Bringing the Nordics Into a Circular Economy
There is a dire need for new smart business models that reduce both waste and emissions.Nordic Innovation’s vision is for the region to be a pioneer in sustainable solutions. We work closely with businesses and research institutions to enable innovation, encourage entrepreneurship and enhance competitiveness in the Nordics. Each of the Nordic countries have unique strengths and weaknesses. We know that through cooperation on a regional level, synergies and solutions that otherwise would not have come to life are born. We therefore believe that the way to a circular economy will be faster through Nordic cooperation.
LOOP and Nordic Circular SolutionsNordic Innovation has initiated a new programme that will promote and increase circular solutions. Named Nordic Sustainable Business Transformation, it targets business in particular as we believe they are key in solving the issues at hand. We believe the LOOP accelerator is the perfect tool to create a Nordic ecosystem for businesses wanting to contribute to a circular economy.
As companies bring forward their challenges and are matched with possible solutions and ideas from dynamic Nordic start-ups and other actors in the ecosystem, we expect to see real impact.It’s great to cooperate with SITRA and Avanto Ventures, as well as the other partners. It’s no secret that Finland is ahead of other Nordic countries when it comes to the circular economy. We hope this collaboration will further strengthen the Nordics as a sustainable and competitive region. This is Team Nordic Innovation:
Circular Solutions Start by Seeing Opportunties Where Others See Problems
Our economy has been working in an inherently linear way for the past several decades. However, the buy-use-discard-repeat consumption mentality is slowly changing amongst consumers. Likewise, an increasing number of executives are starting to see the benefits of the circular economy in their own industries:
It’s been estimated that switching to a circular economy model from the current linear style could bring net savings of €600bn to European companies, with market potential calculated to be over 3 billion euros annually in Finland alone. Every single corporation, company and startup should want a slice of it.
Collaboration is Key
Circular economy and its related knowledge contain enormous potential for economic growth. It opens new pathways for both vertical and horizontal cooperation. To make the switch to circular economy, the market needs new products and services.
While large corporations have the financial and technological capital to be the forerunners in circular solutions, they often encounter challenges in bringing new innovations to the market. This is where corporate venturing comes into play. Corporate-startup collaboration has been seen to have a positive impact on company performance and also the capability to work on open innovation projects. Corporations can build systems and structures to find, match and cultivate the right startups that quickly bring new solutions to the market. From the startup’s point of view, the upside comes as increased visibility and improved reputation, accelerated business development and access to new markets.
Switching to circular economy means finding completely different ways of production, consumption and destruction. That is why cooperation between different market players at different levels of the production and distribution process is crucial.
We need to start seeing opportunities where others see problems.