Author: Marta Re Ferrè

The “hybrid” condition of organizations as a key tool for sustainable business development

Posted on | by Marta Re Ferrè

Companies are no longer focused exclusively on profits: a study by the Politecnico di Milano and the University of Bologna analyses hybrid organisations, companies that integrate sustainability and economic logics. Focus on B Corporations, with two key approaches: internal social mission or market strategy. A model for the future of sustainable business.

 

In today’s economic landscape of growing environmental and social crises, companies can no longer limit themselves to maximising profits. There is a growing awareness that business success should be measured not only in financial terms, but also in terms of the social and environmental impact generated. This is the context for hybrid organisations, or those companies that integrate both social and economic logic into the way they do business.

But what does it really mean to be a hybrid organisation? The study carried out by Leonardo Boni, Assistant Professor at the POLIMI School of Management of the Politecnico di Milano and afferent of the TIRESIA research centre, together with Riccardo Fini and Laura Toschi of the University of Bologna, analyses the nature and measures the various facets of the hybrid condition within a sample of Italian companies that have B Corp certification, a standard obtained by for-profit companies that have a high level of social and environmental performance.

The study proposes a scale for measuring hybridisation that has three main levels:

  • The emergence of the hybrid condition – Why does a company decide to pursue social objectives alongside economic ones? Motivations can be strategic (improving reputation, attracting new customers sensitive to sustainability) or deeper, linked to the ethical vision of the company and the influence of external stakeholders.
  • Integrating the social dimension – It is not enough to declare a commitment to sustainability, it must be translated into concrete actions. Hybrid companies must be able to develop specific skills to better manage the dual economic and social objectives, adopt internal processes to align governance and business strategy, and create incentive mechanisms for employees.
  • Developing an impact thesis – Hybrid companies should not only mitigate the negative impacts of their activities, but also aim to create a lasting positive impact. This approach requires the development of a clear impact thesis: what social and environmental goals do you want to achieve? How will they be measured?

From the analysis of 101 Italian B Corporations, the study identified and validated a measurement scale with four factors: (i) strategic interpretation of social impact; (ii) individual and entrepreneurial dynamism; (iii) diffusion of organisational capabilities; and (iv) influence of external actors.

From this scale, the study identified two macro-types of hybrid companies:

  • Internally identity-oriented B Corporations – companies that are born with a strong social mission and integrate it into every aspect of their strategy. For them, profit is a means to amplify positive impact.
  • Market-driven B Corp – companies that adopt the B Corp model to differentiate themselves, attract investment and respond to external pressures (customers, suppliers, institutions).

This study contributes to the understanding of how and to what extent a company embraces a hybrid state, supporting the path of innovation and adaptation of practices and processes fundamental to the generation of positive social impact. From this paper, it is suggested that the divide between for-profit and non-profit is overcome, but that the two souls can coexist in organisational models that can be measured and implemented.

A new look for SOMe, the POLIMI School of Management’s e-magazine

Posted on | by Marta Re Ferrè

A new layout and lots of valuable content for the new issue of SOMe, the e-magazine of the POLIMI School of Management.

The latest edition offers an in-depth look at the research, innovation and strategic initiatives that characterise our School.

 

Between research, purpose and digital transition

In this issue, we explore the School’s latest scientific publications, with a focus on disclosure in R&D, workplace safety in manufacturing SMEs and the strategic value of data in the insurtech sector.

We feature the findings of the Purpose in Action Observatory, innovative projects on hydrogen and maritime sustainability, and initiatives to support young NEETs.

We close with an in-depth look at the digital transition, thanks to the insights from our HumanTech Day event and the latest news on Milan’s food policy, in which we are actively involved.

 

To read previous issues of SOMe, click here.

To receive it directly in your inbox, subscribe here.

Platform Thinking as a Driver of Innovation for Established Companies: evidence from Italy

Posted on | by Marta Re Ferrè
Platform thinking is a strategic lever for innovation in established companies, allowing them to create value ecosystems and exploit network effects. A recent study analysed the adoption of this approach by Italian companies in the FTSE MIB.

