Circular Economy Incubator Hub: Sparking Circular Innovation in Finland
DEFINITE-CCRI is proud to announce that four of our projects were selected for the due diligence phase of the DEFINITE-CCRI project development assistance (PDA). To get to know these projects better, we’re launching a series of interviews with project developers. For the first interview, we sat down with Fuad Ashraf, COO of Cireco Finland, who is developing the project Circular Economy Incubator Hub in Nokia, Finland.
Please introduce your project in a pitch format and share the origin story of your project. What inspired the initial idea, and how did you take it from concept to reality?
Tehdassaari Nokia Incubator Hub is an initiative by Cireco Finland aimed at transforming the historical Tehdassaari Island into a circular economy incubator hub. The inspiration for this project comes from the rich industrial heritage of Tehdassaari Island which hosted the headquarters of the original Nokia phone company over a century ago. The vision of Cireco Finland, a company founded with a focus on circular economy and sustainability, was to renovate and repurpose this iconic site into a vibrant space dedicated to fostering innovation, collaboration, and sustainable development.
In what ways does your project contribute to accelerating the transition to a circular economy?
The Tehdassaari Nokia Incubator Hub serves as a platform for businesses to collaborate, share byproducts, and create closed-loop systems, thereby reducing waste and promoting resource efficiency. By providing a conducive environment for startups and businesses to experiment with circular economy solutions, we are driving the transition towards a sustainable future.
Why did you decide to apply for DEFINITE-CCRI support?
We knew that realising our vision for Tehdassaari Nokia Incubator Hub would require substantial funding and expertise to make a compelling pitch to investors. DEFINITE-CCRI offered precisely the support we needed—a comprehensive package of technical, financial, and circular economy expertise. Their services aligned perfectly with our needs, transforming our scattered ideas into a coherent, strategic plan. Just like refining scattered sand grains into a valuable glass sculpture, DEFINITE-CCRI helped us channel our vision into a structured, investment-ready project.
How has your experience with DEFINITE-CCRI been so far? Can you highlight any significant milestones or learnings from this collaboration?
We submitted our application to the DEFINITE-CCRI in mid-2023, and our project successfully passed the initial evaluation. Reaching the due diligence phase has been our most significant milestone so far. This step is pivotal in steering Tehdassaari towards its envisioned future. Throughout this process, we were guided to compile and refine our materials and documents for the investor appraisal event. This experience not only improved our internal processes but also revealed strengths and potential within our project that we hadn't fully realised before.
If you received unlimited funding, how would your project evolve and what impact do you envision it having on the industry and beyond?
With unlimited funding, we envision Tehdassaari becoming a beacon of circular economy practices and a self-sustained island. Our dream is to expand the hub to nearby lands, transforming them in alignment with circular economy principles. We would accelerate the transition to a circular economy, significantly enhancing social benefits and raising awareness about sustainable practices. This funding would allow us to fully implement our start-up living lab, provide extensive education on the circular economy, and support SMEs and startups to achieve their potential.
Moreover, we could complete and activate our international strategy, attracting global participation and collaboration. Unlimited resources would enable us to bring more specialists onto our team, fostering innovation and expertise. We would initiate new projects that further our mission, creating a thriving ecosystem where people and communities prosper sustainably, contributing to the Sustainable Development Goals and enhancing the local economy and community well-being.
Could you tell us a bit more about the mobile application to facilitate the establishment and management of resource flows within the circular hub you’re developing?
Our mobile application is designed to integrate all the services of Tehdassaari Island into one convenient platform, bringing everything right into the palm of our customers. The app offers a dashboard for quick access to updates, events, and resources. Functioning as a material bank, the app allows users to browse and manage materials, equipment, and tools. It also facilitates the rental of office spaces, meeting rooms, and event venues.
Additionally, the app fosters community engagement through forums and event registrations, supports startups with resources and mentorship and provides educational content on circular economy and sustainability. For businesses, it offers booking options for environmental consultancy and project assistance. This integrated approach enhances efficiency, supports sustainability practices, and ensures a seamless user experience.
Can you elaborate on the practical challenges associated with refurbishing an old industrial building?
Refurbishing old industrial buildings presents numerous challenges, primarily due to the lack of building data like BIM and structural details. Maintenance is costly and time-consuming, especially since the island is surrounded by water and includes a dam that requires upkeep. The buildings require frequent repairs due to their age. Balancing these maintenance needs while steering the renovation towards our circular economy goals can be daunting. However, our tight-knit team’s streamlined communication and problem-solving approach have enabled us to make significant progress over the past three years. We continually improve our internal processes to ensure efficiency and effectiveness in tackling these challenges.
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