Moving towards a more circular economic model is necessary in order to secure the sufficiency of vital raw materials and to achieve a balance between both economic and environmental prosperity. However, the discussion regarding circular economy from a business perspective is still rather limited, and the practical applications of circular economy are mostly related to waste management and industrial applications. Needless to say, circular economy is much more than just large-scale recycling. Circular economy, as a system which aims to ensure a more circular flow of resources, materials and energy, can embody a variety of expressions from closing resource loops to redesigning products, services and the nature of ownership towards favoring renting, sharing, reusing and other alternative ways of maximize the resource efficiency and extend product life. Hence, the principles of circularity can be applied across all industries, instead of just those operating in the industrial sector. Standing on the way of the development of a global circular economy is the perceived mismatched objectives of profit seeking businesses and sustainability advocators. Businesses want high sales levels and profit margins, whereas at the core of environmental sustainability is often to promote conscious consumption and cut down on activities resulting in pollution and waste. And because circular economy is often strongly associated with sustainability matters, businesses tend to stray away from it as it is considered to work against a company’s purpose of making profit. Yet here is the catch – instead of seeing circular economy just as a sustainability tool, it can also be considered as a viable business opportunity which when effectively exploited, can be a source of competitive advantage and a source of economic value