To boost the development of a bio-based economy in Europe, there is a need for business models that can be replicated easily in a variety of locations and contexts, with relatively low levels of investment, risk and technical sophistication. A wider range of rural entrepreneurs needs to get involved in the emerging bio-based business sector, including farmers, forest owners, their associations, and small rural business. This will help to diversify and revitalise the economy and create quality jobs in rural areas. Local and regional authorities need to do more to support the bio-economy in their respective territories. They should therefore have a range of options to choose from and be able to select the approach that best suits local needs and assets. As a key part of a circular economy, the bioeconomy needs to close loops to make the most efficient possible use of biomass under market and logistical constraints, and to ensure the sustainability of business models.