sustainability

Systematic Review
Competitive Advantages of Sustainable Startups: Systematic
Literature Review and Future Research Directions
Adriano Martins de Souza * , Fabio Neves Puglieri and Antonio Carlos de Francisco

Sustainable Production Systems Laboratory (LESP), Postgraduate Program of Production Engineering (PPGEP),
Federal University of Technology—Parana (UTFPR), R. Doutor Washington Subtil Chueire 330—Jardim Carvalho,
Ponta Grossa 84017-220, Parana, Brazil
* Correspondence: [email protected]

Abstract: Growing awareness of environmental, social and governance (ESG) issues drives a signifi-
cant transformation in the global business environment, making sustainability an urgent necessity
and a source of competitive advantage. However, despite advances in research, there are still sig-
nificant gaps in how these practices can confer competitive advantages to startups. We seek to fill
this gap by conducting a systematic literature review on the competitive advantages of sustainable
startups. We used the PRISMA 2020 protocol to conduct a comprehensive search in the Scopus and
Web of Science databases, which led to the inclusion of 44 articles in the final review. The results
indicate that sustainable startups align economic and environmental benefits, promote continuous
innovation, attract investment, mitigate regulatory risks, and adapt quickly to market changes. The
analysis reveals that adopting advanced technologies and circularity strategies is critical to opera-
tional efficiency and regulatory compliance. In addition, this study has mapped gaps in the literature,
identifying key areas for future research into the competitive advantages of sustainable startups.

Keywords: sustainable startups; competitive advantages; sustainability; innovation; sustainable

investment; systematic literature review

Citation: Martins de Souza, A.;

Puglieri, F.N.; de Francisco, A.C. 1. Introduction
Competitive Advantages of Growing awareness of environmental, social and governance (ESG) issues is driving
Sustainable Startups: Systematic a fundamental change in the global business landscape. Today, sustainability is not just
Literature Review and Future
a choice but an urgent necessity [1–3]. Companies that incorporate sustainable practices
Research Directions. Sustainability
fulfill their ethical and social duties and position themselves to gain significant competitive
2024, 16, 7665. https://doi.org/
advantages [4,5]. As highlighted by Marshall et al. [6], adopting sustainable strategies
10.3390/su16177665
reduces the negative environmental impacts of business operations and opens up space to
Academic Editor: Piotr Prus achieve operational efficiency, cost reduction, and access to new markets.
In this scenario, the concept of sustainable startups has attracted increasing attention
Received: 16 July 2024
in the global economy, highlighting a growing concern with sustainable development and
Revised: 22 August 2024
Accepted: 25 August 2024
the search for innovative solutions to tackle environmental challenges. Sustainable startups
Published: 4 September 2024
are those that integrate environmental, social and governance (ESG) practices into their
business models, seeking not only profit but also a positive impact on society and the
environment [7]. This approach meets consumer demands for more sustainable products
and services and aligns with the UN’s Sustainable Development Goals (SDGs), setting
Copyright: © 2024 by the authors. a new agenda for sustainable economic growth [8].
Licensee MDPI, Basel, Switzerland. The relevance of sustainable startups on the global stage is indisputable. They provide
This article is an open access article innovative and practical solutions to meet the growing demands of corporate social respon-
distributed under the terms and sibility and environmental sustainability. According to Kuckertz et al. [9], these companies
conditions of the Creative Commons can transform entire markets and sectors by introducing business models prioritizing
Attribution (CC BY) license (https:// sustainability. In addition, sustainable startups act as catalysts for change, encouraging
creativecommons.org/licenses/by/ other companies to adopt more responsible practices [10].
4.0/).

Sustainability 2024, 16, 7665. https://doi.org/10.3390/su16177665 https://www.mdpi.com/journal/sustainability

Sustainability 2024, 16, 7665 2 of 24

The literature has recognized the importance of sustainability as a source of competi-

tive advantage. Authors such as Dočekalová and Kocmanová [11] point out that sustainable
strategies foster innovation and efficiency and give companies a stronger position in the
market. In this context, startups stand out, given their agility and innovative ability, mak-
ing them particularly suited to exploiting this promising scenario. Integrating sustainable
practices meets consumer demands for environmentally friendly products and opens
opportunities for differentiation and value creation [12,13].
In addition, companies committed to sustainability have been recognized for their
ability to attract investment and talent. Authors such as Maia et al. [14] point out that
sustainability can serve as an indicator for investors who prioritize the social and envi-
ronmental impact of their investments while also attracting highly qualified professionals
who seek to work in environments aligned with their values [15]. In this way, startups
incorporating sustainable principles can position themselves favorably when obtaining
financial resources and attracting high-level professionals.
In addition, sustainable companies face less exposure to government regulations and
pressures. Schulte and Knuts [16] noted that adopting sustainable practices can significantly
reduce the risks associated with environmental fines and sanctions. Thus, by operating
within higher social and environmental responsibility standards, startups are less likely to
face legal and regulatory obstacles, which can result in significant competitive advantages.
However, despite the promising advances in research on sustainable startups, essential
gaps still need to be filled. While many studies have explored the benefits of sustainable
practices for companies in general [2,17–19], few have specifically investigated the com-
petitive advantages such practices can offer startups. Furthermore, although the existing
literature on competitive advantages in startups is extensive [20–22], authors often need
to pay more attention to the peculiarities and potential of sustainable startups within this
specific context. These gaps highlight the urgency of a more detailed investigation into
how sustainability influences the development of startups.
Given this, although there are studies investigating the impacts of sustainability on
startups, there has yet to be a systematic review of the specific competitive advantages
of these sustainable companies. Therefore, this article aims to fill this gap by offering
a comprehensive overview of this growing area of research, exploring how startups can
accelerate sustainable development. Thus, considering the growing importance of sustain-
able startups in today’s economic landscape and the need for a deeper understanding of
their competitive advantages, the following research questions arise:
RQ1: What are the main competitive advantages of startups that integrate sustainable
practices into their business model?
RQ2: How do these advantages impact sustainable startups’ ESG (environmental,
social and governance) perspective?
RQ3: What are the future research directions in this field of study?
A systematic review of the literature on the competitive advantages of sustainable
startups was carried out to address these research questions, following the PRISMA 2020
protocol [23]. The search in the Scopus and Web of Science databases, followed by rig-
orous screening, included 44 articles in the final review. As a result, this study deepens
knowledge about the strategies and impacts of sustainable startups, offering significant
contributions to the academic community, entrepreneurs, and policymakers. It establishes
a basis for research methodologies, guides entrepreneurs in integrating sustainable prac-
tices, and presents evidence of the economic, social and environmental benefits, encourag-
ing measures that promote sustainable development.
Additionally, this study makes significant theoretical contributions by deepening
the understanding of how sustainable startups can convert ESG practices into tangible
competitive advantages, a relatively underexplored aspect within the existing literature.
By outlining the complex interactions between innovation, investment attraction, and
regulatory adaptation, this research enriches academic discourse, providing a more sophis-
ticated analytical framework to assess the impact of these practices on emerging ventures.
Sustainability 2024, 16, 7665 3 of 24

This analysis addresses existing theoretical gaps while opening new avenues for future
research, establishing a robust foundation for advancing theories that link sustainability
and competitiveness in emerging business contexts.
The paper is organized into four main sections. After the introduction, the second
section details the methodology used in this study. The third section presents the results, di-
vided into a descriptive analysis and a content analysis of the articles selected in the review.
The final section offers conclusions, summarizing the main results and their implications.

2. Materials and Methods

The literature review proposed in this study is essential for establishing a solid the-
oretical basis regarding the competitive advantages of sustainable startups. According
to Borrego et al. [24], this phase is crucial for understanding the concepts and principles
related to the scope of the research, providing a comprehensive understanding of the
context, and helping to identify gaps in existing knowledge.
This study adhered to the PRISMA 2020 (Preferred Reporting Items for Systematic
Reviews and Meta-Analyses) protocol, as recommended by Page et al. [23], to conduct
the systematic literature review. This protocol establishes strict guidelines to increase the
transparency and clarity of systematic reviews. The process is divided into four main stages:
identification, screening, eligibility, and inclusion. In the identification stage, potential
studies are selected by searching various databases. These studies are then screened based
on pre-established criteria. The next stage, eligibility, assesses each study’s relevance to the
review’s objectives. Finally, only the studies that meet all the criteria are included in the
final review.

