This research aimed to create more knowledge and understanding of the opportunity recognition process for sustainable entrepreneurs in Nordic countries. By validating the two factors proposed by Patzelt and Shepherd’s (2011) model, prior knowledge and motivation, and examining the role of new factors such as networks, co-founders’ knowledge, and regulations, the authors contributed to a better understanding of how sustainable opportunity recognition works in practice. The findings show that a combination of different types of prior knowledge and altruistic motivations towards the environment plays an essential part in this process. Moreover, networks are a crucial factor in providing entrepreneurs with access to new knowledge and information that can lead to higher changes in sustainable opportunity recognition. Besides adding the factor of networks, this study identified other important factors, such as co-founders’ knowledge and regulations. By considering these factors, it is possible to understand better the sustainable opportunity recognition process of entrepreneurs.