Abstract
Moving from the linear to the circular economy is, in theory, simple. In our current model, the linear economy takes, uses, and disposes. In a circular economy, the cycle is to use, reuse, maintain, refurbish, recycle, and compost to avoid waste. Circular business models (CBMs) are at the forefront of the shift towards a more sustainable and circular economy. Adopting circular practices may involve changing a product design to use locally sourced materials, reducing the number of assembly steps, or switching to renewable resources — with the aim of lowering production costs, reducing waste, and sparking innovation. Moving toward a CBM may seem like a lot of effort for little payoff, particularly to small and midsize businesses, but it offers a way to increase sustainability and business opportunity.