An Examination of Business Models in The Circular Economy Innovation for Sustainability

Abstract

The circular economy concept's description, methods, and expected outcomes. The circular economy process, which has the potential to attract business and significantly affect the environment, society, and economy, is highlighted in the study. The government cannot be the lone entity promoting the circular economy. It is necessary to take a strategy that involves the cooperation of investors, merchants, and customers. For the sake of the economy, livelihood, and environment, the circular economy concept unites management, resources, and residues. Proper implementation of the Circular Economy idea will stimulate innovation and direct investments. The circular economy has promise for intelligent and sustainable growth. The individual components of sixteen different process models were merged to form this conceptual process model. 33 tasks, 21 deliverables, 88 techniques/tools, and 13 change facilitators or catalysts are listed in the dynamic capacity view. Perceiving, seizing, and transforming are its three phases. It emphasizes the significance of "formalized" decision-making processes, integrates sustainability thinking activities, supports the identification of necessary changes in product innovation and development, and allows the view of processes and procedures with the behaviour and learning skills necessary to inspire circular economy thinking in business model innovation.