Synthesis towards future-fittest for mature forest sector multinationals

Abstract

The circular bioeconomy represents a societal paradigm shift and transition challenge that inevitably influences how companies act in their evolving operational environment. The disruptive features may be particularly difficult to foresee and tackle strategically in companies with long-term operations and a relatively stable marketplace position, such as firms operating in the forest sector. Here we consider large forest sector companies in a circular bioeconomy sphere and scrutinize opportunities to hasten their sociotechnical transition pathway with a combination of open foresight and open innovation activities. We present a synthesis drawn from contemporary strategic business management literature and adapt that to forest sector multinationals. A greater openness to the actors, knowledge, and expertise outside the forest sector may be an essential element of successful bioeconomy transition for incumbent forest sector firms. This requires leadership to shift culture and an investment in the skills and expertise held by company employees. Increased investment in human capital and embracing a broader network of collaborators may pave the way for forest industry companies towards sophisticated corporate foresight and open innovation, corresponding to Future-Fittest status.