Innovative Business Models in the Circular Economy

In the current economic model people are used to owning, having, using and then throwing away a wide range of consumer things, which endangers the world economy and the ecology of the Planet. Until now, the economy has operated mainly on the „procurement-production-disposal” model, a linear model in which each product has a limited lifespan. It is becoming absolutely clear that a new approach to the problem is needed and this approach can be the ‚Circular Economy’. With the transition to a circular economy, the focus shifts to reusing, repairing, refurbishing and recycling existing materials and products. What was considered „waste” can turn into a resource. The paper presents the concept of the circular economy, the structure of the circular economy and the basic principles of the circular economy. The European Union has adopted the main objectives and actions to transform the economy into a circular economy. Innovative business models in the circular economy are also presented.