Kabalska, Agnieszka; Wagne , Ral
A icle — Published Ve sion
The Joys o Gi ing Up … Emb acing he Mo i a ions
and G a i ica ions o In en ional Value Uncap u e in
Sus ainable De elopmen
Business S a egy and he En i onmen
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Business S a egy and he En i onmen
RESEARCH ARTICLE OPEN ACCESS
The Joys o Gi ing Up … Emb acing he Mo i a ions
and G a i ica ions o In en ional Value Uncap u e in
Sus ainable De elopmen
AgnieszkaKabalska1 | Ral Wagne 2
1Facul y o Managemen , AGH Uni e si y o K akow, K aków, Poland | 2School o Economics and Managemen , Uni e si y o Kassel, Kassel, Ge many
Co espondence: Ral Wagne ( wagne @wi scha .uni-kassel.de)
Recei ed: 22 Augus 2024 | Re ised: 30 Oc obe 2024 | Accep ed: 13 No embe 2024
Funding: The pape was p epa ed unde he AGH IDUB: Excellence Ini ia i e—Resea ch Uni e si y g an —Ac ion 6: Funding in e na ional in e nships
o young employees and doc o al s uden s.
Keywo ds: g a i ica ions| mo i a ions| sel - de e mina ion heo y| sus ainable alue| alue uncap u ed
ABSTRACT
This s udy examines he concep o sus ainable alue (SV), ocusing on SV de i ed om social in e ac ions wi hin en ep eneu -
ial p ocesses. We in oduce he no el concep o alue in en ionally uncap u ed (VIU), explo ing i s dimensions a bo h he indi-
idual and collec i e le els. This esea ch employs uses and g a i ica ion heo y and sel - de e mina ion heo y o concep ualize
mo i a ions o lea ing VIU (M- VIU) and g a i ica ions om lea ing VIU (G- VIU). We challenge adi ional no ions o alue
c ea ion and cap u e, posi ing ha en ep eneu s can gene a e and cap u e social and en i onmen al alue by in en ionally no
cap u ing economic alue. This in en ional elinquishmen e okes he ambigui y inhe en in SV, sugges ing ha mo i a ions and
g a i ica ions in VIU a e in e connec ed, dynamic, and luc ua ing, no linea . Me hodologically, we in eg a e heo y de elop-
men wi h empi ical e idence, including expe e iews and in e iews, o ask whe he i is easonable o lea e alue uncap u ed.
Ou indings e eal ha mo i a ions o and g a i ica ions om VIU a e ecip ocal and co- ac i e, challenging he adi ional
iew ha posi i e ou comes a e de i ed solely om p oac i e ac ions. This concep ual s udy bo h b oadens he pe spec i e on
alue c ea ion and cap u e and signi ican ly con ibu es o unde s anding indi idual and collec i e g a i ica ions om in en ion-
ally uncap u ing alue, emphasizing he bene i s o no engaging in ce ain ac i i ies.
1 | In oduc ion
Con empo a y managemen aces he di icul y o econciling
and add essing con lic ing in e es s among mul iple s akehold-
e s, including he need o e ec i ely ope a e a p o i able i m,
bene i socie y, and minimize he o ganiza ion's ad e se en i-
onmen al e ec s. Fu he mo e, en ep eneu s ha e di e se
mo i a ions and expec a ions in ope a ing a business, o exam-
ple, gene a ing p o i s, pionee ing business pa hs o hemsel es
o o he s, ga ne ing public admi a ion, pu suing s imula ing
p ojec s, and changing he business landscape. In a complica ed
business en i onmen , pu suing sho cu s may be expedien bu
is likely o yield insu icien o ine ec i e ou comes. To success-
ully execu e a alue s a egy, i is essen ial o di e ge om he
es ablished co po a e pe spec i e (McCa hy2004).
This s udy es s on he concep o sus ainable alue (SV), com-
p ising economic, social, and en i onmen al alue (Baldassa e
e al.2017), especially he alue om social in e ac ions (e.g., col-
labo a ion) as a bene i o en ep eneu ship. We explo e he con-
cep o “ alue le on pu pose” o “ alue in en ionally uncap u ed”
(VIU) (e.g., o o he indi iduals, companies, and pa icipan s
in he business ecosys em) and assess he ex en o alue uncap-
u ed (VU). Speci ically, we sugges measu ing bo h indi idual
This is an open access a icle unde he e ms o he C ea i e Commons A ibu ion- NonComme cial- NoDe i s License, which pe mi s use and dis ibu ion in any medium, p o ided he o iginal
wo k is p ope ly ci ed, he use is non- comme cial and no modi ica ions o adap a ions a e made.
© 2024 The Au ho (s). Business S a egy and he En i onmen published by ERP En i onmen and John Wiley & Sons L d.
1972
VU a he en ep eneu 's le el and collec i e VU a he o ganiza-
ion (business) and business ecosys em le els. We in oduce he
g a i ica ions a ising om pu pose ully no cap u ing alue o
bene i ano he , asse ing ha en ep eneu s can c ea e and cap-
u e social alue by delibe a ely eschewing economic alue. VIU
is bo h an ambigui y i sel and a po en ial solu ion o o e coming
SV ambigui y.
To illus a e he in es iga ed app oach o VIU, we in oduce
he concep o a sus ainabili y ailblazing s a egy o VIU.
I ep esen s he app oach whe e inno a o s (“sus ainabili y
ailblaze s”), pa icula ly in sus ainabili y- ocused en u es,
delibe a ely lea e VU o pu sue b oade , long- e m social and
en i onmen al goals. Thus, ins ead o solely maximizing hei
p o i s o bene i s, ailblaze s in en ionally o go ce ain i-
nancial gains o compe i i e ad an ages o c ea e alue o he
common good—such as p omo ing en i onmen al sus ain-
abili y, social equi y, o communi y well- being. Fu he mo e,
ou schola ly s a egy discussion indica es he concep o VIU,
which desc ibes he alue ha ailblaze s willingly sac i ice,
leading o lowe p o i s, sha ed esou ces, o open inno a ion
o bene i socie y o he en i onmen . Sus ainabili y ailblaz-
e s, in con as o adi ional en ep eneu s, p io i ize highe
o de goals o e maximizing hei e u ns. Thei mo i a ion
s ems om a desi e o add ess sys emic challenges (e.g., cli-
ma e change, social inequali y), and hey ecognize ha sho -
e m inancial sac i ices may be necessa y o d i e long- e m
sus ainabili y ans o ma ions (G ego i and Holzmann2022).
This s udy p o ides a concep ual con ibu ion, wi h he single
case s udy se ing as an illus a ion o he concep s hemsel es.
Gene aliza ion a ises om he concep s a he han he illus a-
ional case o concep ual ad ancemen in business s a egy, spe-
ci ically, de eloping a sus ainabili y ailblazing s a egy o VIU,
which was in o med by expe discussions. We a gue ha con em-
po a y business s a egy amewo ks should inco po a e VIU, as
demons a ed by he a gumen a ion p esen ed in he pape .
Ou esea ch logic es s on Kuhn's(1962) specula ions. Ini ially,
we ound inspi a ion in ecognizing ha scien i ic p og ess is no
g adual and s eady bu occu s h ough successi e ab up , dis inc
pa adigm shi s. We link his wi h ou unde s anding o he exis -
ing amewo k, engaging in p oblem- sol ing and heo y enhance-
men —speci ically, sel - de e mina ion heo y (SDT) and uses
and g a i ica ion heo y (UGT)—and employ known me hods
o g adually accumula e in o ma ion. Subsequen ly, we encoun-
e ed he scien i ic e olu ion s age (S a buck2006), which occu s
when a no el pa adigm (he e, VIU) a ises om iden i ied ambi-
gui ies, supplan ing he p e ious one. These no el enigmas o e
a i me ounda ion o comp ehending anomalies and di ec ing
u he esea ch. Such a swi ch om one pa adigm o ano he is
a ely seamless bu a he an in ica e, e en con es ed p ocess.
