This thesis looks at the role that Circular Business Models (CBM) play in the development of a Circular Economy (CE) strategy in the aerospace sector. Currently, a transition from a traditional, linear economy to a CE is promoted by the EU and national governments. This thesis contributes to solving the many managerial issues or barriers when making that transition. Using literature review and semi-structured interviews, this case study on Airbus Netherlands discovered that the term CE is badly defined. This causes confusion and misunderstandings when discussing the concept of a CE. Therefore, properly defining a CE should be the foundation of developing a CE strategy. When analyzing the current CBM frameworks, the most well-known are the ReSOLVE and loops framework. The results further indicate that important barriers regarding the implementation of CBMs are technological and monetary challenges. On the other hand, implementing CBMs can have a positive effect on the reputation of the company and increase the chance of sustaining a supply chain. The best CBM strategies involve both a short- and long-term plan that focuses on where the aerospace sector, and Airbus Netherlands specifically can make the most changes like changing designs, swapping materials for less environmentally damaging ones and increase the recyclability of components. The interviews confirm issues found in the literature regarding the definitions and the barriers to implementing CBMs. In conclusion, it is evident that only by the combination of factors like regulations, proper definitions, internal motivation, financial feasibilities and technological developments, CBMs will be able to play a successful role in the developing of a CE strategy for the aerospace sector.

The increasing demand for Electrical and Electronic Equipment (EEE) and the subsequent rise in e-waste has become a pressing environmental concern. Traditional linear economic models in the EEE manufacturing sector, which emphasize a "take-make-dispose" approach, are not sustainable and contribute to significant environmental degradation. This thesis explores the integration of circular economy (CE) principles with digital twin technology to address the environmental challenges posed by the EEE sector. Through an extensive literature review and expert interviews, this research develops and validates a framework for integrating digital twins into CBMs, aiming to enhance resource efficiency and reduce waste across the product lifecycle. While promising, challenges related to data governance and organizational alignment remain. The Digital Twin Nexus Circular Business Models framework offers strategies to improve sustainability in the EEE sector, aiding manufacturers in transitioning from linear to circular business practices.

This thesis addresses the challenge of end-of-life (EOL) photovoltaic (PV) panel waste management in India through circular innovation strategies. With PV waste estimated to reach 200,000 metric tonnes by 2030, there have been serious concerns about the environment and resource depletion. As a result, this research investigates the key drivers and barriers to circular innovation in the Indian PV industry, proposing niche strategies to overcome them. The Technological Innovation System (TIS) framework for circular innovation is used to look at these factors from the point-of-no-return recycling of PV panels. Based on literature reviews and industrial stakeholder interviews, the primary drivers and barriers to the circular innovation of PV panels are identified, as well as their targeted niche strategies to overcome these obstacles. The findings are used to adapt the TIS framework for the case of the circular innovation of EOL PV panels, with a geographic focus on India. The results extract important lessons for decision-makers and industrial actors alike by underscoring the urgency of creating regulatory frameworks that enable circular innovation and provide concrete measures to foster a sustainable solar industry in India.

The circular economy (CE) is a potential solution for manufacturing companies to better utilize resources and balance economic growth and environmental protection. By implementing circular economy principles into business models, companies can shift from one-time product sales to continual profit generation through reused materials and products. Circular Business Models (CBMs) can help manufacturing companies mitigate critical raw material supply risk by reducing waste and landfill and reuse resources. By incorporating all CBM elements, businesses can create value by closing resource loops, reusing products and materials, and using renewable resources where possible. By reducing costs through reusing materials
and enhancing environmental values, manufacturing companies can create new opportunities and reducetheir dependence on raw materials.

CBMs are a promising approach for manufacturing companies to transition to a circular economy. However, widespread adoption and implementation of circular business models remain challenging due to various barriers. Digital Technologies, such as Industry 4.0 technologies (I4.0T), can enable the implementation of
circular strategies and practices. IoT can improve transparency and optimize processes, while additive manufacturing and 3D printing can enable CBMs for remanufacturing. However, there is a lack of understanding of how circular strategies can structure elements of a circular business model and create value in a closed-loop manner.

This thesis aims to explore the use of the CE-I4.0T Nexus Framework (HCBMT-Framework) to facilitate
the transition towards circular business models for Electronic products manufacturing companies. The
research will focus on the influence of circular strategies on a company's value proposition, value creation, and value delivery, as well as how Industry 4.0 Technologies can accelerate the transition towards circular business models.

