Circular Business Models

Question 1

Circular business model

Answer 1

Approach to business to minimize consumption of scarce resources and reduce waste whilst maximizing use and value of resources.
- Products designed with durability reparability, and recyclability
- Shift in mindset through involvement of multiple stakeholders and rethinking of business processes.

Question 2

Design for longevity

Answer 2

Designed to have longer lifespan reducing need for frequent replacement

Question 3

Resource effeciency

Answer 3

resources used efficiently throughout PLC minimizing waste and optimizing material usage

Question 4

Recycling / reuse

Answer 4

Materials at end of PLC recycled / reused to create new products / components

Question 5

Product as service

Answer 5

Instead of selling, services provided like leasing for sharing of products and extending lifespan

Question 6

Biomimicry

Answer 6

Nature inspired design used to mimic natural systems resulting in greater sustainability

Question 7

Collaboration / partnership

Answer 7

Collaborate w suppliers, customers to create closed loop system and promote exchange of materials and knowledge

Question 8

adv of circular business model

Answer 8

• Reduced waste generation
• Decreased reliance on fnite natural resources
• Cost saving through resource effeciency
• Enhanced brand reputation
• Increased resilience to resource scarcity / price volatility