We emb ace Kuhn's claim ha i al pa adigms a e equen ly in-
commensu able, as hey canno be di ec ly jux aposed due o hei
dis inc s anda ds, ideas, and echniques. Thus, we a gue ha he
mo i a ions and g a i ica ions o VIU a e in e connec ed and can-
no be unde s ood in a simple, p ocess- like app oach (mo i a ions
lead o g a i ica ions); a he , hey esemble ecip ocal, dynamic
co- ac ions, wi h one dynamic leading o a ious o he s o mul-
iple ac o s. This concep ual a icle aims o es ablish connec ions
and cla i y he de ec ed conund um. We use heo y o de elop ad-
di ional heo ies, bu ou s a emen s and conside a ions a e sup-
po ed by bo h heo y (o concep s) and empi ical e idence (Schad
e al.2016).
Ou esea ch ques ion—Is i easonable o lea e uncap u ed
alue uncap u ed?—add esses a esea ch gap ega ding he a-
ionale o being an en ep eneu by conside ing who c ea es,
deli e s, and cap u es SV and who uncap u es i .
Ou esea ch aims a e (1) in es iga ing he in e connec edness
be ween VIU's mo i a ions and g a i ica ions, which is close o
an in e mi en han a linea p ocess, and (2) examining he em-
pi ical aspec o a case s udy o ganiza ion ha s opped using a
well- es ablished, unc ioning business model and “le i o o h-
e s.” Ou heo e ical amewo k called Sel - De e mina ion Theo y
o In en ional Value (Un)cap u ed employs he lens o SDT o con-
side mo i a ions o lea ing VIU (M- VIU). Ou amewo k (Uses
and) Value (Un)cap u ed G a i ica ion Theo y employs UGT o
examine g a i ica ions om lea ing VIU (G- VIU). Addi ionally,
ou amewo k includes VU and VIU componen s.
Th ee componen s cons i u e he p ocess o demons a ing he
ela ionship be ween VIU mo i a ions and g a i ica ions: (1) he
concep ual a gumen a ion based on p io esea ch, (2) he illus-
a ion using a single case s udy, and (3) he expe s' assessmen
o iangula ing he case illus a ion wi h hei p io knowledge
and ou concep ualiza ion.
This pape is s uc u ed as ollows: Sec ion2 desc ibes SV,
VU, and ela ed ambigui ies o SV cap u e and uncap u e as
well as he M- VIU and G- VIU concep s. Sec ion3 explains he
esea ch p ocess, mo i a ions, and coding schemes. Sec ion4
discusses he mul i a iousness o en ep eneu s' VIU mo i a-
ions and g a i ica ions by analyzing public in e iews and ex-
pe s' e alua ions. Sec ion5 e lec s on he ambigui ies o VIU
logic and o c ea ing and (un)cap u ing SV om a poin –coun-
e poin pe spec i e. In Sec ion 6, we desc ibe ambigui ies
wi hin he mo i a ion–g a i ica ion ela ionship (commonal-
i ies and disc epancies) be o e he closing ema ks (Sec ion7).
We o e se e al heo e ical con ibu ions. Fi s , we conside
wo pe spec i es (owne s' and expe s') on VIU mo i a ions
and g a i ica ions. In insic and ex insic mo i a ions, like
g a i ica ions, ha e dis inc i e unc ions; al hough in insic
mo i a ion may yield enjoymen h ough g a i ica ion, i is
no he undamen al mo i a ing ac o . Second, we discuss
a ious pe spec i es on unde s anding alue c ea ion and
(un)cap u e ecosys ems. Ou con ibu ion is he emphasis on
alue cap u e and uncap u e a he han he con en ional en-
ep eneu ial alue c ea ion pe spec i e. Nex , we in oduce
VIU and he ela ed concep s o M- VIU and G- VIU. Las ly,
he pape may in e es business ailblaze s by iden i ying
obus sus ainable managemen pe spec i es o ac ual o
1973
p ospec i e VIU en ep eneu s seeking inspi a ion o new
alue- cap u ing a enues.
2 | Li e a u e Re iew
2.1 | Ambigui ies o SV (Un)cap u ed
2.1.1 | SV: Cap u ed and Uncap u ed
SV encompasses concep s and p ocedu es ha add ess global
sus ainabili y conce ns o inc ease s akeholde alue (Heue ,
Khalid, and Seu ing2020). An SV p oposi ion c ea es alue o
nume ous s akeholde s by conside ing he needs o cus ome s,
sha eholde s, supplie s, pa ne s, he en i onmen , and socie y
(Baldassa e e al.2017). The concep encapsula es h ee alue
ca ego ies:
• Economic alue: p o i abili y, e iciency enhancemen s, and
cos educ ions
• Social alue: a company's posi i e socie al impac s om im-
p o ing i s well- being and s akeholde s' quali y o li e
• En i onmen al alue: a company's posi i e impac on he
en i onmen h ough educing emissions, conse ing e-
sou ces, and p o ec ing ecosys ems and biodi e si y
SV c ea ion necessi a es he alignmen and emphasis o s a egy,
capabili ies, choices, ac i i ies, and ou comes wi h he p incipal
alue d i e s o a business (McCa hy2004). We a gue ha he
alue cap u ed is he g a i ica ion ob ained by en ep eneu s and
o he s akeholde s (Wagne and Kabalska2023a). The alue cap-
u ed anscends simple “mone a y o nonmone a y” ansla ions
o alue ( ha a e iden i iable now o la e ) and includes alue ec-
ognized by he c ea o o cap u e (e.g., he s akeholde ), publicly
ecognized and socially p aised alue, hidden alue, and so o h.
2.1.2 | The Dilemma o Cap u ing SV Ve sus
Sus ainably (Un)cap u ing Value
Cap u ing SV en ails sys ema ically in eg a ing economic,
en i onmen al, and social componen s in an o ganiza ion's
business models o gene a e sus ainable compe i i e ad an-
ages, employing ope a ional e ec i eness, g oundb eaking
ideas, and e hical me hods o imp o e economic ou comes
while add essing socie al equi emen s and mi iga ing en-
i onmen al consequences (Gans and Ryall 2017). The de-
si ed business model enhances p o i abili y and con ibu es
o b oade sus ainabili y (Méndez- León, Reyes- Ca illo, and
Díaz- Picha do2022). We con end ha cap u ing SV is always
an ad an age o he alue- cap u e , bu i may disad an age
o he s (i.e., des oyed alue). Sus ainably uncap u ing alue
p o ides an ad an age o s akeholde s, he g a i ica ion being
he s akeholde 's eedback o he abili y o c ea e one's own o
capi alize on o he s' alue.
VU deno es he po en ial alue no acqui ed in a company's
business model a he momen and, mos ecen ly, in i s VU
chain (Wagne and Kabalska2023a); i is alue ha has ye o be
cap u ed. VU can ake a ious o ms (Yang, Vladimi o a, and
E ans2017, 1797):
• Su plus alue: “Value which exis s bu is no equi ed”
• Absence o alue: “Value which is equi ed bu does no
exis ”
• Missed alue: “Value which exis s and is equi ed, bu is no
exploi ed”
• Des oyed alue: “Value wi h nega i e consequences”
We de ine he uncap u ing o SV (he e, VIU) as iden i ying
and using un apped bene i s h oughou an en ep eneu ial
p ocess. The concep encompasses e iden elemen s, o ex-
ample, disca ded ma e ials and unde u ilized esou ces, as
well as concealed aspec s, o example, a su plus wo k o ce
and un apped knowledge. O ganiza ions can enhance sus-
ainabili y, e iciency, and o e all alue gene a ion ac oss he
p oduc li ecycle by ecognizing and using hese unexplo ed
asse s (Wagne and Kabalska2023a, 2023b), mos ob iously
in alue- des oyed componen s. We acknowledge ha he no-
ion o using (cap u ing) alue ha ano he en i y o pe son
has gene a ed and pu pose ully le behind is a p ominen am-
bigui y; i p o ides a s a ing poin o in es iga ions o he
mo i a ions and g a i ica ions ha s akeholde s encoun e
in VIU.1
This s udy highligh s he VIU phenomenon, which is a no el con-
cep based on he VU; hus, i has ecei ed e y li le a en ion in
ecen s udies compa ed o he alue cap u ed and VU (Figu e1),
wi h he la e ep esen ed by only a ew esea ch pape s indexed
in he Web o Science da abase. Howe e , we an icipa e i s de el-
opmen and inc eased p ominence in u u e esea ch. Gi en he
es ablished esea ch on alue cap u e and he g owing in e es
in he VU concep , we acknowledge VIU as he nex s ep in he
schola ly discussions on VU. We see VIU as a pa o he bigge
alue logic ecosys em and an impo an pa o he sus ainabili y
ailblazing s a egy because “ he alue o indi idual ac i i ies
canno be sepa a ed om he whole” (Po e 1996, 72).