We researched three case companies to assess the applicability of the CE-I4.0T Nexus Framework in the electronic product manufacturing sector. The research focuses on circular strategies, practices, and utilization of Industry 4.0 Technologies (I4.0T) of the three European electronic manufacturing companies: Bosch Siemens Home Appliances (BSH), BlueMovement, and Miele. BSH is a multinational household appliances producer committed to sustainability and circularity, promoting energy-efficient technologies, durability, ease of maintenance, and recyclability in its products. BlueMovement is a division of Bosch that
specializes in providing home appliances, offering rental services, maintenance, repair, refurbishment, and recycling services. Their circularity strategy is characterized by their business model, where consumers leasem appliances while the company retains ownership and takes responsibility for maintenance, repair, collection, and processing. Once the contract period has ended, the appliances are refurbished and recycled. Miele is a premium manufacturer of high-quality household appliances known for their durability, performance, and
timeless design. We collected data by analysing publicly available documents and information from the case companies and by interviewing case company representatives. The interviewed company representatives are well-informed about the business models, CE, circular strategies, and the usage of I4.0Ts. The findings present the results of data collection and development of frameworks for each case company. Empirical evidence for the CE-I4.0T Nexus Framework is gathered through observing implemented practices at the
case companies which the framework also provides.

Case company 1 focuses on cycling, narrowing, and extending strategies, with practices from the intensifying strategy less mentioned. The CE-I4.0T Nexus Framework is used to identify circular strategies, practices, I4.0Ts, and business model elements. Case company 1 uses big data and predictive models to optimize product life cycles and promote the circular economy. To improve, the company can implement practices
such as balancing supply and demand, utilizing Industry 4.0 technologies, optimizing resource consumption efficiency, and focusing on reselling channels.

Case company 2 focuses on the intensifying strategy in its business model by implementing practices related to sharing, leasing, and recycling. The CE-I4.0T Nexus Framework provides content for the current CBM of case company 2, which includes a greening strategy, focusing on delivering green products and reducing energy consumption through sustainable product delivery and eco-friendly packaging. Marketing channels
should focus on creating awareness about their green offerings and using eco-friendly appliances.

Case company 3 implements cycling and extending strategies using IoT, big data, cloud computing, and
analytics to monitor usage data and product performance. The framework also provides insights into practices that could be developed from the CE-I4.0T Nexus Framework, such as offering an app with energy insights, maintenance insights, and remote technical support for product maintenance or repair. 

During the case company analysis we focused on three propositions and three rival arguments to minimize bias and verify the results. Proposition 1 suggests that Industry 4.0 technologies enhance the value
proposition, value creation, and value delivery of electronic product manufacturing companies through the implementation of circular strategies. Proposition 2 asserts that Industry 4.0 technologies act as enablers or accelerators of circular business models by providing tools and capabilities that facilitate the adoption of circular strategies in electronic product manufacturing companies. Proposition 3 asserts that the CE-I4.0T Nexus business model tool provides clear insights that help manufacturing companies identify and leverage synergies between industry 4.0 technologies and circular strategies, facilitating an efficient transition towards a circular business model. However, rival arguments argue that implementation of Industry 4.0 technology
may require significant financial investments, training, and adjustment, and that compatibility concerns with current systems and workflows could hinder its usefulness.

In this study we analysed the cases of three electronic household appliance companies, Case Companies 1, 2, and 3, to determine their implementation levels and improvement areas in their circular practices. The data showed that the companies either see the potential of Industry 4.0 technologies to enhance their business models or are already leveraging I4.0Ts to enhance their offerings. However, there were opposing
arguments, such as the importance of customer approval for retrieving usage data and the focus on other factors like quality, hygiene, and price.

The CE-I4.0T Nexus Framework was empirically validated through analysing three electronic household appliance industry companies. It showed that it should be possible to derive circular practices enabled by I4.0Ts and implement them along the business model. 12 practices were found at the case companies which the CE-I4.0T Nexus Framework also provides. 

However, there are limitations and recommendations to consider. Firstly, the framework in table format shows per circular strategy the I4.0T capabilities but doesn't include them in the practices shown in each business model element. Additionally, the case companies had practices in place that are not provided by
the CE-I4.0T Nexus Framework but will give added value when implemented in the framework. A proposed improvement is to included practices that propose implement I4.0Ts in the products which enable circular practices. Further limitations are regarding the research itself. The case company analysis included only one interview from each case company, and more interviews with multiple representatives are recommended to get a full picture of all circular practices and industry 4.0 technology usage. Future research could focus on
the enhancement of empirical evidence by conducting multiple interviews at each case company, improving the framework and testing its effectiveness.