2.1. Stage 1—Identification: Searching the Databases

In order to adequately cover the available literature, the Scopus and Web of Science
databases were chosen due to the wealth of studies they offer in the research area and
the recognized prestige they maintain in the scientific community [25,26]. Keywords re-
lated to the general objective were defined: “startups”, “sustainability”, and “advantages”.
Different variations of these keywords were applied using Boolean operators, as recom-
mended by previous studies [27,28]: “startup” OR “start-up” OR “emerging companies”
OR “new ventures” AND “sustainab*” OR “ecologic*” OR “eco-friendly” OR “ESG” AND
“advantages” OR “competitiveness” OR “gains” OR “benefits”.
The database search was carried out in July 2024, covering titles, abstracts, and key-
words. As a result, 1290 documents were identified, with 846 from the Scopus database
and 444 from the Web of Science database. After the initial search, it was decided to keep
only journal articles, excluding book chapters and conference papers, as journal articles
are considered more relevant due to the rigorous peer review process [29]. Therefore, by
restricting the selection to journal articles, the final result was 855, as shown in Table 1.

Table 1. Database search (own elaboration).

Database Searches Scopus Web of Science Total

Title, abstract, keywords 846 444 1290
Title, abstract, keywords (journal articles) 510 345 855

2.2. Stage 2—Screening: Elimination of Duplicates and Linguistic Adjustment

At this stage, we removed all duplicate articles, a necessary measure due to the
possibility of the same document being available in multiple databases. In addition, we
removed documents written in languages other than English to maintain the collection’s
linguistic coherence. As a result of these actions, after this stage, a total of 572 articles were
kept for the subsequent stage of the process.
Sustainability 2024, 16, 7665 4 of 24

2.3. Stage 3—Eligibility: Analysis of Titles, Keywords, and Abstracts

To filter the articles, the research covered studies published in the literature from
January 2013 onward, ensuring relevance and timeliness. Articles from this period were
intentionally selected to align the portfolio with the most recent developments, given the
increasing significance of the topic in recent years. During this stage, all the titles and
keywords of the articles were analyzed based on the following question: “Does the title or
keywords of the article mention any competitive advantage of sustainable startups?” Next,
we examined the abstracts of the articles, prioritizing those aligned with this research’s
objectives. After this filtering, we selected 128 articles for the next stage.

2.4. Stage 4—Inclusion: Detailed Analysis and Selection of Articles

To improve the selection of the documents that make up the final portfolio, the full
texts of the 128 articles initially selected were located and carefully subjected to a detailed
analysis. After this rigorous evaluation, we excluded 84 documents because they did not
meet the relevance criteria to this study. This process resulted in selecting 44 relevant
articles, listed in Appendix A, identified for their adherence to the theme of the competitive
advantages of sustainable startups.
Figure 1 illustrates the stages of the review process, the background of the topic, and
Sustainability 2024, 16, x FOR PEER REVIEW 5 of 26
the theoretical basis of this research. This methodological rigor ensures that the review is
comprehensive, impartial, and replicable.

Figure 1.
Figure 1.PRISMA
PRISMAflow diagram
flow for for
diagram systematic reviews
systematic (based(based
reviews on Page
onetPage
al. [23]).
et al. [23]).

During the different stages of this research, it was possible to count on the support of
Microsoft Excel (version 365), Mendeley (version 1.19.8), and VOSviewer software (ver-
sion 1.6.19). The conclusions of these analyses will be explored in detail in the results and
discussion chapter of this research, highlighting the competitive advantages of sustainable
startups identified in the literature.
Sustainability 2024, 16, 7665 5 of 24

During the thorough reading of the documents, a checklist based on the criteria
defined in the PRISMA 2020 Protocol [23], included as Supplementary Materials, was
used to record information that could contribute to achieving the proposed objective. This
checklist included the following elements:
• Identification of the study: title of the article, authors, and year of publication;
• Background: a brief description of the research problem;
• Objectives of the study: main objective of the article;
• Methodology: description of the research methods used;
• Sample and data: sample size, source, and types of data;
• Results: main findings of the study;
• Limitations of the study: limitations or biases identified by the authors;
• Contribution to the literature review: relation of the article to the present research;
• Summary and conclusions: general conclusions of the study;
• Additional comments: study quality, research relevance, and possible gaps.
An alternative considered for the analysis was applying the meta-analysis technique,
which is widely recognized today. However, the decision to opt for a more comprehensive
and relatively generic literature review, rather than a meta-analysis, was guided by the
diversity and multidisciplinary nature of the studies on the competitive advantages of
sustainable startups. Although meta-analysis effectively synthesizes quantitative data
from homogeneous studies, the methodological, theoretical, and empirical heterogeneity
of the articles reviewed would make this approach unsuitable for the present context. In
this scenario, a more inclusive systematic literature review was essential to capture the
complexity and diversity of the perspectives and results, providing an integrated and
comprehensive view of the current knowledge on the subject. Thus, the systematic review
conducted was the most appropriate choice for consolidating the available evidence and
identifying gaps and opportunities for future research.
During the different stages of this research, it was possible to count on the support of
Microsoft Excel (version 365), Mendeley (version 1.19.8), and VOSviewer software (version
1.6.19). The conclusions of these analyses will be explored in detail in the results and
discussion chapter of this research, highlighting the competitive advantages of sustainable
startups identified in the literature.

3. Results and Discussion

3.1. Descriptive Analysis
The following subsections present a descriptive analysis of the 44 articles selected to
improve understanding of the competitive advantages of sustainable startups. The analysis
includes the annual frequency of publications, the distribution of articles between journals,
and the identification of the main authors and most influential studies. Additionally, co-
authorship and country analyses were conducted to explore collaborative networks and
the geographic distribution of the research. It also examines the main themes identified
through keywords and the research methodologies used.

3.1.1. Annual Frequency of Publications

An analysis of the annual frequency of publications reveals substantial growth over
the years, reflecting a growing interest in the intersection between sustainable startups
and competitive advantages. Since 2013, when Keskin et al. [30] started the debate with
the study “Innovation Process of New Ventures Driven by Sustainability”, which explores
innovation in sustainable startups through energy efficiency and sustainable materials, the
number of articles published on the subject has continuously increased.
Figure 2 shows the annual distribution of publications on the competitive advantages
of sustainable startups from 2013 to the end of the first half of 2024. Most articles were
published in recent years, especially between 2020 and 2023, representing 80% of all
the publications considered. This growth reflects the academic response to advancing
sustainable practices in startups and the need to understand how such practices can
 the number of articles published on the subject has continuously increased.
Figure 2 shows the annual distribution of publications on the competitive advantages
of sustainable startups from 2013 to the end of the first half of 2024. Most articles were
published in recent years, especially between 2020 and 2023, representing 80% of all the
Sustainability 2024, 16, 7665 6 of 24
publications considered. This growth reflects the academic response to advancing
sustainable practices in startups and the need to understand how such practices can confer
competitive advantages. The year 2022 has the highest number of publications,
confer competitive
consolidating advantages.
the upward trend. WeThe yearthis
expect 2022 hastothe
trend highestwith
continue, number of publications,
a growing number
consolidating the upward trend. We expect this trend to continue, with a growing
of researchers dedicating themselves to studying the competitive advantages of sustainablenumber
of researchers dedicating themselves to studying the competitive advantages of
startups, motivated by the challenges and opportunities that characterize the current sustainable
startups,
business motivated by the challenges and opportunities that characterize the current
landscape.
business landscape.

Annual
Figure2.2.Annual
Figure distribution
distribution ofofpublications
publications(own
(ownelaboration).
elaboration).

3.1.2. Distribution by Journal

3.1.2. Distribution by Journal
The distribution of articles by journal reveals the primary vehicles for publishing and
The distribution
discussing of articles
the competitive by journalofreveals
advantages the primary
sustainable vehicles
startups. for publishing
We identified and
20 journals
discussing the competitive advantages of sustainable startups. We identified
that contributed with publications (Table 2), reflecting the diversity of academic interests20 journals
that
on contributed
the subject. with
Amongpublications (Table 2),
these journals, reflecting the
Sustainability diversity
(impact of academic
factor 3.3) and interests
Journal of
onCleaner
the subject. Among these journals, Sustainability (impact factor 3.3) and
Production (impact factor 11.1) stand out, with 13 and 11 publications, respectively, Journal of
Cleaner Production (impact factor 11.1) stand out, with 13 and 11 publications,
concentrating 55% of the publications. This concentration in high-impact journals shows respectively,
concentrating
the relevance55% of the
of the publications.
topic This concentration
and its validation by the mostinprestigious
high-impactscientific
journalsjournals,
shows
the relevance of the topic and its validation by the most prestigious
reinforcing the quality and influence of the research published in these sources. scientific journals,
reinforcing the quality and influence of the research published in these sources.
Table 2. Distribution of articles by journal (own elaboration).

