The circular bioeconomy represents a political and industrial initiative to ensure that our society can rely on renewable biological resources while achieving economic growth. However, there is a need for a critical review of how realistic and feasible such initiatives are in terms of fulfilling the promised benefits of the economy. The bioeconomy literature often discusses the importance of innovative business models and their role in the successful transition to the bioeconomy. However, much of the discussion related to the circular business model is fragmented and immature. In this area, the findings highlight that business model innovations depend on macro-environmental, institutional, legal conditions and market trends driven by internal, ecological, environmental and social goals, but particularly strongly linked to other actors often from different sectors seeking synergy and co-creation of value through combined organizational and technological innovations. Business models for the circular bioeconomy therefore depend on different levels of action and need radical combined organizational and technological innovations for the most efficient use of agricultural waste and by-products. It also means new business configurations instead of the linear innovation strategies that are currently still dominant due to economic viability.