The fashion industry's shift to a circular economy (CE) is vital to reducing its environmental impact. Currently responsible for 4% of global greenhouse gas emissions, more than aviation and shipping combined, the fashion industry's emissions are projected to rise by 2.7% annually without increased decarbonisation efforts. Circular-born start-ups (CBSs) are crucial in this transition by introducing circular innovations (CIs) that close, slow, or narrow resource loops. However, CBSs face challenges in market entry, and research on this topic is limited.

This study, using a multiple-case study design within the French fashion industry, explores how CBSs introduce their CIs. Data was collected from nine French CBSs through semi-structured interviews and primary sources, complemented by two expert interviews. The study found that CBSs use circular strategies and approaches like recycling and repair to position their CIs, communicating value propositions through tangible and intangible benefits. Collaborations with brands, suppliers, and research centers are essential for market entry, knowledge development, and resource mobilization. CBSs face challenges such as regulatory compliance and market perceptions, which they address through continuous R&D and pilot projects. The study identifies six inducement mechanisms (e.g., regulatory support) and six blocking mechanisms (e.g., data gaps) influencing CI introduction.

The research provides insights into the CE in the fashion industry, contextualizing CIs and offering empirical insights into CBS operations and interactions. It contributes to the Technological Innovation Systems (TIS) literature and has practical implications for enhancing CBS collaborations and supporting innovation in the industry.

The global transportation sector's heavy reliance on fossil fuels poses significant environmental challenges. In response, many countries, including Indonesia, are exploring sustainable alternatives like electric vehicles (EVs). With abundant nickel reserves, Indonesia aims to reduce greenhouse gas emissions through the adoption of EVs, particularly electric motorcycles, under initiatives such as the Battery-Based Electric Vehicle Acceleration Program. Despite ambitious targets of 2.5 million electric motorcycles by 2025 and 13 million by 2030, the current population stands at 99,594 units, highlighting significant adoption challenges.

This thesis explores the development and implementation of the e-motorcycle battery swap business in Indonesia, employing Circular Technological Innovation System (TIS) Framework and Interpretive Structural Modeling (ISM) to identify and prioritize barriers. The study identifies 33 barriers and proposes a four-level hierarchical strategy to address these issues. Key strategies include engaging businesses during political transitions, forming a unified consortium of battery manufacturers and e-motorcycle providers, and advocating for regulatory changes.

The findings, validated by experts, emphasize the importance of addressing lower-level barriers to create a conducive environment for the widespread adoption of battery swap systems. The study provides a comprehensive framework to facilitate the growth of the e-motorcycle battery swap industry in Indonesia, contributing to the country’s sustainable transportation goals.

As of 2021, China's newly installed photovoltaic (PV) capacity has topped the world for nine consecutive years. Considering that the general life of crystalline silicon PV modules is 25 years, in the near future, China will face a wave of decommissioning of waste PV modules. Therefore, it is crucial to develop and improve China's PV module recycling industry in advance. Based on TIS framework, this thesis analyzes how to make module recycling spread in China from the perspective of PV module recycling enterprises. The main content of the research is divided into two parts: the first part collects literature, reports and news related to PV module recycling technologies, and puts different technologies into the established evaluation system for evaluation, so as to obtain the best performing technologies. In the second part, information related to China's PV module recycling technology and industry is collected through desk research and interviews, and the status of each building block and influencing conditions in TIS framework is analyzed. On this basis, the barriers to the large-scale diffusion of PV module recycling in China are found, and the corresponding strategies that need to be adopted by all parties are also developed. The research results of this thesis show that the mechanical delamination of PV modules and the hydrometallurgical technology for valuable metal recovery are the most promising combination of PV module recycling technologies. At present, there are four main barriers to the large-scale diffusion of PV module recycling in China. First, the level of recycling technologies used by enterprises are uneven, and there is a lack of core technologies for large-scale treatment and disposal of pollutants generated by recycling. Second, it is not clear what to do with the valuable materials obtained after recycling. Third, China's PV module recycling market is very chaotic, lack of fair competition. Fourth, there are still gaps in key policies and standards, including subsidies and policies to regulate market order, as well as standards to judge whether PV modules are abandoned. Removing these barriers will require different types of actors in the industry. PV module recycling enterprises need to continuously explore and improve the module recycling technologies and supporting technologies. At the same time, they need to determine what to do with the recovered valuable materials. In addition, the Chinese government needs to formulate a subsidy policy for research and development and investment related to PV module recycling. Also, policy gaps to regulate market order should be quickly filled. The National Standardization Administration needs to issue the standard for judging the waste of PV modules as soon as possible.