Journal Number of
Publications
Sustainability 13
Journal of Cleaner Production 11
Business Strategy and the Environment 2
Frontiers in Psychology 2
Chinese Management Studies 1
Consumption Markets and Culture 1
Corporate Governance 1
Industrial Marketing Management 1
International Journal of Entrepreneurial Venturing 1
Int. Journal of Intelligent Systems and Applications in Engineering 1
International Small Business Journal 1
Journal of Business Venturing 1
Journal of Small Business and Enterprise Development 1
Journal of Social Entrepreneurship 1
Journal of World Intellectual Property 1
Management Decision 1
RAUSP Management Journal 1
Research Policy 1
Studies in Economics and Finance 1
Sustainable Operations and Computers 1
Sustainability 2024, 16, 7665 7 of 24

The diversity of journals publishing on the competitive advantages of sustainable

startups highlights the need for a multidisciplinary approach to analyzing specific problems
and solutions related to sustainable behavior. In addition to business and sustainability,
research covers areas such as psychology and the humanities, highlighting the intersection
between different disciplines. Psychology, for example, offers valuable insights into the
motivations of entrepreneurs [31,32], while the humanities explore the social and cultural
impact of sustainable practices [33,34]. This diverse perspective is essential for deepen-
ing the understanding of the challenges faced by sustainable startups, allowing for the
formulation of more effective strategies to promote entrepreneurial sustainability.

3.1.3. Main Authors

We highlighted the leading authors in the area of competitive advantages of sustainable
startups for the relevance and impact of their publications, measured by the number of
citations. Henry et al. [35] are some of the most influential, with their study “A Typology of
Circular Startups: An Analysis of 128 Circular Business Models” accumulating 367 citations.
Published in the Journal of Cleaner Production, this article analyzes 128 sustainable startups
in three European ecosystems, proposing an innovative typology of five archetypes and
revealing advanced sustainability strategies adopted by these startups.
Another significant study is “Innovation Process of New Ventures Driven by Sustain-
ability” by Keskin et al. [30], with 238 citations. This article, also published in the Journal
of Cleaner Production, uses semi-structured interviews with entrepreneurs and innovation
support organizations to highlight the importance of complexity management and external
validation in the success of sustainable startups. In addition, De Lange [36] contributed
the article “Startup Sustainability: An Insurmountable Cost or a life-giving Investment?”,
which has 112 citations. The study analyzes 300 startups in 30 cities and reveals that
corporate social responsibility policies are crucial to attracting investors, reinforcing the
importance of social responsibility in the context of startups.
Table 3 presents the ten most cited articles from the literature review to provide
a comprehensive overview of the most significant contributions in the field. This selec-
tion highlights the most influential studies, offering fundamental perspectives on the
competitive advantages of sustainable startups.

Table 3. Most cited articles (own elaboration).

Authors Title Citations

Henry et al. [35] A typology of circular start-ups: An Analysis of 128 circular business models 367
Keskin et al. [30] Innovation process of new ventures driven by sustainability 238
De Lange [36] Start-up sustainability: An insurmountable cost or a life-giving investment? 112
Hegeman and Sørheim [37] Why do they do it? Corporate venture capital investments in cleantech startups 90
Kuckertz et al. [9] Responding to the greatest challenges? Value creation in ecological startups 90
Financing sustainable entrepreneurship: ESG measurement, valuation,
Mansouri and Momtaz [38] 79
and performance
Growing for sustainability: Enablers for the growth of impact
Horne and Fichter [39] 73
startups—A conceptual framework, taxonomy, and systematic literature review
Sustainability startups and where to find them: Investigating the share of
Tiba et al. [7] sustainability startups across entrepreneurial ecosystems and the causal drivers 69
of differences
The lighthouse effect: How successful entrepreneurs influence the
Tiba et al. [32] 69
sustainability-orientation of entrepreneurial ecosystems
Does social innovation contribute to sustainability? The case of Italian
Piccarozzi [33] 64
innovative startups

3.1.4. Co-Authorship Analysis

The co-authorship analysis, conducted with the help of VOSviewer (version 1.6.19),
identified the main collaboration networks between authors researching the competitive
advantages of sustainable startups. Among the 125 authors mapped, 18 stood out for their
Sustainability 2024, 16, 7665 8 of 24

most significant connections, positioning them as key figures in shaping and spreading
knowledge in this field. As illustrated in Figure 3, each node on the map represents an au-
thor, while the lines connecting these nodes indicate the intensity of the collaborations. The
analysis highlights Gassmann O. and Boehm J. as central actors, showing strong intercon-
nectivity and significant influence on research into sustainable startups. In contrast, authors
Sustainability 2024, 16, x FOR PEER REVIEW 9 of 26
such as Mansouri S. and Hoogendoorn B. appear in more isolated clusters, suggesting their
collaborations are more restricted to specialized niches within the field.

Sustainability 2024, 16, x FOR PEER REVIEW 9 of 26

Figure 3. Co-author network analysis (own elaboration).

Figure 3. Co-author network analysis (own elaboration).

This data set can be examined using an overlay visualization, allowing a detailed
analysis of co-authorship over time. As shown in Figure 4, the color scale illustrates
the temporality of publications, where items in yellow correspond to the most recent
contributions, while items in blue indicate older publications. This visual approach makes
it easier to identify temporal patterns and the evolution of academic collaborations between
authors, highlighting
Figure 3. Co-author significant
network changes
analysis (own in interactions and connections over the years.
elaboration).

Figure 4. Co-author analysis overlay visualization (own elaboration).

3.1.5. Countries Analysis

The analysis of international collaborations in studies on the competitive advantages
of sustainable startups reveals a significant network of cooperation between countries.
The co-authorship network, visualized with the VOSviewer tool (version 1.6.19), high-
lights the 14 countries with the most robust connections among the 23 countries identified
in the research. In Figure 5, each node represents a country, with the size and thickness of
Figure 4. Co-author analysis overlay visualization (own elaboration).
the connection
Figure linesanalysis
4. Co-author indicating the level
overlay of collaboration
visualization and the number of co-author-
(own elaboration).
ships. Countries with more prominent influence, such as Germany, Brazil, and the Neth-
3.1.5. Countries Analysis
erlands, are highlighted by larger nodes and more intense connections, showing a greater
volumeTheofanalysis of international
publications and a morecollaborations in studies onnetwork.
developed collaboration the competitive advantages
of sustainable startups reveals a significant network of cooperation between countries.
The co-authorship network, visualized with the VOSviewer tool (version 1.6.19), high-
lights the 14 countries with the most robust connections among the 23 countries identified
in the research. In Figure 5, each node represents a country, with the size and thickness of
the connection lines indicating the level of collaboration and the number of co-author-
ships. Countries with more prominent influence, such as Germany, Brazil, and the Neth-
Sustainability 2024, 16, 7665 9 of 24

3.1.5. Countries Analysis

The analysis of international collaborations in studies on the competitive advantages
of sustainable startups reveals a significant network of cooperation between countries. The
co-authorship network, visualized with the VOSviewer tool (version 1.6.19), highlights
the 14 countries with the most robust connections among the 23 countries identified in the
research. In Figure 5, each node represents a country, with the size and thickness of the
connection lines indicating the level of collaboration and the number of co-authorships.
Countries with more prominent influence, such as Germany, Brazil, and the Netherlands,
Sustainability 2024,
Sustainability 2024, 16,
16, xx FOR
FOR PEER
PEER REVIEW
REVIEW 10 of
10 of 26
26
are highlighted by larger nodes and more intense connections, showing a greater volume
of publications and a more developed collaboration network.

Figure5.
Figure
Figure 5.Collaboration
5. Collaborationnetwork
Collaboration networkof
network ofcountries
of countries(own
countries (ownelaboration).
(own elaboration).
elaboration).

