Revival of wind‐powered shipping: Comparing the early‐stage innovation process of an incumbent and a newcomer firm

Despite the urgency of decarbonising, the shipping sector has demonstrated a slow‐paced response to climate change challenges. Some frontrunner firms are engaged in sustainability‐oriented innovation processes. However, there is limited knowledge of how such processes emerge and contribute to societal sustainability transitions and what the role of technology is in companies' (re)orientation towards sustainable business models. This study contributes to filling these gaps through a comparative case study of the ongoing innovation process within an incumbent and a newcomer firm developing wind‐powered energy solutions for deep‐sea transportation. The study's findings bear implications for theory and practice. This paper's combination of a dynamic capabilities approach and a multi‐level perspective from sustainability transitions research is a conceptual novelty, enabling an understanding of the activities involved in the (re)orientation process towards sustainable business from a company's perspective, as well as broader societal and sustainability needs.