 

Platform Thinking is emerging as a crucial strategy for established companies aiming to innovate and remain competitive in an increasingly digitalized market. Inspired by the business models of leading platforms such as Uber, Airbnb, and Amazon, this approach enables companies to orchestrate value ecosystems, scale through network effects, and leverage underutilized assets.

A study conducted by the Platform Thinking HUB at the POLIMI School of Management of Politecnico di Milano, led by Professors Daniel Trabucchi and Tommaso Buganza, analyzed the adoption of Platform Thinking among major Italian companies listed in the FTSE MIB index, the index in the Italian Stock Exchnage that list the 40 companies with highest market capitalization. The findings reveal that 88% of companies have initiated platform-related projects, yet only 22% have truly adopted a multi-sided model capable of generating value through network effects and co-creation with users.

The research highlights three key benefits of Platform Thinking for traditional businesses:

  1. Improving efficiency in existing transactions– As seen in Klöckner’s case, which transformed steel sales with a digital platform open even to competitors.
  2. Enabling new transactions– Like AXA’s model, which leverages data and external collaboration to enhance corporate risk management.
  3. Strategic use of data– Demonstrated by John Deere, which developed a platform for agricultural data analysis, creating value for farmers and new business opportunities.

However, the study also identifies three common mistakes that companies should avoid when adopting Platform Thinking: treating customers merely as suppliers, managing the platform with a linear approach without leveraging network effects, and investing in technology without a clear value creation strategy.

The analysis conducted by POLIMI School of Management confirms that Platform Thinking is not just a trend but a genuine strategic opportunity for established businesses seeking innovation. To succeed, companies must adopt a conscious approach, leveraging platform potential not only to enhance efficiency but also to redefine their role in the economic ecosystem.

These findings were recently published in the March edition of Harvard Business Review Italia, highlighting the importance of Platform Thinking for the future of business innovation.

From the Pandemic to geopolitical tensions: how risks in the pharmaceutical supply chain are evolving

Posted on | by Marta Re Ferrè

Health crises, geopolitical instability and raw material shortages are redefining the priorities of the pharmaceutical sector. A study by the POLIMI School of Management analyses how recent global turmoil has changed the perception and management of risk in the pharmaceutical supply chain, highlighting the urgency of integrated strategies, new technologies and increased collaboration between supply chain stakeholders.

 

In recent years, the pharmaceutical sector has faced unprecedented challenges. Brexit, COVID-19, geopolitical tensions, and raw material shortages have put immense pressure on the pharmaceutical supply chain, highlighting the need for effective risk management to ensure the continuity in the production and distribution of medicines.

A recent study conducted by Claudia Ciceri, Camilla Borsani, Michela Guida, Marco Farinelli, and Federico Caniato from the School of Management of Politecnico di Milano delves deep into these issues. Published in the International Journal of Operations & Production Management, the research, titled “Impact Pathways: Navigating Risks in the Pharmaceutical Supply Chain – A Multi-Actor Perspective”, provides an overview of the risks affecting the pharmaceutical supply chain and how they are perceived by different supply chain actors.

According to the study, recent geopolitical events have reshaped perceptions of the most critical risks. While logistics delays and cost fluctuations were previously considered the most severe threats, new priorities have emerged in response to the rapidly changing global landscape. Among the most relevant risks today are the scarcity of raw materials, insufficient manufacturing capacity and compliance to regulations. Additionally, different stakeholders within the supply chain perceive risks differently and often adopt fragmented risk management strategies, increasing the sector’s vulnerability. The study therefore outlines new research directions to address real and unmet needs in pharmaceutical supply chain risk management.

First, the study highlights the importance of developing risk assessment models that integrate probability estimations and economic and social impact evaluations, enabling companies to allocate resources more effectively for risk mitigation.

The role of digital technologies such as artificial intelligence, blockchain, and the Internet of Things is also deemed crucial. These technologies could enhance traceability and supply chain monitoring, increasing transparency and responsiveness to disruptions.

Furthermore, the analysis underscores the need to incorporate macroeconomic and geopolitical factors, such as international conflicts and trade policies, into risk management strategies to anticipate potential supply chain disruptions.

Finally, the study encourages regulatory bodies to include all relevant stakeholders in their initiatives, as their on-the-ground experience could provide valuable insights for a more integrated and effective risk management approach. A systemic approach is essential to building a more resilient pharmaceutical supply chain capable of tackling future challenges.

