Beyond Paradoxical Sustainable Business Model and Ecosystem Innovation: Cosmo-Local Dynamics From Brazilian–Belgian Perspectives

Socio-ecological challenges highlight structural problems in incorporating sustainability into organizations and governments, requiring strategic directions and actions of collective value. This situation has resulted in the emergence of concepts related to eco-innovation and more specifically sustainable business model innovations (SBMI). On the one hand, this phenomenon represents a major internal–external approach for incorporating sustainability aspects in society. On the other hand, considering the inherent risks of socio-ecological challenges, some key players worldwide are developing initiatives focusing on the contribution of the societal context to the business in an external–internal approach. Therefore, this research aims to propose an interactive meta-model of micro-foundations in SBMI and to detail the dynamics of territory and ecosystems that combine the internal–external and external–internal approaches. Utilizing a qualitative methodology, the analysis considers interviews of 22 experts directly engaged in leading sustainable transitions in two territories: Rio de Janeiro, Brazil, and Wallonia, Belgium. These two territories were selected due to the heterogeneity of their contexts and sustainable transitions, with the aim of exploring divergent perspectives and the paradoxes between real systems and territories. The results are structured in 75 first-order and 16 second-order codes, and five aggregated dimensions. The conceptual model (Meta-MEI) and dynamic framework developed from these codes reflect a cosmo-local approach, providing indications on how the internal–external and external–internal approaches are interconnected, as well as highlighting the source’s leadership and inter-territorial stakeholders in incorporating sustainability from a holistic perspective. Future research should explore the meta-model validation in different territories.