The ecen con ibu ions o VU in business ocused on analyz-
ing he VU and i s implica ions wi hin he amewo k o busi-
ness models (Bo cha d e al. 2024; Osmano ic, Ba h, and
Ul enblad2024). VU may acili a e new alue c ea ion and p es-
en chances o en ep eneu s h ough he in e ac ion o di e se
alue lows, which we acknowledge as a a ionale o de eloping
he VIU. The e o e, ou pa icula emphasis is placed on dis-
ce ning he mo i a ions and g a i ica ions o sus ainabili y ail-
blaze s in hei delibe a e pu sui o VU.
2.2 | Rele an Theo ies o VIU- Cen e ed
In es iga ions
2.2.1 | The Why? Ques ion: SDT o VIU
SDT explains human mo i a ion in social si ua ions by dis in-
guishing be ween au onomous and con olled mo i a ion (Deci
and Ryan 2012; Ryan and Vans eenkis e 2023), sugges ing ha
al hough humans de elop g adually and a e subjec o social
Business S a egy and he En i onmen , 2025
1974
in luences, hey a e na u ally ac i e, in e nally mo i a ed, and o i-
en ed owa d holis ic sel - de elopmen . In SDT, h ee undamen al
psychological needs a e essen ial o heal hy g ow h: compe ence,
au onomy, and ela edness (Newman and Newman2022; S auss
and Pa ke 2014). Financial incen i es, in imida ion, and compe i-
ion can hinde au onomy, whe eas posi i e eedback and lexible
decision- making can imp o e compe ence and sel - de e mina ion,
boos ing in insic mo i a ion. A comp ehensi e mac o- heo y,
SDT explains he causes and consequences o human agen ic ac-
ion (Adams, Li le, and Ryan2017; Vans eenkis e, Williams, and
Resnicow 2012). Keeping VU and o going p o i a e means o
o e coming limi a ions ha hinde an en ep eneu 's au onomy.
Unde SDT, in insic mo i a ion cha ac e izes people wi h
comple e au onomy who de i e sa is ac ion om ins iga ing
hei own ac ions (Chen and Bozeman2013), ha e a s ong
in e nal locus o con ol, and see hemsel es as ac i e causal
agen s. In insic mo i a ion emb aces bo h iden i ied mo i a-
ion (accep ing egula ions because hey align wi h one's al-
ues) and in ojec ed mo i a ion (engaging in beha io s o a oid
nega i e eelings). Bo h iden i ied mo i a ion and in insic
mo i a ion a e deemed au onomous mo i a ion. By con as ,
ex insic mo i a ion esponds o ex e nal demands o ewa ds
and has an ex e nal locus o con ol.
In he business con ex , companies encoun e a ange o mo-
i a ions ha d i e hei decisions and ac ions (Shah and
A joon2015). Leade s in he obus implemen a ion o s a egic
sus ainabili y ini ia i es ha e a s ong sense o e hical mo i a-
ions and s a egic endea o s (Bonilla- P iego, Náje a- Sánchez,
and Fon 2022). SDT is ele an o in es iga e how he ex en
o sus ainabili y ac i i ies, in es men s, and p oduc s in luences
ailblaze s' decisions ega ding he i m's economic pe o -
mance, as well as o e ing an app op ia e amewo k o ana-
lyzing p ac ices ha may impac economic and en i onmen al
conce ns, o name a ew (D'Angelo, Cappa, and Pe u o2023).
Sel - de e mina ion o VIU (i.e., M- VIU) desc ibes he p oac i e
app oach o indi iduals (en ep eneu s) o o ganiza ions ha
le e age in insic mo i a ion and in e nal au onomy o iden i y
and use VU by o he s (e.g., en ep eneu s o businesses).
2.2.2 | The Wha o ? Ques ion: Uses and Value
Uncap u e G a i ica ion Theo y
UGT explo es how indi iduals ac i ely seek media o sa is y
speci ic needs and desi es (Ka z, Blumle , and Gu e i ch1973;
Ruggie o 2000). Indi iduals' mo i a ions— o example, sel -
de e mina ion, pe sonal iden i y, in eg a ion, and social in e -
ac ion—d i e beha io . The impac o media depends on how
ac i ely he audience engages wi h hem and o wha ex en
hei needs a e sa is ied. The UGT adi ionally explains media
consump ion, bu we adap i o he con ex o VU and VIU, in-
spi ing he concep o G- VIU.
Building upon Ka z, Blumle , and Gu e i ch'(1973) i e ca ego-
ies o media- ela ed needs (Rauschnabel2018), we p opose ou
en ep eneu ial g a i ica ions:
1. Cogni i e g a i ica ions, o example, de e mining pa icu-
la phenomena (es ablishing he ules)
2. A ec i e g a i ica ions, o example, emo ional expe iences
(e.g., inno a ing wi h eam membe s)
3. Social in eg a i e g a i ica ions, o example, c ea ing new
and main aining exis ing social ela ionships (e.g., public
ecogni ion, someone building on one's idea)
4. Pe sonal in eg a i e g a i ica ions, o example, enhanc-
ing one's s a us, con idence, o c edibili y (e.g., con idence
building)
Au onomy- ela ed ac o s p ima ily inspi ed us o adap UGT
o an en ep eneu ial con ex . We ecognize ha , om he
FIGURE 1 | Value cap u e, VU and VIU: publica ions' asymme y. Sou ce: Au ho s based on Web o Science da abase.
1975
UGT pe spec i e, en ep eneu s ocus on ac i i ies aligned wi h
hei in e es s and aims, demons a ing independen decision-
making, hence ocusing on pe sonal agency. Taking he UGT
pe spec i e, we pe cei e ha en ep eneu s' needs mi o an in-
di idual's independen endea o o wel a e and con en men .
M- VIU indica es ha sa is ying he demand o au onomy am-
pli ies mo i a ion and in ol emen ; G- VIU sugges s ha people
a e mo e in ol ed in SV c ea ion and (un)cap u e when delibe -
a ely adop ing i o ul ill pe sonal desi es.
Gi en his con ex , we analyze (by means o mo i a ions among
g a i ica ions) whe he i is easonable no o cap u e VU. The
add essed esea ch gap pe ains o he a ionale o being an en-
ep eneu , speci ically ocusing on indi iduals esponsible o
c ea ing, deli e ing, and cap u ing SV and hose who gi e up
such alue—inno a o s who we pe cei e as sus ainabili y ail-
blaze s, adap ing he sus ainabili y ailblazing s a egy o VIU.
2.3 | The Hams e Wheel o Mo i a ions
and G a i ica ions in VIU
Mo i a ions and g a i ica ions in VIU a e dynamic luc ua ions—
p og essi e and dig essi e— ha a e no linea . Inno a ion in
social o ms a ises o he sus ainabili y ailblaze s when he po-
en ial o acqui e esou ces h ough o ganizing eaches a c i ical
h eshold, coupled wi h he esonan low o in o ma ion ac oss
indi iduals. This nonlinea in e ac ion be ween esou ce acquisi-
ions and in o ma ion syn hesis e eals ha mo i a ions and g a -
i ica ions a e no ixed o s eadily p og essi e. They a e subjec ed
o dynamic shi s as indi iduals and sys ems espond o changing
en i onmen al cues, ul ima ely dis up ing he s a us quo and ne-
cessi a ing new o ms o o ganizing (Hazy and Ashley2011). This
is depic ed u he in Figu e6.