This research paves the way for new perspectives in risk management, stimulating discussion among academics, industry professionals, and regulators to better address the challenges of tomorrow.

Read the full article here: https://doi.org/10.1108/IJOPM-06-2024-0458

How to make e-Grocery Home Delivery sustainable and flexible with on-demand vehicles

Posted on | by Marta Re Ferrè

The growth of online grocery retailing has amplified the challenges of last-mile delivery. A study published in Computers & Industrial Engineering proposes an optimisation model that balances cost, sustainability and operational flexibility.

 

The rapid growth of the e-grocery sector, accelerated by the COVID-19 pandemic, has led to a surge in demand for efficient home delivery services.

However, the last-mile delivery of groceries presents unique logistical and environmental challenges, requiring companies to balance speed, cost efficiency, and environmental sustainability. Last-mile delivery is the most complex phase of the e-grocery supply chain due to several factors: Customers demand faster and reliable deliveries, with increasing operational pressures. The perishable nature of grocery products often forces companies to schedule deliveries by agreeing on narrow time windows with customers, ensuring both freshness and food safety while reducing the likelihood of missed deliveries.

This requirement can limit the scope for optimizing delivery routes, as vehicles must adhere to strict schedules, often necessitating the allocation of additional resources. The increase in delivery vehicles raises emissions and urban congestion. Moreover, maintaining an in-house fleet is expensive, making flexible solutions like 3PL partnerships attractive. These factors collectively create a complex operational environment where maintaining a high level of customer satisfaction—through timely and reliable delivery—must be balanced against the pressures of cost efficiency and the imperative to reduce environmental impact.

A recent study, “Sustainable E-Grocery Home Delivery: An Optimization Model Considering On-Demand Vehicles,” published in Computers & Industrial Engineering, explores how e-grocery retailers can leverage third-party logistics (3PL) providers and on-demand vehicle fleets to optimize delivery operations.

The research, conducted by Sara Perotti and Vittoria Tudisco of the POLIMI School of Management of the Politecnico di Milano, together with Banu Yetkin Ekren and Emel Aktas of the Cranfield School of Management, UK, presents an advanced optimization model integrating fleet composition, routing strategies, and sustainability objectives. It evaluates three different optimization approaches:

  1. Cost-Efficient Strategy: Focused on minimizing total delivery costs to reduce fixed expenses.
  2. Environmental-Effective Strategy: Prioritizing sustainability with biodiesel vans.
  3. Comprehensive Strategy: Balancing cost and environmental impact.

The study applies this model to a real-world Italian retailer. Results demonstrate that by leveraging biodiesel vans and optimizing fleet composition and routing jointly, companies can substantially cut emissions without drastically increasing operational costs.

The comprehensive approach shows that prioritizing green delivery methods does not necessarily lead to prohibitive costs. Moreover, by relying on 3PL providers and composing fleet with on-demand vehicles, retailers can avoid the capital expenditure of fleet ownership while maintaining service flexibility.

This research significantly contributes to academic literature and provides actionable insights for e-grocery retailers seeking to optimize their last-mile delivery operations.

 

For more detail: https://www.sciencedirect.com/science/article/pii/S0360835225000191?via%3Dihub

Funding and Profitability: Two Sides of FinTech Startup Growth

Posted on | by Marta Re Ferrè
Grow at any cost or pursue sustainability? FinTech start-ups face a crucial choice: raise funds to scale quickly or focus on profitability. A new study analyses how funding affects break-even, offering valuable insights for investors and founders.

 

FinTech startups are a driving force of innovation and competition in the financial sector. However, reaching break-even – the point at which revenue covers costs – is a crucial challenge for their sustainability and growth.

The study “Predicting break-even in FinTech startups as a signal for success”, conducted by Claudio Garitta and Laura Grassi from the POLIMI School of Management and published in Finance Research Letters, examines the impact of funding on break-even, providing valuable insights for investors, partners and founders.

