TrashCash - Fireside Chat

Summary

In this interview, Benjo Vidal, founder and CEO of Trash Cash, discusses his startup's mission to reduce plastic pollution by incentivizing recycling through a smartphone app. Inspired by his travels and software engineering background, Benjo developed Trash Cash, which won a hackathon and connected him with valuable industry stakeholders. The platform has evolved through community feedback, focusing on engaging youth and offering services like logistic support and reward systems. Vidal emphasizes the importance of adaptability, data analytics, and aligning strategies with community needs for sustainable business growth.

Takeaways

• 🌍 The Trash Cash startup was inspired by the founder's personal experiences as a traveler witnessing plastic pollution and his desire to use his software engineering skills to address the issue.
• 🏆 The idea for Trash Cash was further solidified after winning a hackathon in the Philippines, which was part of a Guinness World Record event.
• 🔍 The startup conducted surveys and interviews to gain insights into the needs of different communities and how to encourage them to participate in recycling.
• 💡 The initial challenge was to develop a solution that could engage communities and businesses, focusing on convenient and sustainable waste management solutions.
• 🛠️ The hackathon led to the creation of a prototype, which was crucial for Trash Cash, and it was a learning experience about the importance of networking and execution.
• 📈 The company iterated its solution based on feedback and observations, tailoring the service to the needs of different communities and businesses.
• 📊 Data collection and analysis are key components of Trash Cash's strategy, providing valuable insights for businesses and helping to optimize solutions.
• 🌱 The startup has had a significant impact on communities, as seen in a partnership with the Alen and Arrow Club, where kids collect plastic waste to earn points for renting surfboards.
• 🔄 Trash Cash is looking to expand its services, including electronic product recycling (EPR) compliance and reduction services, to cater to a broader range of customer needs.
• 🌐 The company is planning to rebrand to better align with the diverse services it offers and to remove any misconceptions about being solely a cash provider.

Q & A

What is the main objective of Trash Cash?

The main objective of Trash Cash is to reduce plastic pollution by enabling consumers to participate in recycling using their smartphones.

What inspired Benjo Vidal to create Trash Cash?

Benjo Vidal, being a traveler and hiker, was inspired by the widespread waste, especially plastic, that he saw during his travels. As a software engineer, he decided to use his skills to develop a solution to combat plastic pollution.

How did Trash Cash originate?

Trash Cash originated when Benjo Vidal joined a hackathon in the Philippines, where he developed a platform to engage communities in recycling. His solution won the competition, which helped to kickstart Trash Cash.

What role did the hackathon play in the development of Trash Cash?

The hackathon provided Benjo Vidal with the opportunity to develop a prototype for Trash Cash. It also served as a platform to gain valuable connections that later led to potential funding and support for the startup.

How did Trash Cash gather insights about customer needs and market gaps?

Trash Cash conducted surveys, interviews, and observations to gain insights into customer needs and market gaps. They also utilized data from social media platforms to understand the specific needs and pain points of their target communities.

What was the feedback from the community when Trash Cash was implemented?

The feedback was positive, with one example being the partnership with Allen and Arrow Club, where kids from a coastal area collected plastic waste to earn points for renting surfboards. This not only engaged the youth in recycling but also led to a reduction in plastic waste in their vicinity.

What challenges did Trash Cash face during the development of its prototype?

One of the main challenges was identifying the specific needs of different communities and incorporating those needs into the solution. This required conducting surveys and interviews to understand the target market's requirements and iterating the solution accordingly.

How does Trash Cash plan to adapt and scale its services in the future?

Trash Cash plans to adapt and scale by offering a broader range of services, such as Extended Producer Responsibility (EPR) compliance and reduction services for businesses, as well as diversifying rewards and logistic services based on the needs of different communities.

What is the importance of data analytics for Trash Cash?

Data analytics is crucial for Trash Cash as it provides insights that help the company optimize its solutions, improve risk management processes, and offer transparency and accountability to stakeholders.

Why is Trash Cash considering rebranding?

Trash Cash is considering rebranding to align its vision and services with the diverse needs of different customers. The rebrand aims to remove any impression that it is solely a cash provider and to highlight its diverse services tailored to various community needs.

How does Trash Cash ensure sustainability in its business model?

Trash Cash ensures sustainability by focusing on the triple bottom line: people, planet, and profit. It aims to provide services that not only help reduce plastic pollution but also offer economic benefits to its users and stakeholders.