在當今的氣候環境下，工業的無序增長對經濟、生態和社會系統施加了龐大的壓力，每年人類都在過度利用資源來為經濟發展服務。為了維持生態系統平衡，人類需要認真考慮管理資源的方式並建立新的模式，其目的是通過封閉資源的經濟和生態循環來減少原材料的投入和廢物對環境的產出。
本研究的目的在於，為擁有循環經濟技術的新創團隊在尚未成形的創新生態系統中找出其可行的循環經濟商業模式。此外，本研究旨在探討企業的循環經濟商業模式可行與否，與創新生態系統風險之間的關聯性。最後，為循環經濟商業模式的實現提供了個案參考。理論部分採用文獻綜述的方法來確定循環經濟的特徵和商業模式，以及創新生態系統的風險評估、管理，這些資料主要來自學術文獻和線上資源。實證部分包括兩個半結構化訪談和一個ITRI新創團隊“廢棄液晶面板回收”的案例研究，所有的訪談內容都被用於支持個案研究。個案研究以商業模式九宮格為工具，從廢棄液晶面板回收行業的角度探討了Smith-Gillespie(2017)提出的七種循環經濟商業模式中的產品服務化商業模式和再生材料替代原生材料商業模式，並結合了創新生態系統的風險評估。
研究結果發現，循環商業模式是否可行需通過對商業模式要素的全面分析以了解市場是否能支撐企業的永續經營。新創團隊在將技術推向市場的過程中，需採行創新生態系統評估，並著重考量整合風險。在循環經濟商業模式中，企業應加強與政府合作，政府是催動創新生態系統成熟發展的重要角色。
最終研究結論為，再生材料替代原生材料商業模式是較為適合W團隊 的循環經濟商業模式，且本研究在這基礎之上還對該商業模式作出了優化。當新創團隊/企業運行循環經濟商業模式時，需評估創新生態系統風險並進行有效的策略調整和風險管控，以達成期望績效。同時需與政府達成互利共贏的關係，通過協調整合創新生態系統內部各成員需求來推動政策法令施行，促進系統成熟，達成整體循環經濟效益最大化。
關鍵詞：循環經濟、商業模式、創新生態系統、風險評估、液晶面板回收

In today's environment, enterprises should be aware that the disordered growth of industry will exert enormous pressure on economic, ecological and social systems. Every year, humans abuse natural resources in order to serve economic development. They now need to seriously consider the way in which enterprise, and even society, operates to effectively manage these resources. A new economic model must be established. Circular economy is essential as, through the closed cycle of resource ecological economy, it reduces the input of raw materials and the output of waste back into the environment.
The purpose of this study is to find a feasible business model with circular economy technology in the incomplete innovation ecosystem for the Innovation Team. In addition, the purpose of this study is to explore the feasibility of a Circular Economy Business Model and its relationship with innovation ecosystem risk. Finally, it provides a case study to examine the feasibility of this business model in a Start-Up Circular Technology Team.
In the theoretical section, literature review is used to determine the characteristics and business models of circular economy, as well as the risk assessment and management of an innovation ecosystem. These references predominantly come from academic literature and online resources.
The empirical section includes two semi-structured interviews and a case study of Waste LCD Panel Recycling by Industrial Technology Research (ITRI) New Venture Team. All the interviews are used to support case studies. The case study takes the business model structure as a tool to investigate the Product Service Business Model and the Renewable Material Replacing Original Material Business Model proposed by Smith Gillespie's Seven Circular Economy Business Models, and combines the risk assessment of an innovation ecosystem.
The results show that the feasibility of the Circular Business Model requires a comprehensive analysis of the elements of the Business Model to understand whether the market can support the sustainable operation of the enterprise. In bringing technology to market, the Start-Up Circular Technology Team needs to conduct an innovation ecosystem assessment, with an emphasis on integration risks. In the Circular Economy Business Model, enterprises should strengthen cooperation with the government, as the government plays an important role in promoting the mature development of the innovation ecosystem.
The final research conclusion is that the Recycled Materials Replacing Original Materials Business Model is a more suitable business model for circular economy for W team. On this basis, this research also carried on the optimization to the business model. When a startup team/enterprise runs a Circular Economy Business Model, it needs to assess the risks of the innovation ecosystem and make effective strategic adjustments and risk management to achieve the desired performance. At the same time, it is necessary to reach a mutually beneficial relationship with the government, promote the implementation of policies and decrees by coordinating and integrating the needs of various members of the innovation ecosystem, promote the maturity of the system, and maximize the benefits of circular economy.

Key words: Circular economy, Business model, Innovation ecosystem, Risk assessment, LCD recycling 

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