Funding and Sustainability

Securing new capital is often a necessity for startups, not only to obtain financial resources but also to access expertise and strategic networks. However, the research highlights that FinTech startups receiving venture capital investments (funds specializing in startups) are less likely to reach break-even compared to those that grow without external support. This phenomenon can be attributed to several factors:

  • Focus on growth vs. profitability → External capital brings expectations of rapid growth and a longer time horizon, often at the expense of short-term financial sustainability.
  • Less rigorous financial management → The pressure to scale quickly may delay the adoption of structured financial management practices.
  • Impact of fundraising negotiations → Seeking investors requires complex and often prolonged negotiations, slowing down operational activities. In the early stages, founders must simultaneously manage product development, sales, and fundraising with limited resources.

Break-even: A Market and Partnership Signal

In the startup ecosystem, and particularly in financial services, break-even is not just an internal milestone but also a key signal for investors and potential industrial partners. Achieving it indicates a sustainable business model, reducing perceived risk and increasing opportunities for collaboration with financial intermediaries and established companies.

Conclusions and Implications

These findings do not suggest that external funding is an obstacle but rather emphasize the need for a balance between growth and sustainability. For investors and partners, understanding the relationship between funding and break-even is essential to evaluate not only a startup’s growth potential but also its ability to generate value in the present.

 

More details: Predicting break-even in FinTech startups as a signal for success

Food policy. Food Aid Hub network consolidates: over 795 tonnes of food recovered in 2024, 25% more than in 2023

Posted on | by Marta Re Ferrè

The results of the Milan Hub network, new projects for the future and the involvement of the City of Milan’s partners in the city’s food policy were presented on the Day against Food Waste on 5 February 2025. A collective and concrete commitment, looking to the future, with structured and coordinated actions to transform the fight against food waste.

 

On the occasion of the National Day for the Prevention of Food Waste, 5 February 2025, the Deputy Mayor for Food Policy and Agriculture, Anna Scavuzzo, together with food policy partners, including the POLIMI School of Management of the Politecnico di Milano, presented the results of the last year’s food policy and the management of food distribution centres, as well as the projects and actions planned for the coming year, in the premises of Sogemi – Milan Food Marke.

“A day to discuss, measure the results achieved and evaluate the tools we have put in place that, over time, have made food policy a participatory, effective and innovative urban practice”, stressed Deputy Mayor Scavuzzo. “Today, the fight against waste is increasingly characterised by broad and joint actions capable of restoring the value of food and underlining the commitment to talk about health and sustainability as an inseparable pair”. 2024 was an important year: we opened three new Hubs thanks to Earthshot Prize funds, which we invested in a smart, efficient and forward-thinking way. We strengthened the Hub network across the city, increasing food recovery by more than 25% compared to 2023. We intensified the recovery of surplus food in school canteens through the use of cargo bikes and promoted guidelines to optimise the recovery and redistribution of surpluses with the Politecnico di Milano, supported by Fondazione Snam ETS. And again: the Foody Zero Waste Hub in Sogemi and the study for a new tool linked to the study of the impact of different projects on the reduction of food waste. I2025 will be an intense year: ten years after Expo Milano 2015, next October Milan will once again become an international meeting point for cities from all over the world, coming together for the ninth edition of the MUFPP Global Forum”.

In 2024, the network of the five already active Food Aid Hubs (Isola, Lambrate, Gallaratese, Foody zero waste and Centro) was expanded and three new Hubs were opened: Selinunte, Loreto and Cuccagna. Thanks also to this implementation, 795.3 tonnes of food were recovered in 2024 (615 tonnes in 2023), reaching 14,973 households for a total of more than 126,000 people and 3,867 minors with more than 1,590,000 equivalent meals and 176 associations served.

In order to make the system even more efficient, in 2025 the Food Policy and Welfare Departments of the Municipality of Milan, together with the organisations and associations of the QuBi network, will launch a joint action to deepen the mapping of available resources and hub networks at municipal level.

 

What’s new in 2025: the new Sogemi Foody zero waste hub, the recycling project in school canteens and the guidelines of the POLIMI School of Management of the Politecnico di Milano.

