14 Jul CIRCULAR ECONOMY EXAMPLES DRIVE NEW BUSINESS IDEAS
A circular economy is based on recycling. It is the opposite or the alternative to a linear economy. An alternative economy takes a resource and turns it into a product that it sells, and then the item is disposed of. A circular economy refers to creating and selling products recycled when it goes through one user. There are several examples of this type of economy, and some businesses have established processes that help sustain this kind of economy effectively.
A circular economy ensures that a product, when used once, will be reused or recycled. One of the best circular economy examples is demonstrated by a fashion startup called MUD Jeans that leases jeans instead of selling them.
Jeans are made from durable materials, and so once a person is done using a pair of jeans, they can put them up for use again, and another customer will be able to take them. This is how the recycling process works. In addition to this, the jeans themselves can be repaired if any damage is visible after a customer has used them.
There are also deposit-return schemes that serve as an excellent example of a circular economy. Again, the model is simple; wherein there is a financial incentive for those who adhere to a recycling program.
Then there is the household cleaning brand Method, which uses old plastic bottles to sell their products. Again, there is a minimum feasibility requirement that these bottles need to go through to qualify for packaging.
There is a great deal of consideration that sets up a circular economy, as not all will succeed. However, with sustainability entering everything we do, there is also a pretty big chance of recycling ideas succeeding as a business. With today’s connectivity through the web and social media, ideas catch on quite fast. A great deal of what successful startups do today is, in one way or another, dependent on online communication. Social media is inevitably a part of this.
The circular economy examples briefly described above are sufficient to give you an idea of how the circular economy works. Anyone can produce a simple idea that can work and impact millions of people’s lives. It’s worth exploring the options you have, which must at least be presented for brainstorming to determine if your idea is feasible for implementation. Since there might be some investment to get your startup off the ground, you will need to make sure it enjoys minimum viability.
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