If successfully implemented, a circular economy will rejuvenate the European Union (EU) economy, providing a systematic shift from current industry trends, and promoting new eco-friendly designs, business modes, the flow of resources, and value creation.
The U-Eco project is a co-funded initiative by Erasmus+ aimed at transitioning from a linear to a circular economy, which requires specific circular economy training to boost employability and self-employment. The project’s first-year findings and results have created a comprehensive market research report on entrepreneurial opportunities in the circular economy. The circular economy enjoys support from both the political and business sectors as it promotes growth, employment, environmental protection, and more dependence on renewable energy.
Small and medium-sized enterprises (SMEs) are vital to establishing a circular economy since they represent 99% of all businesses in the EU. Although the EU countries share general strategies, specific social and economic differences shape the circular economy’s evolution in each particular country. Today, several restrictive rules impede the full implementation of a circular economy framework. The identified business solutions reveal growing investment in technology to maintain competitiveness, develop new business models, and promote R&D to strengthen businesses. The SWOT analysis revealed that SMEs need support from local governments and expert calibers to overcome weaknesses and realize the full potential of a circular economy.
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