Mo i a ions and g a i ica ions a e ecip ocal, ein o cing and
d i ing one ano he in a con inuous loop. An icipa ion o expec-
a ion o g a i ica ions o en spa ks mo i a ions, d i ing sus ain-
abili y ailblaze s o ac in pu sui o ewa ds, sa is ac ion, o
he ul illmen o desi es. Upon achie ing g a i ica ions h ough
ma e ial, emo ional, o cogni i e ewa ds, ein o cemen o he
beha io o e o ha led o he ewa d s eng hens mo i a-
ions. This c ea es a cycle whe e he expe ience o g a i ica ions
uels u he mo i a ions o pu sue simila o g ea e ewa ds,
and he desi e o g a i ica ions se es as he p ima y d i e o
u u e mo i a ions. Fu he mo e, SDT sugges s ha in insic
mo i a ions—d i en by sa is ying psychological needs like au-
onomy, compe ence, and ela edness—lead o eelings o g a -
i ica ions (Deci and Ryan2012), ein o cing and s eng hening
mo i a ions. As sus ainabili y ailblaze s eel mo e in luen ial
and au onomous, hey a e highly mo i a ed o engage in impac -
ul wo k, c ea ing a cycle o inc easing g a i ica ions and mo i-
a ions o e ime.
3 | Me hodology and Resea ch P ocess
3.1 | Resea ch Con ex
Single case s udies a e adap ed in managemen esea ch o
deepen heo e ical unde s anding o challenge exis ing belie s
and allow esea che s o explo e signi ican phenomena in
unique o complex condi ions (Eisenha d and G aebne 2007).
Gioia, Co ley, and Hamil on (2013) asse ha gene aliza ion
om a case s udy is easible i he ins ance gene a es concep s
o p inciples ha apply o ano he domain. Conside ing his,
ou decision o inco po a e he VIU concep in o cu en e-
sea ch was u he con i med by Siggelkow's(2007, 21) obse -
a ion ha “ he e migh be some hing missing in he heo y,”
FIGURE 2 | Map o Reb ead's business jou ney.
Business S a egy and he En i onmen , 2025
1976
highligh ing he need o subsequen in es iga ion and a mo e
e ined concep ualiza ion o he VIU phenomenon.
En i ies ha delibe a ely eschew cap u ing “ ull” alue (o a po -
ion he eo ) allow o he ma ke pa icipan s o ( e)adap and
capi alize on i . Value may no be en i ely cap u ed due o, o
example, delibe a e unde u iliza ion o exis ing echnologies,
un apped ma ke s, ine icien esou ce alloca ion, and o gani-
za ions no ully capi alizing on in ellec ual p ope y (e.g., by
adop ing an open- inno a ion model). Ou case s udy company
ep esen s such a logic, illus a ing he easoning behind VU
and VIU and pinpoin ing con adic ions in he mo i es and sa -
is ac ions o en ep eneu s. Depic ing and examining he o ga-
niza ion's speci ics is a less signi ican .
We ocus on Reb ead, a s a - up ha collec s and ecycles le -
o e b ead (Reb ead n.d.). Loca ed in K aków (Poland), Reb ead
was es ablished o u he he ac i i ies o Handelek, an a isan
bake y in K aków. I s concep o igina ed du ing he COVID- 19
pandemic, when ypical bene icia ies o s ale b ead ( a me s who
used i as animal odde ) collec ed i only spo adically (Figu e2).
Because o limi s on anspo a ion and he subsequen dec ease
in sales, Handelek aced an escala ing p oblem o unsold b ead.
In esponse, he owne s (indi iduals wi h an IT and media/
ad e ising agency backg ound) es ablished Reb ead ( om “ e-
pu posed b ead”) as a “ci cula economy s a - up, ackling he
p oblem o b ead was e” [2].
3.2 | Resea ch Mo i a ions, P ocess, and Coding
The in es iga ion o he Reb ead case s udy s a ed in Augus
2023, in luenced by h ee ac o s:
(1) The company's K akow loca ion and co e age o i s business
s o y in local media
(2) S a - up's unique na u e and he in iguing con adic ions in
i s ope a ions (an a isanal bake y p oducing niche alcohol)
(3) The owne s' idiosync a ic business decisions
The comp ehensi e s udy phase concluded in Augus 2024.
The esea ch comp ised wo s ages. Fi s , ollowing
Kozine s (2020), we conduc ed ne nog aphic esea ch using
seconda y sou ces (Augus 2023–July 2024). We i s ga he ed
esea ch ma e ials om he company's websi e [3], which ea-
u ed in e iews by Reb ead o icials in con en ional and digi al
media. We ound addi ional in e iews h ough an online sea ch
using he keywo d “Reb ead.” O 25 examined in e iews, we
used 22 o u he e alua ion; pseudo- in e iew ma e ial con-
aining iden ical quo es was omi ed. One o his pape 's au ho s
ansla ed he ma e ial om Polish o English. A summa y able
(see TableS1) con ains all e e ences o he di ec sou ces o quo-
a ions used in he ex .
The second s age was an expe e iew (May 2024–July 2024).
The pa icipa ing expe s we e delibe a ely selec ed and pos-
sessed he ollowing cha ac e is ics:
• Expe No. 1: a sociologis and uni e si y p o esso
• Expe No. 2: an academic ocusing on economic sciences
• Expe No. 3: an employee o an academic consul ing i m ha
suppo s s a - ups
• Expe No. 4: a o me academic lec u e who uns a consul -
ing business ocused on sus ainabili y epo ing
The expe s' b oad expe ise and di e se backg ounds yielded
many aluable academic and business assessmen s. They ad-
d essed ques ions ega ding he VIU mo i a ions and g a i ica-
ions o a ious Reb ead s akeholde s (cu en and p ospec i e).
In bo h esea ch s ages, we iden i ied VIU mo i a ions and g a -
i ica ions a he indi idual (en ep eneu ), collec i e (o ganiza-
ion), and business ecosys em le els.
The coding o da a om seconda y sou ces cen e ed on mo i-
a ions (using M- VIU componen s) and g a i ica ions (adop ing
G- VIU elemen s). We limi ou selec ion o quo a ions o he
mos ep esen a i e examples (see TableS2, and he ex below).
Nex , we sea ched o bo h SV cap u ed and uncap u ed in he
ex ac ed quo a ions (Figu e3). The second esea ch s age ol-
lowed he same p ocedu e o he expe in e iews. Unlike wi h
he ma e ial om desk esea ch, we in oduce he expe s' opin-
ions as di ec quo a ions complemen ing he esul s om he
p e ious esea ch s age.
Subsequen ly, he quo es we e ca ego ized in o g oups based
on he p ima y mo i a ions d i ing he en ep eneu s and o -
ganiza ion and on he ewa ds de i ed om hese mo i a ions
(TableS3).
4 | Resea ch Resul s
4.1 | B eadc umbs In o Gold: Mo i a ions
and G a i ica ions in En ep eneu s' Public S o ies
The mo i a ions and g a i ica ions o VIU de i ed om coding
in e iews we e used o iden i y ca ego ies o p ima y easons
o and behind VIU (Figu e 4); hese clus e s we e iden i ied
based on VIU pa e ns. Nex , me aca ego ies we e de i ed om
he clus e s, speci ically ocusing on he pa adoxes o he mo i-
a ions and g a i ica ions. Fo a be e p esen a ion, we colo -
coded ou indings by he h ee pe spec i e le els: indi idual
(colo ed yellow), business (pink), and ecosys em le el ( he mos
comp ehensi e iewpoin , colo ed ed).