Internationalcollaboration
International
International collaborationdata
collaboration datacan
data can
can be
bebe analyzed
analyzed
analyzed over
over time
time
over using
using
time overlay
overlay
using visualiza-
visualization,
overlay visualiza-
tion,
as as
shown shown
in in
FigureFigure
6. 6.
This This method
method identifies
identifies evolving
evolving academic
academic partnerships,
partnerships, reveal-
revealing
tion, as shown in Figure 6. This method identifies evolving academic partnerships, reveal-
ing shifts
shifts and and patterns
patterns in in inter-country
inter-country interactions.
interactions.
ing shifts and patterns in inter-country interactions.

Figure 6.
Figure 6. Collaboration
Collaboration overlay
overlay visualization
visualization of
of countries
countries (own
(own elaboration).
elaboration).
Figure 6. Collaboration overlay visualization of countries (own elaboration).

3.1.6. Keyword
3.1.6. Keyword Analysis
Analysis
Keyword analysis,
Keyword analysis, carried
carried out
out using
using VOSviewer
VOSviewer software
software (version
(version 1.6.19),
1.6.19), revealed
revealed
essential trends in the field of sustainable startups’ competitive advantages. Figure 77 illus-
essential trends in the field of sustainable startups’ competitive advantages. Figure illus-
trates the
trates the co-occurrence
co-occurrence analysis
analysis ofof all
all keywords,
keywords, highlighting
highlighting the
the terms
terms most
most discussed
discussed
in the literature, represented by the most prominent nodes: startups, innovation
in the literature, represented by the most prominent nodes: startups, innovation in in busi-
busi-
ness models, sustainability, and sustainable entrepreneurship. These results
ness models, sustainability, and sustainable entrepreneurship. These results reflect the reflect the
search methodology used to select the articles and highlight promising areas
search methodology used to select the articles and highlight promising areas for future for future
research, driving discoveries in the study of sustainable startups.
Sustainability 2024, 16, 7665 10 of 24

3.1.6. Keyword Analysis

Keyword analysis, carried out using VOSviewer software (version 1.6.19), revealed
essential trends in the field of sustainable startups’ competitive advantages. Figure 7
illustrates the co-occurrence analysis of all keywords, highlighting the terms most discussed
in the literature, represented by the most prominent nodes: startups, innovation in business
models, sustainability, and sustainable entrepreneurship. These results reflect the search
Sustainability 2024, 16, x FOR PEER REVIEW 11 of 26
methodology used to select the articles and highlight promising areas for future research,
driving discoveries in the study of sustainable startups.

Figure7.7.Co-occurrence
Figure Co-occurrenceanalysis
analysisof
ofall
allkeywords
keywords(own
(ownelaboration).
elaboration).

Theanalysis
The analysisrevealed
revealedfourfour main
main clusters:
clusters: thethe first,
first, highlighted
highlighted in red,
in red, is centered
is centered on
on sus-
sustainability and encompasses themes such as social impact, entrepreneurship, and the
tainability and encompasses themes such as social impact, entrepreneurship, and the envi-
ronment, reflecting
environment, a growing
reflecting trend towards
a growing integrating
trend towards sustainable
integrating approaches
sustainable in startups,
approaches in
balancing economic,economic,
startups, balancing social, andsocial,
environmental values in their
and environmental business
values in theirmodels
business[33,40–46].
models
The second The
[33,40–46]. cluster, represented
second in green, connects
cluster, represented in green, business
connectsmodel innovation,
business model sustainable
innovation,
entrepreneurship, sustainable development,
sustainable entrepreneurship, and the circular
sustainable development, and theeconomy,
circularhighlighting
economy, high- the
challenges and opportunities startups face when adopting sustainable
lighting the challenges and opportunities startups face when adopting sustainable prac- practices. The articles
in thisThe
tices. areaarticles
emphasize
in thisthe importance
area emphasize of the
moral values, institutional
importance of moral values,and cultural barriers,
institutional and
the various types of circular business, and the influence of entrepreneurial
cultural barriers, the various types of circular business, and the influence of entrepreneur- ecosystems on
the success of these
ial ecosystems on thecompanies
success of[7,9,31,35,36,47–49].
these companies [7,9,31,35,36,47–49].
The
The third cluster, in
third cluster, inblue,
blue,isisassociated
associated with
with sustainable
sustainable innovation
innovation andand includes
includes new
new ventures and ESG criteria, exploring strategic aspects such as
ventures and ESG criteria, exploring strategic aspects such as green patents, product in-green patents, product
innovation,
novation, and andESGESGconsiderations
considerationsin inthe
thecontext
context of of venture
venture capital
capital [38,50–54].
[38,50–54]. Finally,
Finally,thethe
yellow
yellow cluster focuses on startups and green entrepreneurship. Analyzing the articlesthat
cluster focuses on startups and green entrepreneurship. Analyzing the articles that
explore
explorethese
thesethemes,
themes,there
thereisisan anemphasis
emphasison onhowhowsustainable
sustainablestartups
startupsdevelop
developbusiness
business
models that balance financial, environmental, and social objectives,
models that balance financial, environmental, and social objectives, using strategies using strategies such as
such
social impact
as social accelerators,
impact investments
accelerators, investmentsin clean technologies,
in clean and innovations
technologies, and innovationsaligned with
aligned
the Sustainable Development Goals [37,55–59].
with the Sustainable Development Goals [37,55–59].
This
Thisdataset
datasetcancanbebeexamined
examinedover overtime
timeusing
usingan anoverlay
overlayvisualization,
visualization,revealing
revealingthe the
evolution
evolution of keywords, as illustrated in Figure 8. This analysis demonstrates the
of keywords, as illustrated in Figure 8. This analysis demonstrates thechange
change
in areas of interest, such as startups, innovation, and sustainability, and offers insight into
in areas of interest, such as startups, innovation, and sustainability, and offers insight into
how research topics have adjusted and adapted over the years.
how research topics have adjusted and adapted over the years.
 Sustainability2024,
Sustainability 2024,16,
16,7665
x FOR PEER REVIEW 12
11 of 26
of 24

Figure8.
Figure 8. Keyword
Keyword co-occurrence
co-occurrenceoverlay
overlayvisualization
visualization(own
(ownelaboration).
elaboration).

3.1.7.
3.1.7. Research
Research Methodologies
Methodologies
An
Ananalysis
analysisofofthe
theresearch
researchmethodologies
methodologies used
usedin the 44 articles
in the reviewed
44 articles reveals
reviewed the
reveals
approaches
the approaches mostmost
adopted by the
adopted byresearchers. According
the researchers. to Figure
According 9, most
to Figure articles
9, most analyzed
articles ana-
use
lyzedqualitative methodologies,
use qualitative representing
methodologies, 47.7% 47.7%
representing of the of
total,
thewith
total,21with
articles. Of these,
21 articles. Of
10 are case studies [31,34,37,41,44,47,49,51,54,55], 7 use surveys [30,32,40,45,46,52,60],
these, 10 are case studies [31,34,37,41,44,47,49,51,54,55], 7 use surveys [30,32,40,45,46,52,60], and
4and
follow an analytical
4 follow approach
an analytical [33,43,50,61].
approach The predominance
[33,43,50,61]. The predominanceof qualitative approaches
of qualitative ap-
highlights the importance of exploring the specific contexts of sustainable
proaches highlights the importance of exploring the specific contexts of sustainable startups, allowing
for a deeper
startups, understanding
allowing of theunderstanding
for a deeper factors that drive
of their competitive
the factors advantages.
that drive However,
their competitive
quantitative
advantages.methodologies also playmethodologies
However, quantitative a significant role,
alsoaccounting for 31.8%
play a significant of the
role, articles
accounting
(14 articles) [9,36,38,42,56–59,62–67]. These quantitative studies use statistical tools
for 31.8% of the articles (14 articles) [9,36,38,42,56–59,62–67]. These quantitative studies to obtain
results, demonstrating a solid reliance on empirical data analysis to validate hypotheses
use statistical tools to obtain results, demonstrating a solid reliance on empirical data anal-
and
ysis identify consistent
to validate patterns.
hypotheses and identify consistent patterns.

Figure9.
Figure 9. Research
Research methodologies
methodologies(own
(ownelaboration).
elaboration).

