Will the circular economy be the biggest driver of business transformation over the next few years? 🔄
Currently, only 9% of the economy is circular.
The opportunity to profit from converting the remaining 91% is estimated at $4.5 TRILLION ... which is why some have it as the next big wave of business transformation.
What is driving this change? Shifting investor and consumer attitudes. They are insisting that businesses operate in a responsible and sustainable way.
The five fundamental mindset changes needed to transition to circular business principles described in this article are:
1. Moving from being specialists to becoming efficient generalists. A collective effort and holistic approach is needed in favour of segmentation into small and simple components.
2. Moving away from scarce resources to using abundant ones in innovative ways to solve problems.
3. Moving from competition (linear) to collaboration (circular).
4. Measuring success by using both quantitative and qualitative performance indicators along various point of the circular ecosystem.
5. Employing more collaborative team structures and leadership styles (matrix versus top down).