Backcasting for desirable futures in Finnish forest-based firms

In Finland, new forest-based sector (FBS) businesses are seen as important for the transition to the circular bioeconomy. The purpose of this study is to explore the transition of Finnish FBS companies to new business models. The aim is to understand how FBS companies define their ideal future states and related business models for the year 2030.,This study uses thematic interviews with managers from various FBS firms and companies from interfacing sectors. In the interviews, the key idea of backcasting was pursued when respondents discussed the desirable future states of their business.,The effort to achieve growth of the business and the appearance of new products characterize the company-specific desirable future states. In these desirable futures, expanded businesses will be based on strong knowledge. Resource efficiency and collaboration create a strong basis for the desirable future state of the whole FBS to create a sustainable and innovative “Wood Valley.”,The key limitations are that the backcasting process has been conducted only through interviews and a participative approach with stakeholder dialogue is lacking in the process. This means that the desirable futures are created by the FBS companies only.,As a practical contribution, the study shows the future-oriented thinking and goals of FBS firms. As a theoretical contribution, it extends research on sustainable business models and discussions on the novel field of corporate foresight.