Additionally, 15.9% of the articles (7 articles) [7,10,35,53,68–70] adopt mixed ap-

proaches, combining qualitative and quantitative methods, all based on surveys. This
Sustainability 2024, 16, 7665 12 of 24

Additionally, 15.9% of the articles (7 articles) [7,10,35,53,68–70] adopt mixed ap-

proaches, combining qualitative and quantitative methods, all based on surveys. This
trend suggests a tendency among researchers to integrate detailed and comprehensive
perspectives for a more holistic understanding of the topic. Finally, only two articles
(4.5%) [39,48] adopt a conceptual methodology based on theoretical approaches, highlight-
ing the constant need to develop and improve theories in the area of sustainable startups.

3.2. Content Analysis

3.2.1. Competitive Advantages of Sustainable Startups
The literature recognizes that sustainable startups possess several significant com-
petitive advantages. Firstly, these companies manage to align economic and environmen-
tal benefits, avoiding the traditional trade-off between profit and sustainability. Ariztia
and Araneda [40] and Leendertse et al. [58] note that this “win-win” approach allows
these companies to generate profits while protecting the environment. Kuckertz et al. [9],
Giones et al. [42], and Lange and Banadaki [52] reinforce that the combination of en-
vironmental impact and financial viability positions sustainable startups favorably in
a growing market that values sustainable practices. Boada et al. [41], Voinea et al. [46],
and Nunes et al. [49] highlight the importance of integrating sustainability criteria from
the outset of product development, facilitating the creation of innovative and efficient
solutions that meet market demands for responsible practices. Horne and Fichter [39]
and Hoogendoorn et al. [57] corroborate this approach, highlighting the flexibility and
adaptability of these startups to innovate in uncertain environments.
The ability to attract financial resources and institutional support is another signifi-
cant advantage of sustainable startups. Mansouri and Momtaz [38] and Bergmann and
Utikal [55] point out that affiliation with accelerator programs brings legitimacy and makes
it easier to obtain funding. Similarly, the role of incubators is equally critical in this process,
as they provide startups with a supportive environment that fosters growth and develop-
ment. According to Klofsten et al. [48], incubators assist startups in refining their business
models and strategies while providing essential resources and networks that enhance their
chances of securing investment. This structured support and mentorship are crucial for
reducing investor risk and bolstering the startup’s appeal in the market. This view is
corroborated by Costa et al. [10], Hegeman and Sørheim [37], and Beyhan and Fındık [62],
who note that prior access to funding and the integration of advanced technologies such as
artificial intelligence (AI) and machine learning (ML) make it possible to optimize processes,
increase operational efficiency, and attract investment. Gidron et al. [56] add that startups
that directly address the SDGs can attract more funding and positively impact critical areas
such as health, education, well-being, and gender equality. Jacob and Arcot [50] and Frare
and Beuren [68] add that having patents related to ESG factors makes these startups even
more attractive to investors.
Continuous innovation and rapid adaptation to market demands are essential char-
acteristics of sustainable startups. Huang et al. [63] point out that ambidextrous learn-
ing and the environmental awareness of top management promote the effective integra-
tion of sustainable practices, increasing eco-innovation performance. Keskin et al. [30],
Serio et al. [64], and Song and Xiang [69] point out that the adaptive approach to product
innovation allows these companies to navigate efficiently in uncertain environments. At
the same time, proactive market orientation from the early stages of development facili-
tates continuous adjustment to market demands, as observed by Keskin et al. [51]. This
strategic flexibility, also highlighted by Tiba et al. [32] and Du et al. [61], is crucial for the
sustainability and competitiveness of startups, enabling continuous adjustment to market
demands and facilitating acceptance and commercial success.
Sustainable value creation is another significant competitive advantage of sustainable
startups. Bolis et al. [31], Wagner and Kabalska [34], and Gidron et al. [56] point out
that aligning moral values with economic and social value creation attracts like-minded
stakeholders, promoting deep engagement. Henry et al. [35], Rok and Kulik [44], and
Sustainability 2024, 16, 7665 13 of 24

Klofsten et al. [48] point out that adopting circularity strategies allows for greater retention
of resource value, strengthening the startup’s resilience and adaptability in the competitive
market. These practices not only increase the legitimacy and acceptance of the company but
also promote an internal culture of sustainability, as observed by Piccarozzi [33], Wagner
and Kabalska [34], and Zhang et al. [67].
Adapting quickly to regulatory changes is a key competitive advantage for sustainable
startups. De Lange [36], Hegeman and Sørheim [37], and Li et al. [59] state that startups
in the cleantech sector help companies position themselves as leaders in sustainability,
improving their reputation and legitimacy. Henry et al. [35], De Angelis [47], and Van
Opstal and Borms [70] highlight the ability of these startups to adopt advanced circularity
strategies, enabling greater retention of resource value. De Lange [36], Keskin et al. [51],
and Liu and Zhang [53] note that the ability to attract and retain qualified talent, improve
customer satisfaction, and reduce capital costs further strengthens the competitiveness of
these companies.
The authors Sreenivasan and Suresh [45], Jacob and Arcot [50], and Frare and Beuren [68]
point out that implementing green process innovations and holding patents related to
ESG factors provide additional competitive advantages. These innovations enable greater
energy efficiency, waste recycling, and pollution prevention, complying with environmental
regulations, and reducing regulatory pressures. In addition, startups that employ circular
economy practices and advanced technologies such as machine learning optimize their
operations, attracting more investment and improving corporate reputation, as noted by
Costa et al. [10], Tiba et al. [32], and Sharma et al. [65].
Finally, organizational flexibility and the ability to respond quickly to market changes
are reinforced by a solid knowledge base and collaborative networks, as pointed out by
Keskin et al. [30], Palmié et al. [43], and Gidron et al. [56]. The strategic approach of
Susteras and Zamith Brito [60] and the ongoing management support highlighted by
Oliveira-Dias et al. [54] are fundamental to ensuring that sustainable startups can scale
their operations effectively. In addition, proximity to research centers and universities, as
noted by Tiba et al. [7] and Speckemeier and Tsivrikos [66], provides access to advanced
technical and scientific knowledge, essential for continuous innovation and competitiveness
in the global market.
Table 4 summarizes the main competitive advantages of sustainable startups, as
identified in the literature. In all, 20 competitive advantages were mapped and organized
into 10 distinct categories, each demonstrating how these startups meet market demands
for sustainable practices and position themselves strategically to attract investment, foster
continuous innovation, and ensure a long-term competitive advantage.

Table 4. Summary of the competitive advantages of sustainable startups (own elaboration).

Category Competitive Advantage Description References

Avoiding the trade-off between profit Startups manage to generate profits
[40,58]
and sustainability while protecting the environment
Aligning economic and
The combination of environmental
environmental benefits Financial viability combined with
impact and financial viability positions [9,42,52]
environmental impact
startups favorably
Integrating sustainability criteria into Facilitates the creation of innovative and
[41,46,49]
product development efficient solutions
Innovation and product Adaptive approach to Enables startups to navigate efficiently in
[30,64,69]
development product innovation uncertain environments
Facilitates continuous adjustment to
Proactive market orientation [39,51,57]
market demands
Sustainability 2024, 16, 7665 14 of 24

Table 4. Cont.

Category Competitive Advantage Description References

It gives legitimacy, makes it easier to
Affiliation with accelerator programs
obtain financing, and provides support in [38,48,55]
and incubators
Financial and the early stages of development
Institutional It signals credibility to investors
Prior access to financing [62]
resources and accelerators
Ownership of patents related to Makes startups more attractive
[45,50,68]
ESG factors to investors
Optimizes processes, increases
Integration of advanced technologies operational efficiency, and [10,37]
Use of advanced
attracts investment
technologies
Essential to ensure long-term
Focus on continuous innovation [10,32,65]
sustainability and growth
Aligns moral values with the creation of
Creating sustainable value economic and social value, attracting [31,34,56]
Creating sustainable and like-minded stakeholders
social value Broadens the employee base and
Inclusion of socially vulnerable
improves human capital, increasing the [33,34,67]
groups in the production process
company’s legitimacy and acceptance
It allows for greater retention of the value
Circularity and Adoption of circularity strategies of resources, strengthening the startup’s [35,44,48]
Sustainability resilience and adaptability
strategies They allow greater retention of the value
Advanced circularity strategies [35,47,70]
of resources
Positioning as leaders
Improves reputation and legitimacy [36,37,59]
Positioning and in sustainability
reputation Strong collaborative networks and
They drive continuous innovation [7,66]
a robust knowledge base
Ability to attract and retain Improves customer satisfaction and
[36,51,53]
qualified talent reduces capital costs
Human resources and
Ambidextrous learning and Promotes the effective integration of
management
environmental awareness among sustainable practices, raising [54,60,63]
top management eco-innovation performance
Attracts more funding and generates
Engagement with positive impact in areas such as health,
Direct approach to the SDGs [56]
the SDGs education, well-being, and
gender equality
Flexibility and Organizational flexibility and rapid Essential for the sustainability and
[30,32,43,61]
adaptability adaptation to market changes competitiveness of startups

3.2.2. Impact of Competitive Advantages on the ESG Perspective of Sustainable Startups

In addition to understanding the competitive advantages of sustainable startups, it
is essential to analyze how these advantages impact the environmental, social and gover-
nance (ESG) dimensions since they play a significant role in consolidating and expanding
sustainability and corporate responsibility practices.

