LOOP Ventures accelerator for the circular economy
Completed project: February 2018 to October 2019
We established the LOOP Ventures circular economy accelerator that unites growth companies developing circular economy solutions and big corporations seeking solutions to develop new business operations.
WHAT IS IT ABOUT?
The circular economy is smart business, since the circular economy solutions used by companies are often both financially and environmentally sensible. In the future, there will be many business opportunities available on the global market for circular economy solutions. Even according to cautious estimates, the circular economy offers two to three billion euros of additional value potential in Finland alone by 2030. The circular economy revenue models offer a significant growth opportunity for both existing and new companies.
What was achieved?
A collaboration between Sitra, Avanto Ventures and Nordic Innovation built the LOOP Ventures circular economy accelerator, aimed at accelerating the transition of Finnish companies to a circular economy, creating international demand for circular solutions and turning the Nordic countries into pioneers of the circular economy. LOOP is building a future where companies base their business operations on services and products produced within the earth’s carrying capacity.
The accelerator brings together growth companies providing circular solutions and big corporations seeking such solutions to develop joint business. LOOP offers all the necessary tools, partners and know-how for developing new business activities. The jointly developed business models can be related to such activities as selling products as a service or extending the life cycle of products. The accelerator phase usually lasts about three to six months, focusing on different circular economy themes one at a time. Companies and other partners are welcome to join LOOP at any time.
LOOP was launched in spring 2018, and in the early phases it focused on themes related to plastics, food and construction. Four new products or services have entered the market through LOOP. For example, Kesko, Unilever, Paperinkeräys and Orthex launched the Arkipakkaus project, where everyday necessities are delivered to one’s front door and, at the same time, plastic waste is collected for recycling. Reima used LOOP to develop a service model for children’s clothing, where users can subscribe to deliveries of seasonal outdoor gear for their kids in the right size at the right time. In addition, LOOP has enabled encounters with more than 200 companies, established a database of over 500 Nordic circular economy companies and reached more than 400 participants through different events.
Sitra funded the project, and the project manager on Sitra’s side was Daniel Kaufmann. Another party behind LOOP in addition to Sitra is Avanto Ventures, whose role in the LOOP project was to accelerate the business activities of the companies involved in LOOP and to develop circular economy solutions for the market. Nordic Innovation was tasked with internationalising LOOP and deepening the Nordic collaboration.
LOOP’s operations will continue under the leadership of Avanto Ventures with the support of Nordic Innovation. Together, Avanto Ventures and Nordic Innovation aim to continue and develop LOOP’s operations and disseminate the concept at a Nordic level as well.
The LOOP network is constantly seeking new big corporations and growth companies that hold the circular economy close to their hearts, and examining challenges or offering solutions concerning the circular economy. Other partners, such as higher education institutions, foundations and cities, are also encouraged to join the network. They could participate in LOOP by providing know-how or serving as testing platforms for new business activities.
Read more about LOOP and register here.