Convergence towards a digitalized bioeconomy—Exploring cross‐industry merger and acquisition activities between the bioeconomy and the digital economy

Abstract

Abstract Great importance is attributed to a transition towards a bioeconomy regime. The bioeconomy can foster more sustainable production and consumption systems and therefore contribute to the achievement of the United Nations Sustainable Development Goals. This transition is facing several inhibitors, such as dysfunctional communication between different actors and insufficient innovative activity. Scholars and practitioners consider coupling technological developments between the bioeconomy and the digital economy as a driving‐force to accelerate the transition towards a bioeconomy and bring solutions to major inhibitors. In this paper, we therefore seek to better understand how and if the bioeconomy and the digital economy converge to create the needed momentum and capture the full potential. Whereas the increasing number of scientific papers highlight benefits of digital technologies for the bioeconomy, our analyses of merger and acquisitions reveal tendencies of an initial blurring of boundaries between both, bioeconomy and digital economy market boundaries. Still, bioeconomy companies acquire digital companies to a greater extend indicating high benefit of implementing digital technologies within the bioeconomy. Our results contribute to the extant body of convergence research by implementing convergence indicators in a new case study as well as coupling transition theory and convergence literature. Both literature bodies support the better understanding of the transition towards a knowledge‐based digital economy as transition theory describes the path to a new digital bioeconomy regime created by cross‐sectoral convergence.