The criteria for advancing from sustainable to regenerative business models: a conceptual framework

Purpose Prior research has highlighted principles and characteristics of regenerative business models (RBMs) but not criteria indicating when a business model can legitimately be considered regenerative. This paper aims to develop criteria distinguishing RBMs from sustainable and circular ones. Design/methodology/approach This study adopts a multiple case study design. The sample consists of Italian Benefit Corporations, with a dataset of 70 impact reports analyzed using the Gioia methodology. Findings Four criteria for RBMs were identified: regenerative value proposition, threshold-aligned value creation and capture loops, ecosystem-oriented value delivery and outcome-based human and social capital. These criteria qualify as regenerative only when supported by evidence, governance and resources and when they define conditions that influence how firms operate. A conceptual framework was developed. Research limitations/implications The study relies on self-reported impact reports and qualitative coding, which may introduce bias and subjectivity. Future research should validate the framework through mixed methods to strengthen generalizability. Practical implications For managers, the framework functions as a diagnostic tool. It highlights where regenerative commitments are substantiated and where gaps remain, helping firms prioritize investments, strengthen governance and communicate credibly with stakeholders. Social implications By operationalizing RBM innovation, the framework supports more accountable practices, guiding firms toward socio-ecological regeneration that delivers tangible benefits for society and communities. Originality/value This paper moves beyond descriptive principles and existing RBM frameworks by introducing explicit criteria and qualifying conditions. It transforms RBMs into an operational category within the business model innovation literature, allowing conceptual clarity.