Business model is at the heart of every business. It is the way a company creates, captures, and delivers value and it is a prerequisite for a strategy to be implemented throughout an organization. Traditionally, value was considered to be purely financial. However, with increasing global environmental, social, and political challenges, we need to create a more sustainable society where economic growth is decoupled from resource consumption. In order to enable the transition to circular economy, businesses are expected to play a significant role in the shift to a circular economy by implementing circular business models.