Research by IIM Lucknow highlights key success factors for ‘circular startups’ which focus on reducing waste, reusing materials, and employing efficient resource use. By leveraging Industry 4.0 technologies, these startups can succeed with good training, secure supply chains, and supportive policies, providing a roadmap for entrepreneurs and policymakers.
According to a new report by the Indian Institute of Management (IIM) Lucknow, several factors such as effective training, supportive government policies, and securing supply chain data can significantly contribute to the success of ‘circular startups’.
These startups aim to minimize waste and maximize resource efficiency, challenging the traditional ‘take-make-dispose’ method.
The research, published in the Business Strategy and Environment journal, shows that integrating Industry 4.0 technologies into circular business models is crucial for their success. Experts identified 23 critical success factors, offering entrepreneurs guidance to thrive in this innovative market.
