Developing Improved Tools for the Economic Analysis of Innovations in the Bioeconomy: Towards a Life Cycle-Strengths-Weaknesses-Opportunities-Threats (LC-SWOT) Concept?

Abstract

The bioeconomy is one of the areas with the greatest innovation potential and also the highest degree of complexity, in relation to both the articulation of technologies using biological resources and the range of human values involved. As a result, this area of the economy increasing calls for the early evaluation of new technologies both from a business and societal perspective. The objective of this paper is to review the literature on the existing instruments designed to provide an (economic) analysis of new technologies in the bioeconomy sectors (in particular the well -known concepts of Life Cycle Analysis - LCA and Strengths-Weaknesses-Opportunities-Threats -SWOT), and to devise avenues for the improvement of such instruments. Specifically, the paper focuses on developing the idea of a Life Cycle-Strengths-Weaknesses-Opportunities-Threats methodology (LC-SWOT) as a potential tool for improving the ability to evaluate early stage technologies in relation to the entire technology/product life cycle.