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Investigating business model innovation for sustainability: cases from Thailand

Business model innovation for sustainability is increasingly being recognised as a key to delivering and generating economic, social, and environmental sustainability through a firm's thinking and actions. As empirical exploration has largely focused on developed countries, there is a research gap in how this may provide sustainability within emerging market contexts. We aimed at investigating the key characteristics and mechanisms that were driving business model innovation for sustainability and how these elements contributed to sustainability in emerging markets. Our research was drawn from two case studies in Thailand where data were collected from diverse primary and secondary sources. The findings indicated that social value embeddedness that was in firms' value propositions by co-producing it with economic value propositions, collaboration and involvement with non-profit organisations (NPOs) and/or local communities to create shared value, and financial self-sustainability, were important keys to business model innovation to attain sustainability.