Wood is an increasingly demanded renewable resource and an important raw material for construction and materials. Demands are rising, with a growing attention for re-use and upcycling. This opens opportunities for new business models, empowered by the use of digital design and technologies. A KPI-framework has thus been developed to assess the impact of waste wood upcycling, to provide new business perspectives. It is conceived as a tool to enable circular businesses to select the most appropriate circular wood applications for their portfolio. The framework currently consists of eight indicators addressing circularity, environment, society and economics. This paper presents these indicators and shares insights for further development and enhancement of the framework.