Digital technologies, especially those related to the concept of Industry 4.0, have been i argued to enable Circular Business Models. At KINCHIT, our aim is to build a state-of-the-art purpose-built facility with advanced technology-enabled innovation and remanufacturing center; both would guide the imagination and realization of an organization’s digital future and enhance the role of digital technologies in business model innovation for Circular Economy, by collaborating and co-creating. Our purpose is to develop a comprehensive need-based approach to the Circular Economy concept more widely, looking at the 3R Strategies – Rethinking, Repurposing and Reusing consumption and linking them with the concept of sustainable consumption.
The linear economic model may have served us well, arguably leading to incredible productivity and the modern way of life; since 1990 alone, over one billion people have been lifted out of extreme poverty and child mortality rates have been cut by more than half1. However, its negative externalities and impacts are reaching the tipping point of the planetary boundaries2. The planet can no longer sustain the ‘take-make-waste’ model of production and consumption.