Environmental Perspective
In the environmental dimension, sustainable startups stand out for their ability to
implement innovations that minimize environmental impact and promote regenerative
practices. Ariztia and Araneda [40] and Giones et al. [42] point out that combining economic
and environmental benefits allows these startups to align their financial objectives with
environmental sustainability. Kuckertz et al. [9] and Lange and Banadaki [52] emphasize
that financial viability, combined with a positive environmental impact, positions these
companies competitively in the market. The integration of advanced technologies such as
Sustainability 2024, 16, 7665 15 of 24

artificial intelligence (AI) and machine learning (ML), mentioned by Costa et al. [10] and
Hegeman and Sørheim [37], is fundamental to optimizing production processes, reducing
energy and material consumption, and improving operational efficiency. These technologies
increase energy efficiency and facilitate waste management and recycling, helping to reduce
the carbon footprint.
In addition, adopting circularity strategies, as noted by Henry et al. [35], Rok and
Kulik [44], and De Angelis [47], further strengthens environmental sustainability. These
strategies promote a more sustainable production and consumption cycle by maximizing
the value retention of resources and minimizing waste. Green process innovations, high-
lighted by Jacob and Arcot [50] and Frare and Beuren [68], ensure that startups comply
with strict environmental regulations, reducing regulatory pressure and minimizing risks
associated with unsustainable practices. According to Boada et al. [41], implementing sus-
tainability criteria in product development makes it possible to create innovative solutions
that meet the demands for responsible practices, contributing significantly to environmental
preservation and resource regeneration.

Social Perspective
On the social side, the competitive advantages of sustainable startups have a significant
and far-reaching impact. Bolis et al. [31] and Wagner and Kabalska [34] point out that
integrating moral values with generating economic and social value attracts stakeholders
committed to sustainability, driving strategic partnerships. This engagement, mentioned
by Piccarozzi [33], is essential for strengthening relations with investors, customers, and
the community, improving the company’s reputation, and promoting a culture of social
responsibility. As observed by Wagner and Kabalska [34] and Zhang et al. [67], the inclusion
of socially vulnerable groups in the production process broadens the employee base and
improves human capital, increasing the company’s legitimacy and acceptance. This practice
promotes a culture of inclusion and diversity, essential for building a fairer and more
equitable working environment.
The direct approach to the Sustainable Development Goals (SDGs), highlighted by
Gidron et al. [56], reinforces startups’ positive social impact by addressing critical issues
such as health, education, well-being, and gender equality. By focusing on specific SDG
targets, these companies generate tangible benefits for society, improving quality of life
and promoting sustainable development. Furthermore, by aligning their operations with
the SDGs, these startups can attract investors and customers who value sustainability and
social responsibility.

Governance Perspective
Regarding governance, sustainable startups benefit significantly from efficient man-
agement practices and regulatory compliance. Bergmann and Utikal [55] and Beyhan and
Fındık [62] point out that the ability to attract financial resources and institutional support
guarantees the implementation of more transparent and effective governance practices.
Mansouri and Momtaz [38] and Bergmann and Utikal [55] state that affiliation with accel-
erator programs and prior access to funding confer legitimacy and credibility, facilitating
the maintenance of high ethical standards and accountability. The possession of patents
related to ESG factors, mentioned by Jacob and Arcot [50] and Frare and Beuren [68], and
the integration of advanced technologies, as noted by Costa et al. [10] and Hegeman and
Sørheim [37], are crucial for robust governance. These elements ensure that startups are
well-positioned to comply with regulations, promote transparency, and maintain the trust
of investors and other stakeholders.
Organizational flexibility and the ability to respond quickly to market changes, high-
lighted by Keskin et al. [30] and Palmié et al. [43], are essential for adaptive and resilient
governance. This allows startups to quickly adjust to new regulatory requirements and
maintain a proactive stance on sustainability. In addition, proximity to research centers and
universities, as noted by Speckemeier and Tsivrikos [66], provides access to advanced tech-
Sustainability 2024, 16, 7665 16 of 24

nical and scientific knowledge, essential for continuous innovation and competitiveness in
the global market. The solid knowledge base and collaborative networks mentioned by
Tiba et al. [7], Klofsten et al. [48], and Gidron et al. [56] facilitate the exchange of informa-
tion and best practices, promoting the continuous improvement of governance processes
and ensuring long-term sustainability. Partnering with universities and research centers
strengthens startups’ capacity for innovation and ensures efficient governance in line with
best market practices.
Table 5 summarizes the impact of the competitive advantages of sustainable startups
from an ESG perspective, as identified in the literature. Fifteen different impacts were
mapped and organized into environmental, social and governance dimensions. These
results demonstrate how sustainable startups align innovative and efficient management
practices with social and environmental responsibility objectives, reinforcing their contribu-
tion to sustainability and competitiveness in the market.

Table 5. Impact of competitive advantages on ESG in sustainable startups (own elaboration).

Perspective Impact References

Implementation of innovations that minimize environmental impact and promote
[40,42]
regenerative practices
Financial viability and positive environmental impact [9,52]
Environmental
Advanced technologies for operational efficiency [10,37]
Circularity strategies and green process innovations [35,44,47]
Development of sustainable products that meet environmental regulations [41,50,68]
Moral values are integrated into the generation of economic and social value,
[31,34]
attracting stakeholders
Inclusion of socially vulnerable groups, promoting diversity [34]
Social
Alignment with the Sustainable Development Goals (SDGs), improving quality of life [56]
Strengthening relations with investors, clients, and the community [33]
Improving human capital and increasing legitimacy [34,67]
Efficient management practices and regulatory compliance [55,62]
Affiliation with accelerator programs and access to funding [38,55]
Governance Ownership of patents and integration of advanced technologies [10,37,50,68]
Organizational flexibility and ability to respond quickly to the market [30,43]
Proximity to research centers and universities for access to advanced knowledge [7,48,56,66]

3.2.3. Future Research Directions on the Competitive Advantages of Sustainable Startups

Based on the analysis carried out on the competitive advantages of sustainable startups
(Section 3.2.1) and the impact of these advantages from an ESG perspective (Section 3.2.2),
it is possible to identify promising directions for future research that connects directly to
our findings. So far, we have clarified how these startups successfully align the creation
of economic, environmental, and social value while strengthening their governance and
responsibility practices. However, to deepen this understanding, it is necessary to explore
in more detail the intersection between the adoption of ESG criteria and the financial
performance of startups, as well as to examine the impact of regional public policies and
market dynamics that influence the success and resilience of these companies. These gaps
offer research opportunities in the following areas:

Economic–Environmental Balance in Sustainable Startups

There needs to be more understanding of how sustainable startups balance economic
and environmental value creation in different sectors. Future research should investigate
specific practices and strategies adopted by these startups to maintain this balance and
explore the challenges faced and innovative solutions implemented. Additionally, it is nec-
essary to understand how integrating ESG criteria impacts startups’ financial performance
and innovative capacity. Studies can examine sectoral and regional variations, as well as
different ESG approaches and their practical implications. Another area of interest is the
Sustainability 2024, 16, 7665 17 of 24

effect of a broader definition of sustainable startups on value creation and the communica-
tion of their environmental impacts, influencing stakeholder perception and the startups’
market positioning.

Impact of Public Policies and Regional Contexts

The influence of sustainability-related public policies on promoting startups and
their short-, medium-, and long-term effects still needs to be better understood. Research
should focus on how local economic and cultural variables can modify the effectiveness
of these policies, including comparative studies between different regions to reveal best
practices. Furthermore, the regional particularities that affect the effectiveness of social
impact acceleration programs need to be explored, considering factors such as infrastruc-
ture, access to funding, local support networks, and innovation clusters. Additionally, it is
necessary to investigate how variations in regional contexts influence the attractiveness of
sustainable startups for investors, examining tax policies, environmental regulations, and
government incentives.

