Understanding value representation and perception by stakeholders in converging bioeconomy value chains

Socioeconomic research seeks to inform interested stakeholders about factors that foster the implementation of the bioeconomy. Questions about how new products and services based on biological resources can respond to current commercialization challenges can be investigated for practical purposes. Indeed, what are current challenges in moving towards a bio-based economy? Novel biobased products often require access to existing or new value chains. In the case of simple “drop-in” solutions, where biobased products merely substitute existing fossil-based resources products (e.g., based on crude oil) product adoption might be feasible and less challenged. However, biobased products offer novel characteristics which might not be yet known to end-users and downstream processing partners. This leads to a more limited acceptance of novel bio-based products since risk perception and switching costs may be too high and industry standards and practice might still be missing or misunderstood. In many cases, bio-based products may require new entry points into existing value chains or require the emergence of a new value chain.

One of the main problems examined in this research is the evolution of new value chains as the product of complementary convergence of existing distinct value chains. Its effects on respective actors within the converging value chains in the emerging bioeconomy need to be better understood. The increased focus on R&D as well as the existing commercialization of biopolymers are examples which will serve as relevant research settings in this project. Another one is the production of renewable chemicals, or fuels by algae, representing a major research area in Canada, and in Quebec in particular. These present two cases where value creation across chains and the emergence of new value chains are likely to occur soon.

There are two main objectives to this project. The first objective is to investigate how convergence is represented and perceived by actors along specific biobased value chains. The second objective is to prioritize underlying actions to be undertaken which may lead to the emergence of new value chains by measuring perceptions of “importance”, “feasibility”, “value-creation across the chain”, and “risks”. Important key dimensions to new value chain evolution, such as regulatory approval, resource complementary and evolving standards, will be analyzed.