Circular economy business model
The aim of the Business Idea Competition is to find business ideas, based on the circular economy, for which product development can be accelerated through piloting. Such business ideas can be related to the following business models, among others:
- Extending the product lifecycle: solutions that extend the life of a product or create a new use for it (e.g. through new technology)
- Replacement of non-renewable materials with renewables: replacement of fossil materials with renewable materials, and solutions for their recycling (materials, energy)
- Product as a service and sharing platforms: new solutions and services that
• reduce ownership and enhance resource use, including within businesses (e.g. cars in shared use, lighting as a service)
• Increase the use of goods and resources by hiring, selling, lending and exchanging (including within businesses). Sharing platforms mainly include digital platforms and applications such as Airbnb.
- Material and energy efficiency, and recycling: solutions that
• prevent the generation of side streams in industry and increase their utilisation
• reduce the generation of waste, but enhance recycling and recovery
The business models have been adapted to Sitra's definitions. See also Sitra's list of the most interesting circular economy businesses.
The piloting of business ideas for the circular economy is being supported as a CIRCWASTE sub-project by Joensuu Science Park Ltd, which is 20% funded by the Pohjois-Karjalan Tulevaisuusrahasto (North Karelian Future Fund) and 60% funded by the European Commission´s LIFE Programme.