No ably, mos mo i a ions and g a i ica ions associa ed wi h
VIU a e a he o ganiza ional and ecosys em le els. Only wo
M- VIUs a e a he indi idual le el ( he en ep eneu ). This
demons a es he comp ehensi e pe spec i e on business man-
agemen o he en ep eneu s, who assessed decisions and e-
sul ing gains p ima ily om he s andpoin o hei i m, i s
signi icance in he business ecosys em, and i s in e ac ions wi h
o he pa icipan s.
Reb ead's main mo i a ions and g a i ica ions conce n ack-
ling he economic, social, and en i onmen al challenges
1977
a ising om b ead was e. A ma ke gap ha equi ed illing
and a lack o indus y mo i a ed he ounde s, whose aimed
o become he ma ke leade s while inc easing public awa e-
ness by in oducing a unique business model and, a e i s suc-
cess ul applica ion, abandoning i , lea ing he VU. By seeking
ex e nal inancing and g an s, hey also p omo ed coope a-
ion and knowledge exchange wi h o he in ol ed pa ies o
achie e bo h economic bene i s and public ecogni ion. Thei
mo i a ion sp ang om a desi e o add ess subs an ial soci-
e al p oblems (e.g., ood was e), aiming o ga ne wo ldwide
ecogni ion and posi i ely impac sus ainabili y. They de i ed
sa is ac ion om shaping ma ke dynamics and cus ome pe -
cep ions, inspi ing o he s h ough inno a ion and anspa en
in e sec o al collabo a ion. The need o sol e logis ical issues
and adjus o changing ma ke condi ions inc eased he in-
cen i e o c ea e a globally lexible business model suppo ing
ci cula economy p inciples.
The VIU pa hways e e o a ious a enues h ough which busi-
nesses can c ea e, cap u e, o lea e VU, pa icula ly in unce ain
o e ol ing ma ke condi ions. When adop ing hese pa hways,
sus ainabili y ailblaze s may explo e di e en business s a -
egies o in eg a ing alue c ea ion and (un)cap u e in o hei
business models, emphasizing inno a ion and long- e m socie-
al and en i onmen al impac s. By balancing hese componen s,
businesses can s a egically align sus ainabili y goals wi h eco-
nomic objec i es, equen ly na iga ing unce ain y o os e
compe i i e ad an ages.
4.1.1 | VIU Pa hway I (Company- De elopmen Le el):
Inno a ion, Ma ke Leade ship, and Sus ainable
S a egic Business De elopmen
The p ima y impe us o es ablishing Reb ead was he inan-
cial se backs caused by unsold b ead a Handelek as well as
he mul i ace ed economic, social, and en i onmen al p edic-
amen s o he si ua ion. The owne s ecognized and add essed
a speci ic ma ke gap by implemen ing his sus ainabili y-
o ien ed p ojec : “We belie ed he e was s ill a gap in he ma -
ke o eal bake ies. The e a e mo e han 20 a isan bake ies
in K akow, bu i 's s ill no enough” [4]. This clea ly indica es
business compe ence a he en ep eneu ial le el, al hough
he en ep eneu s lacked o mal economics expe ise. They
pe cei ed he challenge as an ex e nal mo i a ional o ce:
“We' e ying o ca ch up, because he ma ke is p essu ing us.
Bu ha 's a good hing, because he mo i a ion is hen much
highe ” [5].
Reb ead's c ea o s acknowledged he absence o any i al
Polish bake y, whe he small scale o la ge scale, ha had
execu ed hei business concep , con i ming hei good o i-
en a ion in compe i i e en i onmen s and hei ini ia i e's
good business posi ioning. They aimed o ill his ma ke gap
and gain a sus ainable compe i i e ad an age by pionee ing
hei o iginal idea in he indus y (demons a ing business
compe ence a he ma ke le el): “We a e eage o implemen
his idea. We don' ha e compe i ion ye , ei he in Poland o
FIGURE 3 | Coding scheme o di e en - le el mo i a ions and g a i ica ions o VIU.
Business S a egy and he En i onmen , 2025
1978
ab oad, and we wan o be he i s wi h such a model in e na-
ionally” [6]. They ecognized po en ial compe i ion and o he
ma ke challenges: “These a e he kinds o p oduc s ha can
hi he ma ke quickly. Tha 's why we ha e p io i ized hem.
We aim o swi ly launch ou p oduc s in o he ma ke and
gauge hei ecep ion” [7].
The an icipa ed g a i ica ions om his ini ia i e we e cogni-
i e: pionee ing he ma ke (“Ou ocus is on signing le e s o
in en , es ablishing cool pa ne ships, and wo king ou oge he
wha we wan o do. We place a high alue on b inging … knowl-
edge we gain om ou ela ionships wi h majo playe s o he
communi y”) [8], blazing a pa h o o he s (“Ou goal is o in-
spi e o he s and encou age coope a ion be ween di e en in-
dus ies”) [9], and ecei ing public ecogni ion beyond na ow
business pa hs (“Mos people hink o us as a manu ac u ing
company. We see his business di e en ly”) [10].
4.1.2 | VIU Pa hway II (Business- P ocess
Le el): O e coming and Exploi ing Ope a ional
and Logis ical Challenges
The p oblems Reb ead encoun e ed on i s en ep eneu ial jou -
ney u he inspi ed i s ounde s o lea e he con en ional busi-
ness pa h and seek oppo uni ies o u he de elopmen a he
han me ely “doing business”: “The main obs acles [we e] all
hose dynamic changes, an uns able pe iod, and ha ing o make
a lo o decisions, so we we e o ced o [s ep back] o e en u-
ally mo e o wa d” [11]. Such s a emen s con i m he en ep e-
neu s' delibe a e choice o will ully o go po en ial bene i s; his
weigh y decision was, hey belie ed, a ac ic o p og ess, expand
he company, and mo i a e o he s, mo ing beyond he p o i -
o ien ed pe spec i e: “Ou p oduc ecei ed media a en ion,
and we we e able o en e a ious business incuba o s. Despi e
ou ini ial en husiasm, we swi ly ee ed away om he alcohol
FIGURE 4 | Ma ix o VIU mo i a ions and g a i ica ions.
1979
Expe s highligh ed he need o ecognize iewpoin s ha
ha e no been ully conside ed and emphasized unce ain ies
in decision- making. E1 unde lined ha “The nonhuman pe -
spec i e is ha e e y hing is able o oblige you o do hings ha
you a e no con inced o do in ha way, bu objec i ely d i -
ing you in ha di ec ion.” E3, howe e , no ed he unce ain ies
a ising om he unnecessa y ans e o p ope y, namely, a
social pu pose ha has no been ul illed (cha i y), which he
TABLE 3 | G a i ica ions om VIU.
Cu en alue c ea o s
and capi alize s D i ing o ce SV ca ego y Rele an quo a ion
Employees Palpable impac Social “You … a e no only pa o he big
co po a ion's machine y.” (E2)
Posi i e sel - pe cep ion Social “You' e [ ul illing] you own
belie s. I you belie e ha people
should help he en i onmen
by buying om a company ha
clea ly educes was e, you'll eel
be e abou you sel .” (E2)
Cus ome s Con e gen alues Social
En i onmen al
“On one hand, high-
quali y p oduc s and, on
he o he , sa is ac ion om
con ibu ing o en i onmen al
conse a ion e o s.” (E2)
Suppo ing sus ainable businesses Social “High- quali y, eco- iendly
p oduc s and … sa is ac ion
om suppo ing a good cause.
E en i i 's mo e expensi e, hey
would p obably say, ‘OK, yeah,
bu by suppo ing hings like
educing ood was e, we' e doing
some hing good he e.’ So ha
would p obably be a good aspec o
good g a i ica ion bene i s.” (E4)
Local bake ies (compe i o s) Addi ional sou ce o income Economic “Maybe a li le bi o money
i Reb ead is paying o
he was e.” (E2)
Posi i e b and image Economic
Social
“Be e b and image due o he
sus ainable p ac ice.” (E2)
Cos e iciency Economic “The e icien collec ion se ices
so hey don' ha e o ca e abou
ha s u , and he educed
was e disposal ees.” (E4)
Posi i e public ecogni ion Economic
Social
“Enhanced public image. The
bake ies a e no h owing s u
away. Huge bene i o hem.” (E4)
Resea ch communi y P o essional bene i s Economic
Social
“Oppo uni ies o esea ch and
publica ions. Also, enhanced
epu a ion h ough in ol emen
in sus ainabili y p ojec s.”
