WEconomy, change and transition. What is the definition of WEconomy?

The WEconomy is one of the three modern and viable business models which disrupted the traditional model and now used by the new emerging startups. The WEconomy is changing the way we design and use, also it  is moving away from the traditional linear economic "take, make, dispose"  model  which relies on large quantities of cheap materials and energy to the new Model ‘’borrow-use-return’’ which suggests that we borrow resources and use them efficiently and then return an added value to the environment and society. The new generation of business model care not only in making money, but also, how to contribute to societal and environmental problem solving. The WEconomy consists of seven trends. These trends and development can inspire startup businesses in developing their own business model.

The seven trends include: (1) the circular economy, (2) the functional economy, (3) the bio-based economy, (4) the collaborative economy, (5) the sharing economy and, finally, (6) the self-production (or 3D economy). In addition, there is a seventh trend – having the character of a wildcard – labeled as the (7) Internet of Things (IOT). Collectively, these trends represent the WEconomy.

Starting from the top of the model loop, we see the circular Economy  which is based on cyclical and closed loop model and not a linear model. Second, we see Functional Economy where products are replaced by services, functionalities means: can we rent something that is functional in every aspect? Use and borrow something without owning it. Third, we see Bio-based Economy, where we try to replace natural resources by Bio -based products and resources. Those three trends all together are considered the material side of the WEconomy leading to many unexplored combination.

When we look at the left side of the loop, we see Sharing Economy and Collaborative Economy, Both trends help in defining on how we collaborate to organize new business model concepts based on Governance, assets, and access to all type of resources and facilities. Then we see at the top of the loop model the 3D ‘’Self-Development’’ or the Do it yourself technology where people can use regenerated, recycled or bio-based materials in all type of businesses they do. Here where people start to discover their power by using their creativities and ideas.

Finally, the six  trends all together are called The Internet of Things (IOT) which enables making a connection  between people and things and people start working together because they share principles that’s how we create values and create communities. We become a self organizing society driven by citizen, thus, often transition leads to all kind of negative reaction from traditional business, the key is to always look at the bright side and never get discouraged because we are the change and sooner or later everyone will follow.