 Traditionally, the business model was I make the product, I sell it to you, you use it and you discard it. In a circular economy thinking, we take a different notion. We actually will recuperate the value of the product when it comes to the end of its life cycle. We can either repurpose or refurbish the product for another use cycle, or we can recuperate the raw materials from the end product and recycle them so that we can build another product. In circular economy business models, I would like products to come back to me as the original designer and manufacturer. And once you get your head around that notion, why would I actually sell you the product if you are primarily interested in the benefit of the product? And maybe I can stay the owner of the product and just sell you the benefit as a service. If you carefully look around us and we look at other companies, there are plenty of examples where circular economy thinking is applied. Aircraft engines are often made by Rolls-Royce. Rolls-Royce has a business model where they stay the owner of the engine and make sure that they sell aircraft flying hours. I would love this to become further ingrained and not only for B2B business models, but also for B2C business models. In the circular economy thinking, people in the company have to start thinking differently. That applies to marketing, product design, but also to management, especially to management. Because how do you measure profitability in a circular model? The initial cost price of a product that is circular can actually be a little bit more expensive. Because it's designed to take the modules back and to recoup the value at the end of its first life. That means that you need to measure profitability maybe over an eight or even fifteen year time frame. And if the product is five percent more expensive initially, but I get thirty percent of the value back after eight years, then that's a great proposition. But it does require us to have a long cycle in judging the value of a customer relationship and a business model. I often get questions whether circular economy thinking is understood by shareholders. And I daresay if we do a good job, yes, shareholders understand it and even can appreciate it. And why is that? Well, shareholders actually like to have predictable results. And if I build up my business with recurring revenues that come out of a base of customers that will take my product as a service rather than only the hit and run of the linear model, I can build a very profitable and recurring revenue stream and shareholders like that. So initially the reaction may be, you know, let's focus on the quarter, let's focus on the next half year. But long term investors, value investors are interested in understanding how the company builds up a recurring revenue stream which fits perfectly well with the circular economy thinking. Phillips is the leader in energy efficient lighting. But energy efficient lighting is a little bit more expensive. Maybe up to thirty, forty percent more expensive than traditional lighting. And that puts customers off. We went to Schiphol with a proposition where they can buy lighting as a service that takes away the initial adoption barrier. It saves the Schiphol Airport fifty percent of their electricity bill. It gets them a product that lasts up to seventy-five percent longer. So they have less replacement cycles and they save labor. And it gives us a relationship with Schiphol Airport that will last many years. It actually reduces my selling expenses and it continues that ongoing business partnership. All in all, this deal was very profitable both for Schiphol Airport as well as for Phillips. In healthcare we design and make medical scanners. Often, you know, five hundred thousand to a million dollars a piece. And there's a lot of very valuable parts in a scanner like that. Nowadays we design so that we can recoup later on from our customers these machines. We take them all back and then in our refurb factory we repurpose them and we make them almost as new and we can sell them to other customers. From a design perspective, we had to design the product so that it would be easy to take it apart. That certain modules would indeed, as the word says, be modular and they can be reused in the second life of the scanner. My recommendation for those of you who are considering to embrace the circular economies thinking in your business is to assemble a few people, marketing, R&D, manufacturer, sales, and have a workshop where we clear the plate, we open the mind and say, you know, what is it that we really offer to our customers? I think you will be surprised on how inspiring that session is going to be. How much energy will be unlocked through that, you know, brainstorm. And I would also advise you to involve your customers. What are they really after from you? What do they value in you? Is it the product or is it the benefit of the product? It took Phillips 15 years to get where we are, so don't think that, you know, this is a solution overnight. You will grow into it, I'm sure.