Circular economy innovation gaining momentum
It was a pleasure to speak at the 4theRegion ‘The move towards a circular economy and improving well-being’ conference last week on SMEs approach to innovation and their circular economy innovation activity. It was great to see so many there and colleagues presenting and in attendance from Swansea University School of Management and ION leadership.
The Welsh Government should be commended for the ‘Well-being of Future Generations Act (2015)’ as it has placed equal emphasis on social, economic and cultural well-being. It’s easy to forget that we are all currently consuming the resources of the world at an unsustainable rate. Encouragingly I was reminded, by speakers like Dr. Andy Rees, that Wales is one of the leading nations in the world in terms of recycling rates. I think there are real economic opportunities for businesses in Wales through the adoption of circular economy practices. Organisations can reduce their costs base by reducing waste and energy consumption. They can also offer greater value to customers through more sustainable products and services. Research shows that ‘innovation active’ businesses are likely to be more competitive and more sustainable. There might well be value in businesses incorporating circular economy principles into their products and services in order to drive economic and social well-being.
Finally, I’d like to thank Prof Steve Evans for introducing the concept of the ‘golden poo’, a useful teaching metaphor.
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