This thesis serves as an attempt to establish the initial empirical linkage between environmental, social and governance (ESG) factors and startup valuation by venture capitalists. While substantial academic work has addressed the ESG topic and how firms’ ESG characteristics impact their financial performance and valuations, relatively little ink has been spilled on the issue in the entrepreneurial finance literature. An important impediment for researchers and for investors in the entrepreneurial finance markets wanting to adopt the practice of responsible investing has been the lack of a unified framework for the assessment and quantification of startups’ ESG characteristics. This thesis proposes a startup ESG framework that is based on the status quo of existing ESG frameworks and related literature. The study then analyses a proprietary dataset of 47 technological startups that seek funding from the Dutch venture capital (VC) firm FORWARD.one, to empirically investigate whether the positive relationship between firms’ ESG characteristics and financial valuation, found in the public market setting and the crowdfunding and token offering setting, also holds in the VC context. Multiple Linear Regression (MLR) analysis and Independent Sample t-Tests are used to examine the impact of the startups’ ESG risk scores on their financial valuations. The results indicate that the amount of ESG risk in a startup is negatively correlated to its financial valuation, meaning that venture capitalists do value startups’ ESG characteristics. As a result also those entrepreneurs that seek funding from venture capitalists have an economic incentive to work on their sustainability performance. However, this study finds that sustainability performance is only valued to the extent that it concerns ESG risk management, i.e. minimizing ESG-related negative externalities. The creation of ESG-related positive externalities is not valued by purely financially driven venture capitalists. The study does not attempt to establish a causal mechanism. The findings contributes to the still emergent literature around the role of ESG in entrepreneurial finance markets and several promising avenues for further research are suggested.

Innovation, akin to crafting a novel recipe, involves identifying problems, experimenting, testing, and sharing solutions. This study delves into "reuse innovations," which emphasize prolonging product usage before disposal. A prime exemplar is Home Carbonation Kits (HCKs), which can replace over 3000 single-use water bottles. Despite the significance of reuse innovations, there's a noticeable gap in academic literature addressing their adaptation phase, which lies between market introduction and mass-market acceptance. This phase is fraught with challenges, often causing many companies to falter. This research aims to discern how circular companies can navigate these challenges by targeting specific niches.

Utilizing the Technological Innovation Framework (TIS), tailored for reuse innovations, the study analyzes the HCK technology within the European soft drinks system. The research journey encompasses a semi-systematic literature review, framework adaptation, an explorative case study on HCK, and an assessment of niche strategies.

Key findings reveal dominant niche strategies like "Stand-alone," "Adaptor," and "Educate." These strategies address pivotal barriers related to logistics, market knowledge, and consumer education. Additionally, "Supply Chain Redesign" emerges as a novel strategy, emphasizing efficient, cost-effective, and goal-aligned supply chain structures. In conclusion, this research offers invaluable insights into the intricate world of reuse innovations, providing a roadmap for future endeavors in the realm of circular economy.

Municipal Solid Waste has been an issue that is affecting people globally. The rapid urbanization and population growth created an immense waste generation in the process, making it more difficult to completely manage the waste due to the amount and complexity of the waste composition. Indonesia is not excluded from the issue, where there is an absence of an effective waste management system in the country. Bali Province is a region where the primary economic source is tourism, and the development of tourism in the region is reflected in the increase in waste generation in the Province. The current waste management system in Bali could not follow the rate at which the waste is generated, therefore causing the waste to be mismanaged and losing its potential to be recovered. Bali still implements the conventional paradigm of the linear economy using take-make-dispose, where the materials are simply collected, transformed into products that are used, and discarded as waste. This system relies mainly on the usage of landfills. However, Bali is currently facing the issue of waste overflowing in landfills, and the landfills are on the verge of closing. As a solution to the old paradigm, Circular Economy (CE) is introduced where it can minimize resource input and waste, emission, and energy leakage by slowing, closing, and narrowing the material and energy loops. To create a transition from linear to circular economy in Bali’s MSWM context, a systemic analysis based on a multi-dimensional approach is needed. Value Chain Analysis (VCA) is one way to explore strategic and misalignment within the chain to increase value and economic sustainability, and by integrating social and environmental aspects, a more sustainable competitive advantage can be reached...

