Navigating the Bioeconomy: Using Delphi-SWOT to Build Robust Strategies for Sustainable Growth

Abstract

This study aims to demonstrate the effectiveness of the Delphi SWOT tool in formulating a bio-economy strategy for an isolated region. The analysis will highlight the management and planning aspects that are essential for assessing the internal and external circumstances of the region. A total of 16 experts were selected to participate in the Delphi method, which was used to investigate the current state of the bio-economy in the agricultural sector of a small isolated region in Greece. Following the convergence of the experts’ opinions, a SWOT analysis and a set of policy recommendations for the formulation of a bioeconomy strategy were derived. The formulation of a bioeconomy strategy in an isolated region reveals a promising landscape full of opportunities, but also full of challenges. The region has a number of intrinsic advantages that can be used to advance the bioeconomy. The focus on an isolated region limits the applicability of the findings to other regions with different socio-economic contexts. In addition, the Delphi method relies on expert opinion, which is inherently subjective. The bioeconomy concept has the potential to address the challenges faced by a small, mountainous, rural region whose economy has historically been based on energy production from lignite. To facilitate a sustainable transition, it is essential to harness the region’s human capital, promote sustainable agricultural practices, develop innovative products and processes, and establish new value chains that can stimulate economic growth.