Idea Napkin No. 2

This past June, I created a blog post for Idea Napkin No 1., in which I looked deeper behind the scenes of my venture concept: Recycle Rewards. After receiving some comments from fellow classmates, I am going back and adjusting each component of my "Napkin" as necessary. I've written my revisions in blue.

Part 1: Idea Napkin Revised

1. You.

Before analyzing my business concept further, I am taking a moment to focus on my skills, strengths and preferences. As an entrepreneur, my talents include my optimism when it comes to difficult tasks and my ability to creatively address situations. I have held a position as a Data Science intern for a local startup in the past, so I have seen how hard it can be to bring an idea to life and how much work is required. In addition, I have had experience brainstorming ideas with team members in FBLS, a business club at UF, and have been able to explore my creative, idea-generating side. Regarding my aspirations, one day I would like to own a business and grow it into a success. If I chose to actually pursue Recycle Rewards, I would want to dedicate all of my effort towards it. Since I know how much work it takes to create a startup, I wouldn't want to pursue an idea that I couldn't dedicate enough time and energy towards. I am a passionate person and pour my passion into anything I do, therefore I would choose to focus solely on my business concept.

2. What are you offering to customers?

With Recycle Rewards, I will be offering a platform to motivate people to recycle more while providing information for them to track their conservation efforts.  The way this app will work is that customers can scan their trash's bar-code to determine if it is recyclable or not. Every time an item is scanned and placed into a recycling receptacle, the user will be awarded a certain amount of points depending on the material. Once a user has accumulated a certain amount of points from recycling, they will have the option to turn those points into a tailored coupon redeemable in stores (based off of the products the user has scanned) or they can turn those points into a cash donation for a charity they can choose. I am hoping that my app will not only incentivize people through the rewards program but also educate them about the importance of their eco-friendly actions.


3. Who are you offering it to?

Recycle Rewards will be available to any iPhone owner. There is not a strict demographic for this app, as pretty much anyone can use it. All of my customers should share an interest in learning more about recycling and wanting to recycle more efficiently. They should also value retail rewards and the intrinsic satisfaction of making eco-friendly decisions.

4. Why do they care?

Although my customers do not have to pay to use Recycle Rewards, this app is valuable to them because it is a way to become more environmentally conscientious and to connect with national charities and foundations while earning rewards that they can translate into savings. Other companies that provide Recycle Rewards with the discount and coupon rewards benefit by generating brand awareness and sales. Not to mention, many companies are more concerned about corporate social responsibility than ever. I believe that the urge to lead a "green" and caring company will attract businesses to this app. Partnerships will benefit both Recycle Rewards and the partnering company. Companies also have the opportunity to purchase consumer data from us to learn more about what products people are purchasing and recycling.

5. What are your core competencies?

The features that set Recycle Rewards apart from other apps are as follows:
- Tailored reward system
- Ability to cash points into coupons or donations to charities
- Up-to-date local recycling information
- Thousands of bar-codes recognized
- Partnership with local and national environmental agencies, charities, and foundations


I personally believe that these elements of my business concept fit well together. This app will appeal to several different consumer demographics, which allows for a larger potential market. I think that my venture concept has a solid base and the different aspects of my business fit in well together. Both users and partnering businesses will benefit from this app. Users earn rewards and get to feel like they're making a difference in the world. On the other hand, charities benefit from being sponsored for donations and businesses can offer coupons in exchange for brand promotion and consumer data. Everyone wins! That being said, there are some minute, logistical details I need to pan out. As my idea continues to develop, I think that it will be relatively easy to solidify the details.

Part 2: Feedback Memo
Five main points I took away from my feedback...

1. People want to see how their efforts are making a difference. They want to see how their recycling is benefiting the planet.
2. Options of incentives will motivate people to recycle more.
3. Businesses are more socially responsible and looking to become more eco-friendly.
4. It might be easy for people to "cheat the system" with this app. I will have to think of ways to ensure that people are tracking their recyclables honestly.
5. Creating a rewards system may add a sense of "gamification" to recycling that will motivate people to "play along". Recycling is already easy enough, so maybe Recycle Rewards will make recycling more fun.