In 2021, China is already the largest electric vehicle (EV) market with more than half of global sales. Compared to the situation ten years ago, EV development in China has experienced a huge growth almost from nothing. This development is a complex socio-technical transition process, which cannot be simplified as technology progress or business success. Therefore, based on the framework of multi-level perspective (MLP), this thesis aims to study how the socio-technical transition for EVs in China take place from the perspective of interactions and dynamics. The literature, reports, news and policy documents related to EV development and vehicle industry in China are collected, and the collected data and information are sorted and categorized into different elements for analyzing and proposing the interrelationships of these elements and how they change. The typical and significant findings and insights of the analysis are validated by semi-structured interviews with experts. A set of interaction mechanisms based on the MLP framework is proposed to explain how dynamics emerge and affect the socio-technical transition, and the effect of interactions on the transition is also conceptualized. The main findings of this thesis show how the socio-technical transition take place: Energy security and oil price are secondary landscape factors to drive the transition, and the smog issue and climate change emerge in succession as dominant landscape factors. The former opens a window of opportunity for early commercialization of EVs in China, the latter directly initiates the boom in EVs. The pressure from landscape developments makes the government, car manufacturers, consumers and the public have to make responses, which are or lead to element dynamics, such as the transformation of public perception and opinion on carbon emissions. Due to that there are interactions among these elements, more element dynamics are generated, such as intelligent and networking development of EVs. These element dynamics participate in the process of industry environment reshaping, industry layout adjustments and industry resource reallocation to further prompt the transition process, which helps EVs gradually gain socio-technical advantages and quickly penetrate the vehicle market.

This study aims to explain and understand how companies, more specifically Middle Eastern (MENA) companies in the FMCG-food sector can innovate from completely brick and mortar establishments to transition into an E-commerce platform (for FMCG-food goods) that enhances the willingness or intention to purchase these products on an online platform by meeting customers needs and demands. To further address this research question, a mixed qualitative approach is used. This included a series of interview questions split into two; the first section being structured - that revolves around the impact and gravity of the variables and sub-factors and the second section - that are more open questions which gives the floor to the interviewees to further add and elaborate based on their existing knowledge and/or experiences. The entire research is carried out in the Arabian Gulf with all the candidates approached having many years spent residing in one of the Middle Eastern (MENA) countries. On further analysis of these results a business model was derived which gives an advisory framework or the establishment of E-commerce for FMCG-food goods in the Middle East (MENA). E-commerce companies can refer to this advisory framework to further understand the important customer thinking habits and their needs and requirements.

The thesis studied the employer branding process as a way to increase start-ups attractiveness for potential employees. Start-ups, unlike larger and more established corporations, face challenges when it comes to recruiting talented personnel. Employer branding concerns the different strategies that a company can employ to increase the employer’s attractiveness. Thus, to investigate how this would be possible in a start-up environment, few steps needed to be taken. First, the job attributes, later defined as employer brand attributes, which make the company attractive for the candidates, needed to be studied. Secondly, the behavioral characteristics of young and talented applicants, also called in the thesis entrepreneurial behaviors, were analyzed to identify their potential effects on employer brand attributes and employer’s attractiveness. The study involved a mixed method. First, a qualitative study was performed where 5 semi- structured interviews with start-ups managers or founders helped to understand the start-up employers’ perspective on the subject. From the content analysis of the interviews, five different employer brand attributes were found: financial package offered, responsibility functions, growth and learning opportunities, work environment, and serious games. As a next step, a quantitative study was employed where the (potential) employees’ perceptions were studied through an electronic questionnaire which collected 94 respondents among students and young professionals. Using conjoint analysis and regression analysis, the results revealed that the preference order for the attributes was: financial package offered (26,86%), growth and learning opportunities (24,12%), responsibility functions (19,20%), work environment (15,16%), and serious games (14,66%). At the same time, a positive relationship was found between responsibility functions (0.845, p<0.05) with innovative behavior. A negative correlation was instead verified between proactive behavior and responsibility functions (-0,506, p<0.05), and between risk-taking behavior and responsibility functions (-0.399, p<0.05) and growth opportunities (-0.362, p<0.05). Thus, the propositions advanced by this thesis for the academics was to continue the research on employer brand attributes and entrepreneurial behaviors enlarging the sample of the study to guarantee more generalizable results. For practitioners, especially for start-up employers, the qualitative and quantitative study revealed their weakness, mainly the financial package, which should be reinforced to improve the employer’s attractiveness. Moreover, a different strategy should be thought of for each of the employer brand attributes, such as growth opportunities, work environment, responsibility functions, and serious games, because all of them presented a positive relationship towards employers’ attractiveness.

