- Opportunity Recognition Regarding the Circular Economy in the Canadian Food Sector
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Abstract:
- There is now, more than ever, a need for companies and their supply chains to operate in a sustainable manner while also maximizing long-term profits and resource utilization. The combination of these two concepts, the circular economy, contrasts the traditional linear models currently in use by most firms. Being a relatively new concept, the circular economy will need more time to become more accepted and commonly understood. Its success will also, at least in the beginning, depend on how entrepreneurs and business leaders identify and assess opportunities to operate in a circular manner. This phenomenon is especially true in established industries such as the food industry, where many agricultural resources are used and wasted each year.
The goal of this project was to analyze the interviews of four firms that are undergoing opportunity recognition and evaluation of utilizing other firms’ waste. Through this analysis, each firm’s use of active search, alertness, prior knowledge, and various cognitive frames were examined both independently and in combination with one another. In sum, this exploratory research presents insights on how firms were able to “see cash in the trash” and successfully recognize opportunities to source waste from other companies.
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