterials,greenhydrogen,andgridtechnologies,whileusingventurepartnershipsandinternalpilotstohelpemergingsolutionsadvancetowardcommercialscale.

DecathlondescribedcircularityaspartofitsDNA,helpingrepair,resale,andsubscriptionmodelsmovebeyonddedicatedcircularityteamsandbecomeembeddedacrossstores,logistics,finance,andproductfunctions.

Natura'sambitiontobecomeregenerativeispartofthecompany'sidentityratherthanaseparatesustainabilityprogram,givinglegitimacytonewbusinessmodelsanddecision-makingtoolssuchastheirIP&L.

Culturecannotbecreatedthroughasustainabilitystrategyalone.Companiesshouldconsiderwhethertheirpurpose,leadershipbehaviors,talent,internalnarrativesandwaysofworkingreinforceorunderminethebusinessmodel

transformationtheyareseeking.

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7.MAKETRANSFORMATIONPARTOFHOWTHEBUSINESSISGOVERNEDAND

REWARDED

‘Transformationneedstomove

fromindividualchampionsintothe

systemsthatgovernhowthe

businessoperates.’

Culturecreatestheconditionsfortransformation,butgovernancemakesitdurable.Forfuture-fitbusinessmodelstoscale,theycannotdependonahandfulofcommittedindividuals.Theyneedtobehardwiredintohowthecompanysetspriorities,allocatescapital,

measuresperformanceandrewardsleaders.Executivesponsorshipcancreatetheinitialmandateandprotectexperimentation,butgovernanceturnsthatmandateintosustainedact