Research and practice show how regenerative business models contribute to restoration of the socio-ecological system, that human and natural aspects are at the core of their values and that co-evolution or co-creation are a key aspect. That being said, the regenerative business model is still a relatively new concept and there is no consensus about it's precise meaning or a framework to understand and support it. To explore this concept, a group of approximately 50 experts in the field of sustainability and/or business was invited to engage in a Delphi panel from November 2022 to January 2023. The objective was to develop a working definition for the concept ‘regenerative business model’ including a set of key aspects that characterize such a business model. This extended abstract shows preliminary findings from this Delphi study.