Exploring business models for sustainability with nature as a key resource: a case study of urban nature-based solutions

To address contemporary sustainability challenges, we conceptualize business models for sustainability in which (urban) nature is a key resource, using the emergent concept of nature-based solutions (NBS). Based on 54 empirical case studies, we introduce NBS into the strategic management literature by identifying sustainable business models that have (urban) nature at their core. We show that NBS attract resources through eight distinct sustainable business models that deliver not just ecological but also economic, social, and/or cultural value. Further, we show that business models based on (urban) nature are stakeholder-based and do not require a focal firm: they are co-created between public, private, and civil actors, suggesting the need for novel governance arrangements to realize ‘value bundles’ among stakeholders.