Of the 795.3 tonnes of food recovered, more than 440 tonnes were collected at the Foody Zero Sprechi hub, located in the Sogemi food market: of all the hubs operating in the city’s network, it proved to be the most efficient in terms of the volume of surpluses recovered and redistributed, thanks to the synergistic work of four managers and the commitment of 99 wholesalers for the redistribution of fruit and vegetables to more than one hundred third sector organisations operating in the city. To continue along this path, in the course of 2025, thanks to a new agreement with the City of Milan, the Hub will find a new location in the spaces of the new pavilion and will expand in terms of action and openness to the city.

This year will also see the development of an experiment begun in 2024, in which Milano Ristorazione, in collaboration with the Food Aid Hub network, will play a leading role in the recovery of surplus food in school canteens through the European project Cultivate, funded by the Horizon Europe programme.

The project, to be launched in Municipalities 4 and 5, resulted in an agreement in December 2024 between Fondazione Snam ETS, the Municipality of Milan and Magma Srl for further implementation with the use of cargo bikes for the sustainable transport of surpluses, as well as various actions such as training sessions on healthy and sustainable food in schools.

As part of the ‘systemic actions’ that the City of Milan will undertake to implement the city’s food policy, there will be two areas of development in 2025:

  • the presentation and dissemination of the guidelines, made possible thanks to the contribution of the Fondazione Snam ETS and in collaboration with the POLIMI School of Management, which was responsible for collecting and monitoring the data and results of the Hub model in order to optimise recovery and redistribution and to become an operational tool for public administrations, third sector organisations and professionals interested in developing similar projects;
  • the redistribution of the remaining Earthshot Prize funds for Food Aid Hub activities among the co-design partners that will have achieved the defined KPIs according to a composite index, based on impact parameters.

Using big data for public transport management

Posted on | by Marta Re Ferrè
A new study explores the potential of innovative data sources to optimise planning, operations and performance in the public transport sector.

 

The conventional data used to support public transport management have inherent constraints related to scalability, cost, and the potential to capture space and time variability. These limitations underscore the importance of exploring innovative data sources to complement more traditional ones. For public transport operators, who are tasked with making pivotal decisions spanning planning, operation, and performance measurement, innovative data sources are a frontier that is still largely unexplored.

The exploration of big data sources for public transportation management is the focus of a study recently published by Valeria Maria Urbano, Marika Arena and Giovanni Azzone from POLIMI School of Management, Politecnico di Milano, in the Research in Transportation Business & Management entitled Big data for decision-making in public transport management: A comparison of different data sources.

The study is the result of a long-term research program aimed at exploring the potential of novel data sources and addressing emerging challenges in public transport. The research program includes four projects carried out by the research team in partnerships with two primary public transport operators (Azienda Trasporti Milanesi S.p.A. and Trenord S.r.l.) operating in northern Italy for five years over a five-year period (2019–2023).

The study establishes a framework for evaluating innovative data sources, highlighting the specific characteristics that data should have to support decision-making in the context of transportation management. Second, a comparative analysis is conducted, using empirical data collected from primary public transport operators in the Lombardy region, including smart card data, mobile phone data and automatic vehicle data, with the aim of understanding whether and to what extent different data sources meet the above requirements.

This study can support public transport operators in selecting data sources that are more coherent with the three primary decision-making domains, highlighting the potential benefits and key challenges associated with big data sources in public transport management. In addition to providing individual data source evaluations, this study underscores the pivotal role of data integration in improving understanding of travel behaviour, optimizing operational processes, and assessing performance metrics.

 

For more information: https://www.sciencedirect.com/science/article/pii/S2210539525000136

Gender disparity in the participation to equity crowdfunding campaigns

Posted on | by Marta Re Ferrè
Despite the advent of equity crowdfunding increased democratization and access to capital resources and contributed to the financing of sustainable projects, there is puzzling evidence that women are less likely to invest in equity offers on the Internet. A recent study highlights the determinants of women participating in equity crowdfunding campaigns.

 

Equity crowdfunding is a form of financing in which people acquire shares in a company in exchange for invested capital using collective platforms. Despite the sound contribution that equity crowdfunding is potentially bringing to the achievement of global sustainable targets, there is one unsolved issue that characterizes this industry around the world: the scarce participation of women investors in the proposed projects. Equity crowdfunding platforms redefine the technology-people relationship, supporting a sustainable digital transition that accelerates women’s empowerment as leaders and investors.

