The term Circular Economy has been bantered about for years by governments and big business. However, this disregards the massive potential it offers to small and medium-sized organisations and innovators.
What is a Circular Economy?
A circular economy is one in which the world balances the production and consumption of energy and materials. Consequently, it has the potential to overcome climate change, waste and pollution, and biodiversity loss.
The three principles required to transform our current economy are 1) eliminating waste and pollution 2) circulating high-value products and materials, and 3) regenerating nature.
How Does This Affect Business & Innovators?
These principles have received a great deal of attention, since they could help the world achieve the Sustainable Development Goals set by the United Nations for 2030. These goals were agreed upon by more than 178 countries to improve global quality of life, create sustainable communities, and produce and consume responsibly.
Regulatory change is already underway. Consequently, companies must change how they do business to address new laws and new expectations. However, for many, this shift towards a healthier, greener, more efficient world is often viewed as a burden, not an opportunity. That certainly isn’t the case.
Benefits of Embracing the Circular Economy
Business and innovative creators can benefit greatly if they choose to embrace the concepts of the Circular Economy.
Firstly, sustainability is a major consumer driver today. Innovative business models are more likely to match consumer demands for sustainable products and services. This can provide a company with a strong competitive advantage.
Secondly, the World Economic Forum estimates at least $4.5 trillion is up for grabs as the world moves from wasteful to wise.
Thirdly, change often only requires a shift in perspective. For instance, products can be redesigned to last for several life cycles, instead of just one. Products can also be offered as a service, rather than sold outright. Potentially, pay-for-use agreements could generate more income than single sales.
Fourthly, companies that create closed-loop material chains can increase supply chain resilience, lowering costs and increasing supply security. Innovation can also occur in production, logistics, and transportation.
Fifthly, existing business models may see significant benefits through minimal innovation. For instance, designers may be able to modify production processes or product designs to easily accommodate recycled materials. In turn, this may reveal new revenue models.
Finally, the market is ripe for innovators and business to carve out valuable niches within the Circular Economy. Upending traditional processes could prove to be very lucrative for both parties.
Connecting Innovators & Business in the Circular Economy
Transitioning to more sustainable practices is good for business, people, and the environment. Nonetheless, it can be difficult to know where to start and how to connect to create success.
Organizations will need to tap into digital technologies to realize the benefits of the Circular Economy. Whether they want to measure greenhouse gasses, redesign their products, or analyse big data to meet sustainability goals, innovation is vital.
Fortunately, EarlyBirds offers three methods for organizations around the world to network with startups and scaleups developing disruptive technologies in this space. Established and fledgling companies can also promote their solutions and connect with organizations easily.
EarlyBirds is a turnkey solution that connects trailblazers and innovators with companies that need cutting-edge technologies. We bring business and innovators together to attain business objectives.
Our expertise, Subject Matter Experts, and expansive marketplace of new and disruptive technologies creates opportunities. We also offer unique programs for ad hoc or supplementary needs, as well as ongoing transformational support.
EarlyBirds Innovation Ecosystem
The EarlyBirds Innovation Ecosystem is a Business-to-Business portal connecting Innovators, Early Adopters, and Subject Matter Experts. Early Adopters are leaders or influencers in an organisation eager to identify new and disruptive technologies. They want to seize opportunities, solve business challenges, or create new products and services.
The Ecosystem has a data pool of over 4 million global innovations that may already address your organization’s challenges. Alternatively, organizations can list their challenges and request solutions from innovators.
EarlyBirds Explorer Program
The Explorer Program is tailored towards those who need innovation as a service to supplement existing innovation programs, or to conduct innovation projects when required.
EarlyBirds Challenger Program
The Challenger Program focuses on a single organizational or technical challenge. It looks for the most relevant innovators that meet your organizational, technical, and risk requirements.
The program is run by an EarlyBirds Subject Matter Expert who identifies your key issues. The SME then searches the data pool to identify and curate options for further evaluation. The most suitable option is chosen and the SME drafts a roadmap of next steps, POC, trial, or implementation.
EarlyBirds helps organisations and innovators connect. Let us help you uncover business opportunities, whether you’re a startup or a seasoned business looking to create a capability edge.
We’ve helped the Public Sector, Retail, the Food Industry, Operations & Maintenance, Manufacturing, Finance & Insurance, Energy, Education, Cybersecurity, and more.
If you’re interested in exploring the business possibilities, please register at https://earlybirds.io/, or contact us to discuss your needs.