TBM - Step By Step Creating An Ecosystem Of Sustainable Materials
It is now the perfect time to make a business in sustainable materials, but there are various challenges. What does the journey look like for TBM, a startup from Japan, with a unique business model?
At a glance
Country
Japan
Number of Employees
340
(as of June 2023)
Investment Round
Series F
(as of June 2023)
Capital
~ US$ 165 million
(as of July 2021)
Abstract
The Japanese start-up TBM has emerged as a leader in sustainable material innovation through its revolutionary product LIMEX, a limestone-based material positioned as an eco-friendly alternative to paper and plastic. The case study explores TBM's journey, beginning with Yamasaki’s entrepreneurial vision and extending to the company’s groundbreaking achievements in material production and recycling.
The study highlights TBM's unique business model, which leverages existing industrial equipment and infrastructure to produce and recycle LIMEX without heavy asset ownership. This approach allows TBM to maintain a flexible and capital-efficient balance sheet. TBM’s strategic focus includes intellectual property protection, with extensive patents and trademarks, and a systematic expansion plan targeting global markets.
As TBM seeks to globalize its operations, it must navigate diverse regulatory environments and infrastructure capabilities across regions. This case invites learners to analyze TBM’s strategies, the scalability of its business model, and the potential challenges in adapting to international markets while fostering sustainability on a global scale.
Disclaimers:
(1) Regarding Case Study Content: This case study is based mainly on secondary data and analysis of publicly available information unless otherwise stated, and is intended solely for educational purposes. Any opinions expressed by the author(s) are designed to facilitate learning discussion and do not serve to illustrate the effectiveness of the company. Additionally, banner images and logos used in the case study are intended for visualization in an educational setting and it is not used to represent or brand the company. For any dispute regarding the content and usage of images and logos, please contact the team.
(2) Regarding University Affiliation and Titles of Authors: The university affiliation and titles of author(s) seen in the case study is based on their affiliation and title during the time of publication. It may or may not represent the current status of said author(s).