Success Factors for Scaling Up and Raising Investment by Circular Entrepreneurs in Emerging Markets and Developing Economies

Abstract This paper sheds light on sustainability transitions in emerging markets and developing economies by analysing success factors for scaling up and raising investment by circular entrepreneurs with the use of qualitative comparative analysis (QCA). A systemic approach is adopted including internal, external, and contextual conditions. The paper provides both a theoretical contribution, in that a conceptual model of different relevant factors is presented as well as empirical validation based on a broad range of data distilled from surveys filled in by 33 entrepreneurs supported by three international projects, i.e. two by the United Nations Industrial Development Organization (Global Cleantech Innovation Programme and Private Financing Advisory Network) and one by Climate-KIC (Climate Launchpad). While three different relevant combinations of conditions have been identified for scaling up, there is no conclusive evidence of success factors for raising investment, and therefore, further conceptual and empirical work is recommended in this field.