72% of Brussels-based businesses are prepared to change their business model. This is clear from the results of hub.brussels’ annual economic transition barometer, which aims to gauge the knowledge, views and best practices of Brussels-based entrepreneurs in environmental and social matters. Take a look at the numbers!
Three years on from the first edition, the results are clear: businesses are determined to improve their environmental and social impact. 72% of respondents believe that it is necessary to change their business model in order to better respond to environmental and social issues.
“Nine out of ten companies have already adopted circular economy practices – sometimes without realising it – such as sorting and recycling waste or reducing their consumption of resources (energy, water and materials)”, explains Barbara Trachte, Brussels Secretary of State for Economic Transition. “Our aim, with the Shifting Economy, is to make these kinds of practices widespread by encouraging businesses to start making the transition. Businesses do indeed have a major role to play in tackling the climate and energy challenges we face.”
Two-thirds of businesses are aware of the circular economy
More than two-thirds of the participants also said they were familiar with the concept of the circular economy, compared with 25% in 2018. Of these:
- 50% see the circular economy as a source of opportunities, in that it will give their business a competitive advantage in the years to come
- 69% believe it helps to improve the image of their company or business
- 59% see it as a way of retaining their existing customers or attracting new ones
- And 56% see it as a way of standing out from the competition
4 out of 10 businesses have also adopted social entrepreneurship practices, through a high degree of employee autonomy, the use of local partners and suppliers, or even the implementation of participatory and transparent governance.
Whilst the majority of businesses are already convinced of the need for change, there is still little knowledge about the financial support available and public support services relating to the circular economy. “Only 18% of respondents say they are aware of the services available in the Brussels Region. This figure is far too low and clearly demonstrates the importance of the right to information. Access to information and raising awareness remain priorities to ensure that everyone can benefit from public support. This is why events such as Shifting Economy Week, which takes place from 18 to 24 November, are so important”, explains Isabelle Grippa, CEO of hub.brussels.
By analysing the results from the barometer, hub.brussels has drawn up 10 recommendations which will help strengthen the Brussels-Capital Region’s support for entrepreneurs and self-employed professionals in the fields of social entrepreneurship and the circular economy.
Want to find out more? See the detailed report on the study’s findings, as well as the views and needs of Brussels-based businesses regarding the economic transition.
