As much as £800,000 is available for studies into the business case for retaining value through the “circular economy”; the reuse, remanufacture, or lease/maintenance of durable goods (including electrical goods, physical media items, and even clothing and fibres).

The aim of these studies and of the “circular economy” of goods is to keep resources in productive use for longer periods.

The UK government is looking for projects involving a partnership of businesses actively investigating the feasibility of novel means of retaining value through the reuse or maintenance of durable goods.

The circular economy is seen as a potentially huge but as yet underutilised business opportunity, with researchers at McKinsey reporting that adoption of circular business models on a global basis could save more than half a trillion dollars every year.

Successful projects will include businesses with a relationship with the final customer that would enable the return of products for reuse.

Consortia will devise a pilot project for testing proposals and new ways of working, with the government fully expecting these pilot projects to qualify for follow-up funding programmes.

This competition will open to applicant businesses on 2 March 2015, and close on 8 April 2015.

Click here to find out more about Circular Economy Funding.

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Words: Peter Cribley