Circular economy plays a key role in providing solutions to global climate change and scarcity of natural resources. It is also considered to be a world-class business opportunity.
In a circular economy, materials are kept in circulation for as long as possible to retain their value and reduce their harmful impact on the environment. No waste is generated in the circular economy vision because one company’s surplus materials are raw materials for others and products are designed to be reused. In a circular economy, value creation is also increasingly immaterial: products are replaced by services and goods and resources are shared rather than owned.
Many Finnish companies are making headway in the circular economy. This became evident when EK interviewed over 20 companies from large industrial companies to small start-ups that are looking for growth in the circular economy.
The goal was to find out how companies understand the rising trends of the circular economy and seize the opportunities it offers. Based on our extensive research, we identified four areas in which companies can seek substantial growth:
- Make use of material flows across sectors
- Create new value with design and branding
- Expand from products to services
- Generate new types of growth with platforms
Within each area there are several inspiring companies that create new growth together. In this publication, we take a closer look at these opportunities and show how Finnish companies are already closely engaged in the circular economy business.