This process has entailed a meticulous examination of various potential business ideas, assessing their viability and feasibility for the development of sustainable business models. Thus far, we have identified opportunities and challenges across critical aspects of the blue bio-economy in the pilot regions, including customer segments, value propositions, distribution channels, available resources, cost structures, revenue streams, key partnerships, customer relations, key activities, as well as their eco-social costs and benefits.

Each pilot region presents a distinct value chain. In the Nordic pilot region, encompassing Greenland and Denmark, significant business opportunities lie within the fishing industry. Focus areas include optimizing side streams, wastewater treatments, advanced freezing methods, and improved fish handling practices, offering avenues to explore new and high-value-added activities. In Estonia, the potential business opportunities are driven by its rich maritime heritage and coastal resources. The primary focus on red algae valorization and its versatile applications unveils untapped opportunities across sectors such as bioplastics, cosmetics, and the food industry. Meanwhile, in Italy, commercial potential is found in fish product diversification and waste valorization opportunities, including the valorization of by-products. This encompasses selling fish organs to the pharmaceutical industry, transforming fish into higher-value products, and creating broth from by-products for the food industry.

We are eager to further build and expand upon these initial business concepts during the upcoming co-creation workshops scheduled for this year.