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This paper studies how a firm can create and capture value by converting a waste stream into a useful and saleable by-product. The authors show that BPS creates an operational synergy between two products that are jointly produced. In essence, BPS is a process innovation that reduces the marginal cost of the original product and/or the by-product. The firm creates value through this process innovation and can capture this value by taking market share from competitors, capturing newly created market opportunities, or licensing the innovation to its competitors.
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