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Business Standard
13 hours ago
- Business
- Business Standard
Training, secure supply chains key to success of circular startups: Report
Good training and mentoring, helpful government policies and keeping supply chain data secure are among key factors that help "circular startups" succeed, according to a report by Indian Institute of Management (IIM), Lucknow. Circular startups are businesses that are designed from the start to reduce waste, reuse materials, and make efficient use of natural resources, rather than the traditional "take-make-dispose" model. The research published in the Business Strategy and Environment journal offers insights into the key factors that help such startups succeed. According to Suresh Jakhar, Professor, Operations and Supply Chain Management, with rising global temperature and fast-depleting natural resources, this study offers insights into circular models that have become critically important. Projections show that global usage of natural resources is expected to double by 2050, posing serious environmental and economic risks. "The Circular Economy (CE) and Industry 4.0 (I4.0) have emerged as highly pertinent topics for both academic research and industrial practice in recent years. Given that many CE start-ups leverage I4.0 technologies, understanding their success factors is crucial," he told PTI. "The findings of this research offer a roadmap for entrepreneurs, managers, and policymakers, facilitating the development of successful I4.0-powered CE start-ups, added Jakhar. Krishna Chandra Balodi, Professor, Strategic Management, IIM Lucknow, explained that the circular economy emerges as a viable solution through its focus on reuse, recovery of resources and reduction in waste. "However, only 7.2 per cent of the global economy follows this model which indicates that it is imperative for companies to adopt sustainability at the very beginning of their processes," said Balodi. With a particular focus on these kinds of startups, the IIM Lucknow research team studied Industry 4.0 startups which integrated cutting-edge technologies like smart sensors automation, real-time data processing and interconnection into their operations for enhanced circularity. To identify the factors that influence success of circular startups, the research team combined literature review, expert insights, and structured decision-making methods. The team identified 23 critical success factors and organised them into a practical framework that can help entrepreneurs, business leaders, and policymakers support the growth of these ventures. Some of the most important factors that founders can focus on to help their startups grow and be profitable include -- having a clear circular business model, building the right technical skills, keeping supply chain data secure and transparent, working with other businesses. "This study reveals the Critical Success Factors (CSFs) for Circular Economy (CE) startups powered by Industry 4.0 (I4.0) technologies, offering a clear roadmap for success. "After identifying 23 key factors, we ranked them by priority and found the top five to be-- Innovative Circular Business Models, I4.0-Related Technological Competency, Information Security, Privacy and Transparency, Inter-Supply Chain and Inter-Sector Eco-Friendly Partnerships, and Collaboration Across Various Functions," said research scholar Sagnika Dutta. In addition, the study also pointed to several external drivers that influence a startup's chances of long-term success. These include -- access to funding, good training and mentoring facilities, helpful government policies and demand for circular products. "By strengthening these external conditions, governments and industry leaders can create a more supportive environment for circular innovation in India," Dutta said. To help stakeholders prioritise their actions, the researchers ranked the success factors in order of importance and examined how different factors influence one another. "For instance, access to finance and physical infrastructure emerged as foundational drivers that enable progress in many other areas, such as skill development, collaboration and innovation," Dutta said.
Time of India
4 days ago
- Business
- Time of India
Innovation to impact: IIM Lucknow study identifies 23 key success factors for circular economy startups
MUMBAI: IIM Lucknow researchers have identified crucial success factors for circular startups, which focus on waste reduction, material reuse and efficient resource utilisation, diverging from conventional linear business models. The research, undertaken by Professors Suresh Jakhar and Krishna Chandra Balodi, alongside Research Scholar Sagnika Datta, provides valuable insights for sustainable business development whilst promoting environmental stewardship. The study arrives at a critical juncture, as environmental concerns intensify due to rising global temperatures and resource depletion. Forecasts indicate natural resource consumption will double by 2050, presenting substantial environmental and economic challenges. Prof. Jakhar emphasised, "The Circular Economy (CE) and Industry 4.0 (I4.0) have emerged as highly pertinent topics for both academic research and industrial practice in recent years. Given that many CE start-ups leverage I4.0 technologies, understanding their success factors is crucial. The findings of this research offer a roadmap for entrepreneurs, managers, and policymakers, facilitating the development of successful I4.0-powered CE start-ups. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo " The circular economy presents a viable alternative through resource recovery and waste minimisation. However, its current 7.2% share of the global economy underscores the necessity for businesses to incorporate sustainability from inception. The research team analysed Industry 4.0 startups that incorporate advanced technologies, including smart sensors, automation and real-time data processing, to enhance circular practices. Through comprehensive literature analysis, expert consultation and structured decision-making approaches, the team identified 23 critical success factors, creating a practical framework for stakeholders to support these ventures. Key success factors for startup growth and profitability include: · Having a clear circular business model, building the right technical skills, keeping supply chain data secure and transparent, working with other businesses. Ms. Datta explained, "This study reveals the Critical Success Factors (CSFs) for Circular Economy (CE) startups powered by Industry 4.0 (I4.0) technologies, offering a clear roadmap for success. After identifying 23 key factors, we ranked them by priority and found the top five to be: Innovative Circular Business Models, I4.0-Related Technological Competency, Information Security, Privacy and Transparency, Inter-Supply Chain and Inter-Sector Eco-Friendly Partnerships, and Collaboration Across Various Functions. " External factors influencing long-term success include: · Access to funding, good training and mentoring facilities, helpful government policies, demand for circular products. Government and industry support in strengthening these conditions can foster circular innovation in India. The researchers prioritised success factors and analysed their interconnections, identifying finance and infrastructure as fundamental enablers for advancement in skills, collaboration and innovation. Prof. Balodi noted, "This study is unique because it is among the first to provide a comprehensive list of success factors specifically for Circular Economy (CE) startups powered by Industry 4.0 (I4.0). Furthermore, it goes beyond just listing these factors by: Prioritising them in order of importance, identifying their causal relationships, distinguishing between "cause" and "effect" drivers. This innovative categorisation creates a practical decision-making framework that is highly relevant for the field and represents a significant advancement in CE research, offering a clear, strategic roadmap for both academics and practitioners. "