Dis ille ies Cos and esou ce e iciency Economic “The bene i would be a consis en
supply o b ead.” (E4)
Local communi ies Local suppo Social “Job c ea ion and communi y
engagemen ini ia i es, some hing
whe e you could ac ually in ol e
people om he a ea.” (E4)
Business S a egy and he En i onmen , 2025
1986
did no obse e in he si ua ion being examined: “They' e no
p oducing a la ge amoun o b ead ha is no sold a he end o
he day; he e could be coope a ion wi h social g oups o NGOs.
They can pick he b ead up and dis ibu e i o people in need.”
4.2.3 | G a i ica ions F om VIU
The g a i ica ions epo ed by s akeholde s engaged in sus-
ainable ac i i ies such as Reb ead's a e complex and s ongly
connec ed o bo h pe sonal and p o essional p inciples.
Employees pe cei e ac ual impac and de elop a a o able sel -
image by ecognizing hei signi ican con ibu ion o en i-
onmen al p ese a ion, a he han eeling like insigni ican
pa s o a la ge co po a ion (E2). This aises ques ions abou
he impo ance o economic, social, and en i onmen al con-
ce ns, including whe he employees choose o wo k o and
suppo sus ainable o ganiza ions agains hei own inancial
in e es s and whe he hey p io i ize inancial ewa ds o e
sus ainabili y (Table3).
Cus ome s ind joy in pa onizing sus ainable i ms and pu -
chasing high- quali y, en i onmen ally iendly i ems, aligning
hei buying wi h hei ecological p inciples (E2, E4). Local
bake ies as i als gene a e ex a e enue ia ash ades,
achie e cos sa ings, and imp o e hei b and epu a ion and
public isibili y h ough sus ainable ac i i ies (E2, E4).
The esea ch communi y bene i s om oppo uni ies o e-
sea ch and publishing and an imp o ed epu a ion h ough
pa icipa ion in sus ainable ini ia i es. Dis ille ies gain sa is-
ac ion om cos and esou ce e iciency h ough an unin e -
up ed supply o b ead (E4). Jobs and p og ams ha engage
wi h he communi y posi i ely impac local communi ies, in
u n p omo ing local suppo . NGOs a ain o ganiza ional
objec i es o en i onmen al p ese a ion and enjoy a o -
able public acknowledgemen o educing ood was e (E2).
Supe ma ke chains see imp o ed supply- chain e iciency,
b and image, and consume loyal y, mee ing sus ainabili y
c i e ia and dec easing was e (E2, E4). Ag icul u e- sec o
en i ies see cos - educ ion ad an ages and a dependable
P ospec i e alue cap u e s D i ing o ce SV ca ego y Rele an quo a ion
NGOs Reaching in e nal goals En i onmen al “Achie ing NGO o ganiza ional
goals ela ed o en i onmen al
conse a ion.” (E2)
Posi i e public ecogni ion Social “Inc easing public awa eness
and engagemen in ood was e
educ ion e o s.” (E2)
Supe ma ke chains Posi i e public ecogni ion Economic
Social
En i onmen al
“Imp o ed supply- chain e iciency.
… imp o ing b and image and
cus ome loyal y due o engagemen
in sus ainable p ac ices, which big
e ail chains and supe ma ke s
a en' eally amous o . [Some]
consume s a e no happy wi h hei
beha io , so … such coope a ion
would be like a li le hing ha
can imp o e hei image.” (E2)
“Building consume demand is
basically whe e you can ac ually
ma ke i … i we don' sell i ,
we don' h ow i away.” (E4)
Mee ing sus ainabili y s anda ds Social
En i onmen al
“Reducing was e, imp o ing
co po a e social esponsibili y.” (E4)
Ag icul u e- sec o en i ies Cos educ ion Economic “Access o a o dable, … eally
high- quali y animal ood.” (E2)
“Reliable supply and cos
e ec i eness.” (E4)
Packaging and manu ac u ing
companies
Cos e iciency Economic “Imp o ed ma ke compe i i eness
and … consume appeal.” (E2)
TABLE 3 | (Con inued)
1987
p o ision o supe io odde (E2, E4). Packaging and manu-
ac u ing en e p ises de i e sa is ac ion om cos e iciency,
enhanced ma ke compe i i eness, and inc eased cus ome
appeal h ough sus ainable inno a ions (E2).
4.2.4 | O he Value- O ien ed G a i ica ions
E1 no ed he impo ance o unde s anding bene i s esul ing
om he low o ideas, some hing beyond he na ow ame
o “ egula ” en ep eneu ship: “The economic sys em needed
some hing, ideas, ha you combine [wi h] he adi ional way
o p oduce hings ….” Syne gy and collabo a ion owa d join
sus ainabili y and in e ac ion wi h o he s we e among he
mos impo an aspec s he expe s no ed. They ecognized
he need o c ea e a sha ed sus ainable s o y (“Ou na a i e
o e s a esh ou look on sus ainabili y. Sus ainabili y in ol es
in eg a ing he en i onmen in o ou daily asks, … ou ope -
a ions, and u ilizing i as a key componen in ou p epa a ion
and usage p ocesses. This is a new and inno a i e app oach
o sus ainabili y: he communi y” [E1]); o in eg a e di e se
backg ounds and expe iences (“This is some hing whe e you
needed … expe ise o help ha ce ain ne wo k do ha , o
i i 's some hing ha basically e e ybody can do ha you' e
pi ching he idea. Po en ial ounde s who say, OK, his is a
good idea. Le 's do i ” [E4]); and o p omo e he exchange o
ideas (“Sus ainabili y p ac ices a e eally ha d o implemen
on hei own … i makes mo e sense o hink abou i in a mo e
ne wo ked s uc u e. So, i you' e hinking abou he ci cula
economy, how can di e en companies … coope a e so ha
hey sha e esou ces and maybe sell each o he p oduc s ha
hey don' need anymo e?” [E3]).
5 | Discussion and Conclusions
Ins ead o adap ing he con en ional discussion logic, his sec ion
in oduces a poin –coun e poin low o a gumen a ion. Due o
his esea ch's heo e ical cha ac e and analy ical indings, we
u ilize a non adi ional a gumen –coun e a gumen p esen a ion
s a egy. This sec ion cla i ies he unce ain ies ega ding he mo-
i a ions and g a i ica ions o VIU; VIU is no con ingen upon
empi ical alida ion o jus i ica ion since, by now, i emains a he-
o e ical concep . The poin –coun e poin esponse s a egy acili-
a es he de elopmen o a epe oi e o in e p e a i e echniques
applicable o complex asks (Roge s1990). This o ma is mean o
be con o e sial; i comes wi h some isks, bu i also leads o mo e
ac i e and use ul discussions, which ad ance he ield h ough
he ensions ha a ise when di e en ideas and pe spec i es a e
p esen (Wes wood and Clegg2009). This poin –coun e poin dis-
cou se examines iden i ied dilemmas om di e gen pe spec i es,
u ging eade s o c i ically e alua e he heo e ical unde pinnings
o hei endea o s. As Ke oki i(2016) a gues, “Ag eemen is o e -
a ed; le us ins ead in i e di e en , e en opposing poin s o iew,
so ha we can lea n some hing new.”
5.1 | Ambigui ies o VIU Logic
Uncap u ing SV (in pa icula , VIU) in ol es iden i ying and
using un apped ad an ages gene a ed by indi iduals o busi-
nesses. The concep includes conspicuous componen s (e.g.,
abandoned aw ma e ials and unused esou ces) and hidden
elemen s (e.g., an excess wo k o ce and un apped expe ise).
