Concept Selection

Take your Business Model Canvas and your circular innovation concepts.

For each concept, ask whether it fits within at least one of your innovation priorities? For example:

• Viability – Addresses the strategic long-term business goals
• Desirability – Provides value for end users or creates a new market of other users of your materials or product
• Feasibility – Is there a technology that will make your product better

Next, assess the concept against the principles of circular economy. Is it meeting all or most of the principles? Which ones need to be addressed?

Finally, plot your concepts on this Matrix which measures their difficulty to implement against how much impact they could have. Consider these types of questions as you go:

• Does this require you to do things differently than your current processes allow for? If yes, does this discomfort provide a compelling new opportunity to learn?
• Does the potential opportunity gain justify the disruption?
• Could you set up a new venture incubator to design and test a new innovation approach and business model?
• Could you acquire the capabilities through new partnerships?