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An investor dilemma game · Nonprofit Builder × Laudes

Conventional
or circular?

Real investment decisions. Two paths. No labels. You choose — and discover what separates conventional capital from circular, fair, and systemic thinking.

Choose your investment track
🧵
Fashion

10 scenarios for impact investors in fashion and textile supply chains

🏗️
Built Environment

8 scenarios for developers and real estate investors

No sign-up · Earn stars · Get your investor report

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The principle at stake
Questions to sit with
Analysing your choices…
Building your investor report
Nonprofit Builder  ·  Laudes Foundation  ·  Circular Investor Series

Your Circular
Investor Report

Circular choices
Writing your assessment…
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About this game · AI Apps for Good

Conventional
or circular?

An investment dilemma game that makes circular economy thinking real — not as a framework, but as a series of decisions every investor in fashion and the built environment actually faces.

Why this game exists

Circular economy thinking is increasingly well understood in theory. In practice, it still loses to a cleaner IRR story, a faster exit, and the comfort of what every other investor in the room is doing. The gap is not a knowledge problem. It is a decision-making problem.

This game puts you at the moment of decision — where the conventional choice is genuinely tempting and the circular choice requires either a longer time horizon, a broader definition of risk, or a willingness to hold a more complex story. The scenarios are drawn from real investor dilemmas documented by Laudes Foundation and the Ellen MacArthur Foundation across fashion and the built environment.

You don't know which choice is "circular" until after you've made it. That's deliberate. By the end, the logic has earned its place through experience rather than explanation.

The core shift

"Circular investment is not just about environmental efficiency. It is about redefining what risk means — from short-term return variance to long-term systemic exposure — and redefining what return means, from financial yield alone to value created across climate, nature, and people."
Conventional investment
  • Optimises for short-term IRR and clean exit multiples
  • Treats labour, carbon, and waste as externalities
  • Values familiarity — concrete, polyester, opaque supply chains
  • Fund horizon drives decision — if it doesn't fit, pass
  • Defines success as financial return to LPs
  • Accepts stranded asset risk as someone else's future problem
  • Green marketing is sufficient due diligence
Circular investment
  • Balances IRR with long-term resilience and systemic risk
  • Internalises labour, carbon, and nature in investment thesis
  • Values durability, adaptability, and material circularity
  • Structures creative instruments to fit longer transitions
  • Defines success across financial, social, and ecological dimensions
  • Designs out stranded asset risk from day one
  • Demands evidence, not stories

How the game works

1
Choose your track — Fashion or Built Environment

Two completely separate games, each drawing from real investor dilemmas in that sector. Fashion runs 10 scenarios. Built environment runs 8.

2
A real investment decision lands on your desk

Each scenario describes a specific, grounded moment — a supplier pricing question, a materials specification, a fund horizon tension, a coalition invitation. The conventional option is genuinely tempting. That's the point.

3
Two options — no labels

Neither option is marked as "circular" or "conventional." You have to feel your way to a decision based on the logic, not the framing. Which is exactly how real investment decisions work.

4
The consequence plays out — honestly

The conventional choice isn't condemned. Sometimes it pays off in the short term. But the longer-term exposure becomes visible. The circular choice isn't idealised — it often requires more patience or complexity. The principle at stake is named clearly.

5
A personalised investor report

Your report names where you stand as an investor — your score band, your pattern of conventional choices, your circular instincts, and reflection questions for your investment committee. Two Nonprofit Builder assessments are suggested for portfolio companies.

About Laudes Foundation

Laudes Foundation works to accelerate a green, fair and inclusive economy, focusing on high-impact systems where climate and inequality are deeply connected. Its main focus areas are fashion, the built environment, food, and finance and capital markets.

Laudes does not just advocate for circularity in the abstract — it uses philanthropy to change the rules of the game: supporting field-building coalitions, funding market infrastructure, backing policy change, and helping investors become more active owners of the transition.

The dilemmas in this game are drawn from Laudes-supported research and initiatives including Fashion for Good, the Good Fashion Fund, and Built by Nature.

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