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What Can Companies Do to Adapt Their Business Models Toward a Circular Economy?

In: Essentials on Dynamic Capabilities for a Contemporary World

Author

Listed:
  • Lovisa Solkvint

    (Niels Brock, Copenhagen Business College)

  • Jesper Lind Madsen

    (Niels Brock, Copenhagen Business College)

Abstract

Sustainability is becoming core in business. The pressure from stakeholders wanting businesses to act has increased over the past years as climate change is becoming more urgent. The current linear economy is contributing to resource overexploitation and is harming our planet. At the same time, companies are struggling with problems such as unstable resource prices and disturbance in supply chains. As a result, the call for a new economic model is getting louder. This study intends to discover the possibilities of a circular economy. The aim is to find out how businesses can adapt their business models to a circular economy. The research will address the advantages and disadvantages of circular economy and how it influences markets and businesses. It will also discover the challenges, difficulties, and complications in modifying a business model toward the circular economy, as well as present key activities on how to do it. This research contains a literature review that aims to get in-depth insights into how companies can work on adapting their business models toward a circular economy. Analysis of the research demonstrated key aspects such as recycling, remanufacturing, and reusing, product design, logistics, technology, revenue streams, and customer and organizational management.

Suggested Citation

  • Lovisa Solkvint & Jesper Lind Madsen, 2023. "What Can Companies Do to Adapt Their Business Models Toward a Circular Economy?," Studies on Entrepreneurship, Structural Change and Industrial Dynamics, in: Bruno F. Abrantes & Jesper Lind Madsen (ed.), Essentials on Dynamic Capabilities for a Contemporary World, pages 87-104, Springer.
    • Handle: RePEc:spr:seschp:978-3-031-34814-3_5
    DOI: 10.1007/978-3-031-34814-3_5
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