Q&A about LOOP
Why was LOOP created, who can join the ecosystem and what kind of challenges are solved within LOOP? This article tries to answer these questions, among others.
There is a dire need for new smart business models that reduce both waste and emissions.Nordic Innovation’s vision is for the region to be a pioneer in sustainable solutions. We work closely with businesses and research institutions to enable innovation, encourage entrepreneurship and enhance competitiveness in the Nordics. Each of the Nordic countries have unique strengths and weaknesses. We know that through cooperation on a regional level, synergies and solutions that otherwise would not have come to life are born. We therefore believe that the way to a circular economy will be faster through Nordic cooperation.
As companies bring forward their challenges and are matched with possible solutions and ideas from dynamic Nordic start-ups and other actors in the ecosystem, we expect to see real impact.It’s great to cooperate with SITRA and Avanto Ventures, as well as the other partners. It’s no secret that Finland is ahead of other Nordic countries when it comes to the circular economy. We hope this collaboration will further strengthen the Nordics as a sustainable and competitive region. This is Team Nordic Innovation:
Our economy has been working in an inherently linear way for the past several decades. However, the buy-use-discard-repeat consumption mentality is slowly changing amongst consumers. Likewise, an increasing number of executives are starting to see the benefits of the circular economy in their own industries:
It’s been estimated that switching to a circular economy model from the current linear style could bring net savings of €600bn to European companies, with market potential calculated to be over 3 billion euros annually in Finland alone. Every single corporation, company and startup should want a slice of it.
Circular economy and its related knowledge contain enormous potential for economic growth. It opens new pathways for both vertical and horizontal cooperation. To make the switch to circular economy, the market needs new products and services.
While large corporations have the financial and technological capital to be the forerunners in circular solutions, they often encounter challenges in bringing new innovations to the market. This is where corporate venturing comes into play. Corporate-startup collaboration has been seen to have a positive impact on company performance and also the capability to work on open innovation projects. Corporations can build systems and structures to find, match and cultivate the right startups that quickly bring new solutions to the market. From the startup’s point of view, the upside comes as increased visibility and improved reputation, accelerated business development and access to new markets.
Switching to circular economy means finding completely different ways of production, consumption and destruction. That is why cooperation between different market players at different levels of the production and distribution process is crucial.
We need to start seeing opportunities where others see problems.