Innovation, Sustainability, and Business Models

Optimizing the integration of ESG dimensions in sustainable business models (SBMs)
is necessary to improve the effectiveness of sustainable startups. Future research should
identify tools and methodologies that help startups balance these dimensions efficiently.
Case studies of startups that have succeeded in this integration can provide practical and
replicable examples. In addition, it is essential to investigate how different types of green
innovation affect the environmental performance of startups by analyzing innovations in
products, processes, and business models and assessing their environmental impact and
economic viability. Further research is needed to understand the strategies for engaging
communities and stakeholders in co-creating sustainable innovations and exploring the
benefits and challenges associated with these processes. Finally, sector diversification can
influence understanding of the factors that drive sustainable business models in different
industries, and research should examine the challenges and opportunities associated with
expanding into new sectors and regions.

The Role of Investors and Market Dynamics

There needs to be more understanding of how investors influence the definition
and validation of value propositions in sustainable startups. Future research should
examine this relationship and its effects on the success of startups, analyzing how different
types of investors, such as venture capital, impact investors and institutional investors,
shape the strategies and value perceptions of startups. In addition, it is necessary to
identify the factors that motivate founders and investors to get involved with sustainable
startups, analyze financial, social, and environmental motivations, and identify the barriers
and facilitators to engagement. We still need to understand more about how small and
medium-sized enterprises (SMEs) contribute to the success of sustainable startups through
corporate venture capital investments. Research could investigate how SMEs can become
strategic partners for sustainable startups by providing capital, knowledge, networks, and
operational support. Finally, it is essential to study how the integration of ESG criteria
varies between different stages of investment in startups, examining how investors evaluate
these criteria in early stages compared to later stages and their implications for the growth
and sustainability of startups.

Startup Performance and Sustainability

There is a need to understand how the objectives of sustainable startups evolve and
what factors influence these changes. Future research should focus on how changes in the
market, public policies, and stakeholder demands affect startups’ objectives. In addition, it
is essential to explore the contextual variables that affect the sustainable performance of
startups, such as organizational culture, access to resources, support networks, and market
Sustainability 2024, 16, 7665 18 of 24

conditions. The quality and extent of networks are determining factors for the success of
sustainable startups, and further research should investigate how these elements influence
the performance and resilience of startups. Finally, adopting ESG practices can increase the
resilience and longevity of sustainable startups, and future research should explore this
relationship, identifying the specific mechanisms that contribute to long-term sustainability.
Table 6 summarizes possible directions for future research into the competitive ad-
vantages of sustainable startups, as identified in the literature. Several promising areas
for investigation have been mapped and presented below as research questions. This ap-
proach highlights the main opportunities for study, providing a deeper and more strategic
understanding of the role of sustainable startups in sustainable development.

Table 6. Future research directions (own elaboration).

Sources of
Future Research Research Questions
Support
RQ 1. How do sustainable startups balance economic and environmental value
[36,40,42,65]
creation in different sectors?
Economic–environmental RQ 2. How does integrating ESG criteria impact startups’ financial
[37,50,52]
balance in sustainable startups performance and innovative capacity?
RQ 3. What is the effect of a broader definition of sustainable startups in
[9,68]
creating value and communicating their environmental impact?
RQ 4. How do public policies related to sustainability influence the promotion
of different types of startups, and what are their effects in the short, medium, [33,41,54,66]
and long term?
Impact of public policies and
RQ 5. What regional particularities influence the effectiveness of social impact
regional contexts [39,55]
acceleration programs in different economic and political environments?
RQ 6. How do variations in regional contexts influence the attractiveness of
[33,36,51]
sustainable startups for investors?
RQ 7. How can the integration of ESG dimensions in a Sustainable Business
[30,46,55]
Model (SBM) be optimized to increase the effectiveness of sustainable startups?
RQ 8. How do different types of green innovation affect the environmental
[9,57,61,68]
Innovation, sustainability, and performance of sustainable startups?
business models RQ 9. What are the strategies for engaging communities and stakeholders in
[31,51]
co-creating sustainable innovations?
RQ 10. How can sector diversification influence understanding the factors that
[7,10,70]
drive sustainable business models in different industries?
RQ 11. How do investors influence the definition and validation of value
[37,38,40]
propositions in sustainable startups?
RQ 12. What factors motivate founders and investors to engage with
[37,56]
The role of investors and sustainable startups?
market dynamics RQ 13. How do small and medium-sized companies contribute to the success
[37,50]
of sustainable startups through corporate venture capital investments?
RQ 14. How does the integration of ESG criteria vary between the different
[52,66]
stages of investment in startups?
RQ 15. How do the objectives of sustainable startups evolve, and what factors
[9,32,42]
influence these changes?
RQ 16. Which variables related to the entrepreneurial context affect the
[9,30,63]
Startup performance sustainable performance of startups?
and sustainability RQ 17. How does the quality and extent of networking influence the success of
[30,41,44]
sustainable startups?
RQ 18. How can adopting ESG practices increase the resilience and longevity
[45,64]
of sustainable startups?

The research questions in Table 6 are fundamental to advancing the understanding of

sustainable startups and thus deserve further investigation. Each of these questions tackles
aspects that remain underexplored in the existing literature, such as the balance between
economic and environmental value (RQ1), the integration of ESG criteria into financial
Sustainability 2024, 16, 7665 19 of 24

and innovative performance (RQ2), and the influences of public policies and regional
contexts on the attractiveness and success of sustainable startups (RQ4, RQ6). Furthermore,
investigating these issues can provide significant contributions to the optimization of
sustainable business models (RQ7), green innovation strategies (RQ8), and the role of
investors in validating value propositions (RQ11). By exploring these areas, future research
could contribute significantly to developing strategies that promote sustainability and
resilience in startups (RQ18) while responding to growing demands for responsible and
innovative business practices.

4. Conclusions
The main results of this systematic literature review highlight that sustainable startups
have significant competitive advantages in terms of innovation, attracting investment,
mitigating regulatory risks, and differentiating themselves in the market. These companies
can align economic and environmental benefits, implement continuous innovation, and
adapt quickly to market changes [40,42]. In addition, integrating ESG criteria contributes to
attracting financial resources and qualified talent, strengthening adaptability, and creating
sustainable value [55,62].
The analysis revealed that sustainable startups meet the demands for responsible practices
and strategically position themselves to attract investment and foster innovation [9,52]. The
combination of financial viability and positive environmental impact, highlighted by the
authors, positions these companies competitively in a market that increasingly values
sustainability [35]. Circularity practices, innovations in sustainable processes, and the
use of advanced technologies such as AI and ML highlight the ability of these startups to
optimize operations, reduce environmental impacts, and comply with regulations [10,68].
Together, these actions significantly reduce regulatory pressures.
Given the above, this research is important in providing a comprehensive under-
standing of the competitive advantages of sustainable startups. It consolidates a set of
findings that highlight how these companies can lead the transition to more sustainable
economic development. This study not only fills significant gaps in the literature but
also offers clear directions for future research, suggesting more detailed studies on the
economic–environmental balance, the impact of public policies, sustainable innovation,
and market dynamics.
Based on these findings, this study addressed three central research questions:
RQ1: What are the main competitive advantages of startups that integrate sustainable
practices into their business model? We conclude that these startups have advantages such
as the ability to align economic benefits with sustainability, attract investment, and mitigate
regulatory risks, which positions them favorably in the market.
RQ2: How do these advantages impact sustainable startups’ ESG perspective? We
observed that these advantages strengthen ESG performance by promoting sustainable
value creation, attracting capital and qualified talent, and ensuring regulatory compliance,
contributing to the startups’ resilience.
RQ3: What are the future research directions in this field of study? We propose that
future research explore how startups balance economic and environmental value creation
in different sectors and regions, as well as examine the impact of public policies and market
dynamics on startups’ ESG strategies.
While our research provides a comprehensive understanding of the competitive ad-
vantages of sustainable startups, we must acknowledge some limitations. First, this study
was limited to articles published in English and indexed in the Scopus and Web of Sci-
ence databases, potentially excluding relevant studies in other languages or available
in different databases. Second, the analysis focused exclusively on studies published
from 2013 onwards, which, although ensuring the relevance of the data, may limit the
understanding of historical trends pertinent to the topic. Third, the study predominantly
employed qualitative methods, which, while allowing for an in-depth exploration of spe-
cific cases, may restrict the generalizability of the results to other contexts. Finally, the
Sustainability 2024, 16, 7665 20 of 24

interpretation of the data, despite being conducted rigorously, is subject to the inherent
subjectivity of the systematic review process, potentially influencing the analysis and
conclusions. Future research should consider expanding the temporal scope, exploring ad-
ditional databases, and integrating mixed methodologies to provide a more comprehensive
and representative analysis.
Finally, this research highlights how sustainable startups can serve as models for
other companies and sectors, boosting sustainable practices and positively impacting the
environmental, social and governance (ESG) dimensions. By revealing the complexities
and benefits of sustainable strategies, this study contributes to formulating public and
business policies that encourage adopting responsible practices, reinforcing the need for
a more sustainable global economy.