O ganiza ions can imp o e sus ainabili y, e iciency, and o al
alue c ea ion ac oss p oduc li e imes by acknowledging and
FIGURE 6 | Value In en ionally (Un)Cap u ed Chain.
Business S a egy and he En i onmen , 2025
1988
using hese un apped oppo uni ies. We concede he signi i-
can ambigui y o using he alue ha ano he en i y o pe son
in en ionally ailed o c ea e. This ambigui y inspi ed ou in-
es iga ions in o he mo i a ions and g a i ica ions om VIU
expe ienced by di e se s akeholde s, leading us o add ess he
exis ing gap in VIU esea ch and adop he SV pe spec i e. To
answe he esea ch ques ion, we in es iga ed he mul i o m
ambigui ies iden i ied in in en ionally uncap u ing SV, ha ing
iden i ied a need o de elop a ypology o VIU. S udies on SV
c ea ion and cap u e a e ad ised o deem VIU a a ional choice
o s akeholde s (cu en o u u e alue cap u e s).
5.2 | Ambigui ies o C ea ing and (Un)cap u ing
SV: Poin –Coun e poin Pe spec i e
SV encompasses h ee key ca ego ies—economic, social,
and en i onmen al alues (Baldassa e e al. 2017; Ha and
Mils ein2003)—which means juggling managemen o a p o -
i able business, con ibu ing o social good, and p ese ing he
en i onmen (Wagne and Kabalska2023a, 2023b). The ollow-
ing mul i ocali ies ega ding SV c ea ion and (un)cap u e e e
o Reb ead bu exempli y such logics.
5.2.1 | Economic Ve sus Social Value VIU
5.2.1.1 | Companies Can C ea e Economic Value by Uncap-
u ing Social Value. Reb ead es ablished a p o i able, alcohol
p oduc ion–based business model (economic alue), ye he ope a-
ion con ibu ed o a socie al p oblem (alcoholism). By capi alizing
on s ale b ead collec ed om o he bake ies, Reb ead could decide
o dona e he unsold b ead o people in need o local NGOs a ge -
ing homelessness and po e y (social alue).
5.2.1.2 | Companies Can C ea e Social Value by Uncap-
u ing Economic Value. By deciding o qui p oducing
he p o i able ye con o e sial p oduc , he company inspi es
o he businesses o ocus on social alue c ea ion.
The wo si ua ions ep esen he ongoing p o i e sus social
good dilemma, ques ioning whe he con empo a y business
should p io i ize economic weal h o e socie al con ibu ion
(Méndez- León, Reyes- Ca illo, and Díaz- Picha do2022).
5.2.2 | Economic Ve sus En i onmen al VIU
5.2.2.1 | Companies Can C ea e Economic Value by
Uncap u ing En i onmen al Value. New b ead- based
p oduc s (e.g., nonalcoholic be e ages o cosme ics) can p o-
ide new p o i s eams, bu de eloping o mulas h ough
ial- and- e o equi es a signi ican amoun o aw ma e ials
(s ale b ead) ha will be was ed in he p ocess.
5.2.2.2 | Companies Can C ea e En i onmen al Value
by Uncap u ing Economic Value. Deciding o ackle neg-
a i e en i onmen al impac s om b ead anspo a ion in
a o o local collabo a ion, he company eschews p ospec i e
p o i s om selling expensi e niche alcohol.
E e y p oduc ion incu s an en i onmen al oll (Heue , Khalid,
and Seu ing2020). He e, he p edicamen is whe he c ea ing
addi ional i ems (e.g., packaging o cosme ics) ha need signi i-
can amoun s o aw ma e ials and ha cus ome s may no em-
b ace is jus i ied.
5.2.3 | Social Ve sus En i onmen al VIU
5.2.3.1 | Companies Can C ea e Social Value by Uncap-
u ing En i onmen al Value. S epping away om s ale
b ead–based alcohol p oduc ion, which can nega i ely impac
local cus ome s and socie y gene ally, may p oduce a g owing
amoun o b ead was e (en i onmen al alue).
5.2.3.2 | Companies Can C ea e En i onmen al Value by
Uncap u ing Social Value. De eloping new echnologies o
add ess and exploi ood was e may nega i ely impac socie y, ha
is, may inspi e he misconcep ion ha he e is no need o educe
he p oduc ion and consump ion o ood p oduc s (why educe
ood pu chases when someone like Reb ead can use i la e ?).
P io i izing en i onmen al goals e sus c ea ing social good e-
lec s he ongoing ques ion o whe e con empo a y businesses
should ocus a en ion, calling o an in es iga ion o he alid-
i y o c ea ing no el echnologies and p oduc s ha p ese e
he en i onmen while indi ec ly p omo ing consump ion, o
example, by in oducing new p oduc s ha inspi e cus ome s'
mis aken belie ha hei p oduc ion incu s no en i onmen al
expenses. F om a pu pose ul s andpoin , anspa ency unc ions
as bo h he objec i e and he ou come, whe ein s a egies, pol-
icies, and beha io s designed o a ain openness a e sough o
hei inhe en wo h (Ba aiba - Diez, Od iozola, and Fe nández
Sánchez2017), es ablishing an ongoing loop (Hams e Wheel-
like sequence) o mo i a ions and g a i ica ions.
5.3 | T ailblazing New S a egic App oach
The sus ainabili y ailblazing s a egy o VIU is an app oach
whe e sus ainabili y inno a o s in en ionally lea e VU o pu -
sue b oade social and en i onmen al goals. The concep o VIU
desc ibes he alue ailblaze s willingly sac i ice, pa icula ly
p o i s, sha ed esou ces, o hei inno a ions, o bene i socie y
o he en i onmen . Inno a i e sus ainabili y ailblaze s o go
inancial gains o compe i i e ad an ages o c ea e alue o he
common good. Thei mo i a ion is o add ess sys emic challenges
like clima e change and social inequali y as hey ecognize ha
sho - e m inancial sac i ices may be necessa y o long- e m
sus ainabili y ans o ma ions (G ego i and Holzmann2022).
Thus, we o e a heo y- building con ibu ion, ecognizing ha
he p ac ical applica ion o he concep equi es u he elabo a-
ion h ough addi ional esea ch. The poin –coun e poin dis-
cussion p o ides e lec ions a a concep ual le el, ocusing on
he an eceden s, such as mo i a ions and g a i ica ions, a he
han hei consequences. We ecognize i as an essen ial pe -
spec i e on VIU, explica ed by Po e 's (1996, 77) claim ha
“S a egy ende s choices abou wha no o do as impo an as
choices abou wha o do.”
1989
We adhe e o Min zbe g's(1977) iewpoin ha a s a egy is de-
ined as a pa e n wi hin a sequence o decisions; when a se ies
o decisions on a ce ain componen o an o ganiza ion demon-
s a es consis ency o e ime, a s a egy eme ges. Examining he
discussed scena io om his pe spec i e demons a es he appli-
cabili y o he idea in he sus ainabili y ailblazing s a egy o
VIU, whe e a pa h dependency exis s. When he sus ainabili y
ailblaze s make speci ic s a egic decisions, such as ceasing alco-
hol p oduc ion, i becomes challenging o esume i ; con e sely, i
hey op o con inue p oduc ion, hey acknowledge he de imen al
impac o supplying alcohol on indi iduals o consen o add ess
anspo a ion challenges ha ad e sely a ec he en i onmen .
The e o e, we asse ha VIU is open o e ision while alue cap-
u ed emains una ec ed. Edwa ds(2021, 3091) exempli ied his
easoning by s a ing, “Inclusi e balance means ha economic
g ow h is pu sued in se ice o social- ecological wellbeing and no
he o he way a ound.”
