jats:pThis research combines corporate sustainability performance and sustainable business model concepts to improve the corporate sustainability of organizations. The main objective of this article is to propose and apply a tool to identify sustainable innovation opportunities through a structured brainstorming process while providing a systemic business perspective and a strong multi-stakeholder orientation. The present qualitative research was carried out in two phases. The first phase consisted of a critical analysis of literature that enabled the proposition of the Two-Lenses Model (2LM) for sustainability innovation. The corporate sustainability performance lens encompasses strategic drivers, business processes, capabilities, stakeholders’ satisfaction and contributions. The sustainable business models lens considers value proposition, value creation and delivery system and value capture and sharing. The second phase consists of applying the 2LM in two industrial cases. The results show that the proposed model has the potential to trigger the identification of opportunities through two mechanisms: misalignments between performance dimensions and gaps in stakeholder satisfaction. Further research opportunities lie on deepening into these findings and investigating the implementation process for the identified innovation opportunities.</jats:p>