Nancy Bocken: Transition businesses to a circular service business model

Abstract

Corporations are tasked to take responsibility for the consequences of their actions on the people, society, and environment. Although the exhortation has been on the radar for three decades, pernicious business practices ensue. To address the problem, sustainability champions seek innovations. One of these innovations is the circular economy. Dr. Nancy Bocken, Professor of Sustainable Business at the Maastricht Sustainability Institute (MSI), is a leading scholar in the field. She has embarked on a project on circular economy innovation and counsels professionals and legislators on the conversion of businesses to a circular service business model. In this interview, Dr. Bocken explains the four key strategies of a circular economy, how these strategies link to the ethical aspect of doing business, and concomitantly how these strategies lead to profitability. On one hand, she provides examples of unsustainable business models. On the other hand, she explains the creation of sustainable value at the different stages of a business and at different levels in the organization. Dr. Bocken conveys that for circular economy and circular service business models to succeed, collaboration is imperative