Supplementary Materials: The following supporting information can be downloaded at:

https://www.mdpi.com/article/10.3390/su16177665/s1, PRISMA 2020 Checklist for the article.
Author Contributions: Conceptualization, A.M.d.S. and A.C.d.F.; methodology, A.M.d.S. and
A.C.d.F.; writing—original draft preparation, A.M.d.S.; writing—review and editing, F.N.P. and
A.C.d.F.; supervision, F.N.P. and A.C.d.F. All authors have read and agreed to the published version
of the manuscript.
Funding: This research received no external funding.
Institutional Review Board Statement: Not applicable
Informed Consent Statement: Not applicable
Data Availability Statement: No new data were created or analyzed in this study.
Conflicts of Interest: The authors declare no conflicts of interest.

Appendix A

Table A1. Studies included in the systematic literature review (own elaboration).

Authors Title Journal Year

A “win-win formula:” environment and profit in circular Consumption
Ariztia and Araneda [40] 2022
economy narratives of value Markets and Culture
How to Support Start-Ups in Developing a Sustainable
Bergmann and Utikal [55] Business Model: The Case of an European Social Sustainability 2021
Impact Accelerator
Selection of Sustainability Startups for Acceleration: How Prior
Beyhan and Fındık [62] Access to Financing and Team Features Influence Accelerators’ Sustainability 2022
Selection Decisions
Including Sustainability Criteria in the Front End of Innovation
Boada et al. [41] Sustainability 2023
in Technology Ventures
Sustainability Is All about Values: The Challenges of
Bolis et al. [31] Considering Moral and Benefit Values in Business Sustainability 2021
Model Decisions
Transformative Business Models for Decarbonization: Insights
Costa et al. [10] Sustainability 2023
from Prize-Winning Start-Ups at the Web Summit
Circular economy business models as progressive business Business Strategy
De Angelis [47] 2024
models: Evidence from circular start-ups and the Environment
Start-up sustainability: An insurmountable cost or
De Lange [36] Journal of Cleaner Production 2017
a life-giving investment?
Sustainable competitive advantage under digital
Du et al. [61] Chinese Management Studies 2024
transformation: an eco-strategy perspective
The role of green process innovation translating green
Journal of Small Business and
Frare and Beuren [68] entrepreneurial orientation and proactive sustainability 2022
Enterprise Development
strategy into environmental performance
The Impact Tech Startup: Initial Findings on a New,
Gidron et al. [56] Sustainability 2023
SDG-Focused Organizational Category
Balancing financial, social and environmental values: Can new International Journal of
Giones et al. [42] 2020
ventures make an impact without sacrificing profits? Entrepreneurial Venturing
Why do they do it? Corporate venture capital investments in
Hegeman and Sørheim [37] Journal of Cleaner Production 2021
cleantech startups
Sustainability 2024, 16, 7665 21 of 24

Table A1. Cont.

Authors Title Journal Year

A typology of circular start-ups: An Analysis of 128 circular
Henry et al. [35] Journal of Cleaner Production 2020
business models
Goal heterogeneity at start-up: are greener start-ups
Hoogendoorn et al. [57] Research Policy 2020
more innovative?
Growing for sustainability: Enablers for the growth of impact
Horne and Fichter [39] startups—A conceptual framework, taxonomy, and systematic Journal of Cleaner Production 2022
literature review
Influence of Ambidextrous Learning on Eco-Innovation
Frontiers in
Huang et al. [63] Performance of Startups: Moderating Effect of Top 2020
Psychology
Management’s Environmental Awareness
Journal of World
Jacob and Arcot [50] Patents and sustainable innovation in Indian Startups 2023
Intellectual Property
Keskin et al. [30] Innovation process of new ventures driven by sustainability Journal of Cleaner Production 2013
Product innovation processes in sustainability-oriented
Keskin et al. [51] Journal of Cleaner Production 2020
ventures: A study of effectuation and causation
Start-ups within entrepreneurial ecosystems: Transition
Klofsten et al. [48] International Small Business Journal 2024
towards circular economy
Responding to the greatest challenges? Value creation in
Kuckertz et al. [9] Journal of Cleaner Production 2019
ecological startups
ESG consideration in venture capital: drivers, strategies
Lange and Banadaki [52] Studies in Economics and Finance 2023
and barriers
The sustainable start-up paradox: Predicting the business and Business Strategy and
Leendertse et al. [58] 2021
climate performance of start-ups the Environment
Relationship between green entrepreneurship orientation,
Frontiers in
Li et al. [59] integration of opportunity and resource capacities and 2022
Psychology
sustainable competitive advantage
Driving Sustainable Innovation in New Ventures: A Study
Liu and Zhang [53] Sustainability 2022
Based on the fsQCA Approach
Financing sustainable entrepreneurship: ESG measurement,
Mansouri and Momtaz [38] Journal of Business Venturing 2022
valuation, and performance
Nunes et al. [49] Challenges of business models for sustainability in startups RAUSP Management Journal 2022
Fostering business model innovation for sustainability: Management
Oliveira-Dias et al. [54] 2022
a dynamic capabilities perspective Decision
Startups versus incumbents in ‘green’ industry transformations:
Palmié et al. [43] A comparative study of business model archetypes in the Industrial Marketing Management 2021
electrical power sector
Does Social Innovation Contribute to Sustainability? The Case
Piccarozzi [33] Sustainability 2017
of Italian Innovative Start-Ups
Circular start-up development: the case of positive impact Corporate
Rok and Kulik [44] 2021
entrepreneurship in Poland Governance
Green Production as a Factor of Survival for Innovative
Serio et al. [64] Sustainability 2020
Startups: Evidence from Italy
Machine Learning Strategies Fueling Economic Progress Int. Journal of Intelligent Systems
Sharma et al. [65] 2024
for Start-ups and Applications in Engineering
Driving New Venture Sustainability: A Study Based on
Song and Xiang [69] Sustainability 2023
Configuration Theory and Resource Orchestration Theory
Green Entrepreneurship: Should Legislators Invest in the
Speckemeier and Tsivrikos [66] Sustainability 2022
Formation of Sustainable Hubs?
Sustainable Operations
Sreenivasan and Suresh [45] Factors influencing sustainability in start-ups operations 4.0 2023
and Computers
Value proposition development under uncertainty:
Susteras and Zamith Brito [60] A theoretical framework grounded on the trajectory of Journal of Cleaner Production 2023
cleantech start-up founders
Sustainability startups and where to find them: Investigating
Tiba et al. [7] the share of sustainability startups across entrepreneurial Journal of Cleaner Production 2021
ecosystems and the causal drivers of differences
The lighthouse effect: How successful entrepreneurs influence
Tiba et al. [32] Journal of Cleaner Production 2020
the sustainability-orientation of entrepreneurial ecosystems
Startups and circular economy strategies: Profile differences,
Van Opstal and Borms [70] Journal of Cleaner Production 2023
barriers and enablers
Drivers for sustainable business models in start-ups: Multiple
Voinea et al. [46] Sustainability 2019
case studies
Between Involvement and Profit: Value (Un-)Captured by Journal of Social
Wagner and Kabalska [34] 2023
a Born-Social Start-Up Entrepreneurship
How Do New Ventures Implementing Green Innovation
Zhang et al. [67] Sustainability 2022
Strategy Achieve Performance Growth?
Sustainability 2024, 16, 7665 22 of 24

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