The study tests four specific hypotheses related to the factors attracting investments from women in equity crowdfunding. Firstly, there is a hypothesis that women-owned businesses are more likely to be attractive to women investors. Secondly, it is conjectured that potential female investors pay more attention to sustainability issues, compared to men. Thirdly, it is hypothesized that the participation of women in equity crowdfunding investments is more likely if the minimum ticket is smaller. Lastly, it is tested that women are relatively less attracted by follow-on campaigns.

The article “Gender disparity in the participation to equity crowdfunding campaigns” by Claudio Bonvino, Andrea Odille Bosio, and Giancarlo Giudici from the POLIMI School of Management at Politecnico di Milano, published as part of the special issue “Crowdfunding campaigns for a sustainable development” in the journal Finance Research Letters, investigates the determinants that in equity crowdfunding are associated with a larger (or lower) participation of women.

Searches are based on a proprietary database comprising all equity crowdfunding campaigns published by Italian platforms from 2014 to 2023.

The findings highlight

  • Women are less likely to invest in equity crowdfunding campaigns.
  • Female investors are more likely to finance projects proposed by women.
  • Women pay attention to sustainability in deciding whether to invest or not.
  • Less women fund the project when the minimum investment chip is larger.
  • Women are relatively less represented in follow-on campaigns.

The engagement of women is still far from being fully exploited in equity crowdfunding, despite this funding channel being deemed by the literature to be potentially more inclusive and sustainability-oriented compared to traditional sources of finance.

For more detail: https://authors.elsevier.com/c/1kPiU5VD4KyeER

Blockchain and Culture: New Frontiers for Public Services

Posted on | by Marta Re Ferrè

An interdisciplinary study explores how blockchain technology could revolutionize public cultural services, from digital rights management to heritage preservation, mapping opportunities and challenges in an underexplored field.

 

Blockchain technology is increasingly recognized for its transformative potential in various sectors, including public cultural services. A recent paper by Deborah Agostino from POLIMI School of Management, with Federica Rubino and Davide Spallazzo of the Department of Design, Politecnico di Milano, explores this potential through a comprehensive scoping review of the existing literature.

Published in the International Journal of Public Sector Management, the study identifies key use cases and examines empirical examples of blockchain applications in public cultural services, a domain where adoption remains underexplored despite its promising possibilities.

The scoping review uncovered a highly interdisciplinary body of literature, incorporating perspectives from fields such as computer science, cultural management, digital humanities, engineering, law, and political science. Out of 54 initial records, 38 peer-reviewed journal articles were selected for detailed analysis, reflecting the broad and fragmented interest in blockchain applications for public cultural services. Geographically, the studies included contributions from countries such as the United States, Italy, China, and the United Kingdom, highlighting the global nature of the discourse. However, a notable concentration of studies was situated in Europe, underlining a regional interest in cultural heritage and technology integration.

The research highlights several primary use cases for blockchain technology in the cultural sector. These include the tokenization of cultural assets and fractional equity, digital rights management, cultural asset management, decentralized funding systems, and decentralized platforms for heritage preservation. For example, tokenization enables fractional ownership of assets like rare manuscripts or digital artifacts, democratizing access and potentially generating new revenue streams. Similarly, blockchain can secure intellectual property rights, enhancing transparency and accountability in cultural organizations.

Despite these prospects, the paper emphasizes the limited empirical data on blockchain applications in this sector. Most of the current discourse remains theoretical, underscoring the need for more in-depth empirical case studies and practical evaluations. Challenges such as regulatory uncertainty, a lack of technical expertise, and resistance to adopting novel technologies are noted as significant barriers to blockchain integration.

The paper also explores the broader implications of blockchain technologies for public governance in delivering cultural services. By fostering transparency and community engagement, blockchain holds the potential to revolutionize public service delivery in the cultural domain, pushing for increasingly horizontal and decentralized power structures. However, achieving this requires robust policy frameworks and collaboration between public institutions, policymakers, and stakeholders involved.

This work contributes to the emerging scholarly conversation on blockchain in public services, with particular attention to its application in cultural contexts. By mapping existing research and identifying knowledge gaps, the authors provide a foundation for future investigations, paving the way for a deeper understanding of how blockchain can transform public cultural services.