Design of a Techno-economic Framework for Enabling Novel Applications under Outcome Economy

Abstract

The world is facing serious challenges on resource depletion and environmental degradation. There needs to be a balance urgently between economic development and environmental sustainability. A novel outcome-selling — as opposed to product-selling — economic model has been proposed in the World Economic Forum where the focus of the business is to be shifted from products delivering the outcome to the intended outcome directly. Such a model, supported by advanced digital technologies, is not only demand-driven and customer-centered but also more environmentally sustainable. This paper explores the key technology and business enablers of this model, followed by an illustration of a pilot study incorporating sharing economy. Finally, additional potential impacts of outcome economy on economy, society and environment are presented.