5.4 | VIU Chain
Po e 's (1985) alue chain is a leading s a egic managemen
amewo k ha iden i ies and analyzes a company's p ima y
(inbound logis ics, ope a ions, ou bound logis ics, ma ke ing
and sales, cus ome se ice) and seconda y ( i m in as uc u e,
human esou ces managemen , echnology de elopmen , p o-
cu emen ) ac i i ies ha c ea e alue and di e en ia e i om
compe i o s. Expanding on his no ion, he VU chain (Wagne
and Kabalska2023a) p o ides p ac i ione s and esea che s wi h
a amewo k o sys ema ically iden i y uncap u ed alue ac oss
h ee dimensions: p ima y and seconda y business ope a ions,
ounde esponsibili ies, and alignmen wi hin he en ep eneu -
ial ecosys em. De eloping bo h concep s u he , we p opose he
VIU chain (Figu e6). Since he ocus is on he sus ainabili y
ailblaze s and hei decisions o in en ionally uncap u e alue,
i encapsula es hei mo i a ions o and g a i ica ions om
VIU, which we ied wi h hei s a egic decisions and ac ions.
Al hough he chain was de eloped based on he Reb ead's case,
i can be applied o o he cases because i ep esen s s a egic
logic and ambigui ies o s a egy de elopmen . Fo ha eason,
we pu he con ex o he case illus a ion in b acke s.
6 | Resea ch Implica ions
6.1 | Ambigui ies Wi hin Mo i a ion–G a i ica ion
Rela ionships
The examples illus a e he in ica e ela ionship be ween
mo i es and g a i ica ions among di e se s akeholde s in sus-
ainable ini ia i es, which we iden i ied om bo h seconda y
ma e ials and expe e alua ions. Al hough common ac o s
mo i a e s akeholde s, o example, economic ad an ages and
en i onmen al bene i s, he p ecise sa is ac ions ob ained om
hese mo i es may di e g ea ly depending on s akeholde s'
oles and pe spec i es.
The concep o VIU i sel can be u he illus a ed no only
o emphasize i s ele ance bu also o expand i s scope beyond
mo i a ions and g a i ica ions, add essing he po en ial conse-
quences. While ou adap ed app oach add esses he “why,” i
lea es he “wha ” unanswe ed, pa icula ly ega ding he ou -
comes o u u e pa hs o sus ainabili y ailblaze s and he
sus ainabili y ailblazing s a egy o VIU. Mo eo e , his case
s udy exempli ies a concep ual ad ancemen in co po a e s a -
egy by o mula ing a sus ainabili y ailblazing s a egy o VIU,
highligh ing he need o cu ing- edge business s a egy ame-
wo ks o in eg a e VIU- based decisions.
6.1.1 | Commonali ies
6.1.1.1 | Economic Value. Businesses a e mos ly d i en by
economic incen i es, o example, oppo uni ies o ea n money
and educe cos s. By engaging in sus ainable p ojec s and col-
labo a ions, hey gene a e mo e income, educe ash disposal
expenses, and enjoy an enhanced b and epu a ion. Thei busi-
ness pa ne s may p o i om a s eady, a o dable supply o ma e-
ials, ensu ing e icien ope a ions and inancial ad an age.
6.1.1.2 | Social Value. The p ospec o a o able public
acknowledgmen and adhe ing o sus ainabili y goals d i es
sus ainable businesses and hei s akeholde s. Businesses bene-
i om enhanced b and epu a ion, inc eased cus ome loyal y,
posi i e public acknowledgemen , and mee ing en i onmen al
p o ec ion goals.
6.1.1.3 | En i onmen al Value. Sus ainable businesses
a e mo i a ed by aspi a ions o con ibu e meaning ully o en i-
onmen al p ese a ion and a sense o pu pose and impac a he
han being associa ed wi h a big, impe sonal o ganiza ion. Peo-
ple in such ini ia i es enhance hei sel - image by measu ably
a ec ing he en i onmen . Consume s expe ience con en men
by pu chasing en i onmen ally iendly i ems and endo sing
sus ainable businesses, s eng hening hei indi idual ecologi-
cal p inciples.
6.1.2 | Disc epancies
6.1.2.1 | Economic Value. Reb ead's sus ainabili y ocus
inspi ed he objec i e o es ablishing a wo ldwide amewo k
o epu posing su plus (s ale b ead), necessi a ing signi ican
in es men and pionee ing endea o s. This mo i e s ems om
an aspi a ion o achie e ma ke dominance and ensu e long- e m
iabili y. The g a i ica ion is inconclusi e, as he possibili y
o ma ke domina ion is coun e balanced by he di icul ies
o la ge- scale expansion, gaining accep ance om consume s,
and complying wi h egula ions. Endea o s o in oduce new
ideas may no yield s aigh o wa d sa is ac ions due o hese
unce ain ies.
6.1.2.2 | Social Value. Po en ially ad ancing hei p o es-
sional de elopmen , conduc ing op- le el esea ch, and pub-
lishing in p es igious jou nals d i e he esea ch communi y,
which is also mo i a ed by oppo uni ies o enhance i s epu-
a ion h ough sus ainable p ojec s. The communi y de i es
sa is ac ion om p o essional ad an ages and es eem linked
o i s sus ainabili y con ibu ions. Reb ead's p oposed ha an
open- inno a ion app oach may weaken compe i i e ad an age
and in ellec ual p ope y igh s, howe e , esul ing in con lic
be ween collabo a ion and p op ie a y conce ns.
Business S a egy and he En i onmen , 2025
1990
6.1.2.3 | En i onmen al Value. A desi e
o cos - e ec i eness and maximal use o esou ces h ough
collabo a ion d i es p ospec i e business pa ne s (e.g.,
ag icul u e- sec o en i ies and packaging/manu ac u ing en e -
p ises), who bene i om dependable, cheape , high- quali y aw
ma e ials/p oduc s (e.g., odde ), imp o ed ma ke compe i i e-
ness, and cus ome appeal ia sus ainable inno a ions. This
could lead o o e p oduc ion and o e consump ion, howe e ,
nega i ely impac ing he en i onmen .
A ypology o mo i a ion–g a i ica ion ela ionships would
lessen he ambigui ies o VU and inspi e he econcep ualiza ion
(Schad e al.2016) o well- es ablished concep s, o example, VU
(Yang, Vladimi o a, and E ans2017) and he alue- uncap u ed
chain (Wagne and Kabalska2023a). This pape p esen s a sin-
gle case s udy combined wi h expe s' app aisals, which u ge
academics and business p ac i ione s o e lec mo e deeply and
p o ide addi ional examples o VIU—a call o lessons lea ned
o and om sus ainabili y ailblaze s.
7 | Closing Rema ks
Answe ing he esea ch ques ion o whe he i is easonable o
lea e VU uncap u ed, his s udy o e s suppo i e e idence o
i s easonableness. The pape 's main con ibu ion is pionee ing
a heo e ical concep ualiza ion o analyzing and guiding hese
decisions. Based on he esul s, we iden i y he ollowing ambi-
gui ies ha should be add essed and in es iga ed u he .
• Economic ambigui y o VIU. Value no c ea ed/no cap u ed
is bo h economically sus ainable (leading o mo e comme -
cially a ac i e new p oduc s) and unsus ainable (by aban-
doning well- es ablished business models and “lea ing” he
p o i able business idea o o he s).
• Social ambigui y o VIU. Value no c ea ed/no cap u ed
is bo h socially sus ainable (eschewing suppo ing alcohol
consump ion) and unsus ainable (“allowing” o he busi-
nesses [e.g., bake ies] o p oduce alcohol).
• En i onmen al ambigui y o VIU. Value no c ea ed/no
cap u ed is bo h en i onmen ally sus ainable ( educing
anspo a ion's en i onmen impac ) and unsus ainable
(new p oduc s inc ease aw ma e ial usage).
Acknowledgmen s
The au ho s ha e no hing o epo . Open Access unding enabled and
o ganized by P ojek DEAL.
Con lic s o In e es
The au ho s decla e no con lic s o in e es .
Endno es
1 Ambigui y is he phenomenon o any hing ha ing mo e han one ea-
sible in e p e a ion and so possibly gene a ing con usion (Camb idge
Dic iona y2024).
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