Towards Measuring the Sustainability Effect of Business Models: Juxtaposing Value Invested by Whom and Value Created for Whom?

Business models for sustainability (BMfS) are an important tool for sustainability transition. Resource-based theory informs us how the value is created by specifying the value invested in form of resources and competences. Drawing on stakeholder theory relates the value invested to and the value created for multiple stakeholders. Combining resource-based theory and stakeholder theory contributes to the theoretical foundation of BMfS. Whereas the resource-based theory seeks for competitive advantage and the stakeholder theory aim at sustainable relationships, combining both with BMfS points to the sustainability impact of business.The here proposed multilevel sustainability effect specifies value invested and created related to the organization itself, its organizational members (individuals), and external stakeholders (including the natural environment and the society). The case study demonstrates, that sustainability assessment goes beyond start-ups or commercial oriented multinational companies but points out opportunities for business model innovation towards sustainability for small and medium-sized incumbents.