Test and Invest – How to overcome the barriers to circular innovation
Dr Geraldine Brennan caught up with Giorgio Kaldor of Renewable Matters magazine at the recent Dublin Circular Economy Hotspot, where they discussed what needs to happen for the circular transition in Ireland, the need for investment and support for a “test the waters” approach.
“In the Irish context, some of the main barriers to circularity are the fact that, of course, cost savings can be achieved by implementing circular strategies in the production process, for example by changing packaging, but if you really want to incorporate the circular economy into your business model, you need to change it radically. This requires internal investment. So, for companies making the transition, ROI is not always immediate,…………This does not mean that there are no savings and opportunities if you start from scratch in the design of the circular economy, but if it is a transition, the costs depend on the system in which you have already invested. We must therefore undertake a process of transformation that takes time. Some companies have set up risk funds for research and development. Others have to justify the fact that they are taking money from part of the company to try to change. So, I think it’s about supporting businesses, and that’s why government funds are so important because they help people ‘test the waters’ and create the circular economy”
Read the full article here From vision to reality: here is Ireland’s circular transition Materia Rinnovabile | Renewable Matter