The growth in the e-commerce platforms and online shopping has been increasing exponentially in the last decade. Businesses and logistics companies are finding new ways to ensure fast, sustainable, and safe deliveries to customers through existing means. However, to meet the ever increasing demand of deliveries, innovative shipping or delivery alternatives have been on the rise across the world. Crowd-Shipping is one such concept which aims at taking advantage of regular travellers with unused space and additional time who can pick up packages, in order to deliver packages to customers who lie along or near the same route for a small compensation. Since the Netherlands has witnesses massive e-commerce growth and demand for efficient and fast deliveries, this study aimed at how Crowd-Shipping can potentially be implemented in the Netherlands through considering a set of drivers, barriers and a business model innovation perspective. The study first investigates the existing research on the concept, focusing on the drivers, barriers and business model aspects. In order to explore these findings and potentially more or findings, we conducted the methodology which consisted of interviews and surveys. Post the interviews and surveys, a thorough analysis of the findings was conducted through content analysis, descriptive statistics and correlations. The results from the research indicate the importance of the findings from the literature with respect to existing drivers, barriers and business model perspectives while also providing insight into more drivers, barriers and business model perspectives that need to be considered for Crowd-Shipping deployment. These results are discussed in detail providing in-depth insight on the Crowd-Shipping aspects mentioned. We conclude the research by suggesting how Crowd-Shipping can be implemented in the Netherlands considering these drivers, barriers and business model aspects, following which, further research recommendations are provided.

This exploratory study was performed to improve the understanding of the emerging phenomena of Business Model Innovation (BMI) and Corporate Venture Capital (CVC), in the context of European electric utilities. More specifically, the potential contribution of CVC activities to BMI of European electric utilities was assessed. A thorough literature study and consultation with two external energy industry experts were conducted, complemented by a case study addressing two incumbent European electric utilities. These included Dutch utility Eneco with its CVC unit Eneco Ventures, and French utility ENGIE with its CVC unit ENGIE New Ventures. First, four different business models for electric utilities were identified: Traditional Utility, Green Utility, Cooperative Utility, and Prosumer Utility. The latter three of these all emerged during the past decade as (partly) response to six main developments that are changing the energy sector. These include the ‘Three D’s’ (Decarbonization, Decentralization, Digitalization), as well as Electrification of end-use sectors, Energy system flexibility, and Energy efficiency at demand-side. It turned out that traditional (incumbent) utilities are currently insufficiently aligned with the six developments, and their viability is challenged by innovative newcomers in the industry. As a result, they are in need for fundamental business model innovation. However, this is a highly complex process, subject to many potential barriers. Of a first set of 31 mutually exclusive potential barriers to BMI of traditional utilities, 28 were found to be relevant. These included both generic barriers hindering all BMI in general (despite sector or company differences), and specific barriers hindering BMI of incumbent utilities in specific domains related to the six energy sector developments. Subsequently, the CVC domain was assessed. A first set of 21 mutually exclusive potential benefits of CVC activities was identified. Besides the fact that CVC can lead to financial gains, in line with its purpose as instrument for stimulating BMI the remaining 20 benefits are strategic. Of these 21 potential benefits, eleven were found to be relevant for traditional utilities, mainly including the most strategic ones. Integration of the two subjects led to a first set of 29 potential relationships between barriers to BMI and benefits of CVC activities of traditional utilities. Of these 29, eighteen were confirmed, affecting seven CVC benefits and eleven BMI barriers. Hence, it was found that CVC activities can deliver a valuable contribution to BMI of traditional utilities by helping them to overcome multiple important barriers, which must ultimately result in better alignment with the energy sector developments. The affected barriers mainly include organizational and company resource barriers, but also one financial and profitability related barrier, one awareness related barrier, and one institutional barrier. Also, CVC can have a general accelerating effect on BMI. However, the contribution of CVC does not extend to most regulatory, technological, and awareness barriers to BMI. All in all, the potential contribution of CVC to BMI of traditional utilities is significant, but other organizational instruments will be required to help traditional utilities tackle their massive challenges.