The value of data is self-evident in this digitally transformed era. Every day, around 2.5 quintillion bytes of data are generated, and that staggering figure will further rise. Regardless of the industry, target market demographics, or types of goods and services a company offers, acquiring data for the best possible use can improve practically every part of its business. But what about the value of post-consumption data? In a world where customer-centricity, personalisation, and customer experience decide the victor, it’ll be extremely difficult for any company from any vertical if they are too slow to follow their customer’s behavioural data-driven footsteps. On that front, data collected from the end of a product life-cycle can help companies have deeper customer insights and obtain authentic ESG benefits.
Based on this realisation, TeknTrash, a UK-based technology disruptor, has developed a novel AI-based innovation, Stipra that can help firms identify products and capture data. Such innovations have always had a special place in our magazine. The following article discusses how TeknTrash is mining gold from trash data and how it can help businesses increase efficiency and profitability.
SOWING AND SPROUTING THE IDEA
TeknTrash was founded in 2018 by Al Costa, a serial technopreneur and incremental learner who sought failures as steppingstones. He began his professional career in traditional jobs that promised wonderful careers only to end abruptly (along with many others), due to being laid off after a few months for no rhyme or reason. Eventually, he was fed up with the fragility of the industry and reached a certain breaking point. He started delving for ideas, paving the way to launching multiple startups in the USA, Brazil, Spain and the UK. He sold his 1st business to a NASDAQ-listed company and lost everything he had in the 2nd one.
TeknTrash was his 5th startup, which stood on the belief that trash contains valuable information that no one is collecting. And with different products having different data, Al believed there should be a tailored system for recycling and enabling post-sales data collection. This is how Stipra came to light. The system provides valuable customer insights and deeper understanding for companies to improve their sustainability. However, the firm is constantly upgrading the system’s capabilities. “The next iteration of this will probably tackle disposed automobiles, which will allow manufacturers to spot defective parts faster, increasing safety and improving their product,” adds Al.
STIPRA: DISTINGUISH, DETECT & CAPTURE DATA
As mentioned, Stipra changes the perception of post-consumption data. The system revolutionises the incentivising of product recycling while obtaining valuable consumer data. TeknTrash has created a device called a Point of Disposal (POD) that provides consumption data. “Manufacturers have relied on sales data, primarily from POS (Point of Sale), to extrapolate consumption statistics. That is simply unacceptable in a data-driven environment, ” states Al. His company has created the first POD (Stipra.Com), where people can register and take pictures of their household products when disposed of in exchange for points. The data is collected from three sources:
- Recycling Plants: TeknTrash installs cameras on the conveyor belts to photograph the trash as it comes from various pickup stations.
- Stipra Portal: People can use their digital devices or the app to take pictures of their products as they are throwing them in the trash to obtain points.
- Reverse vending machines: Placed at various supermarkets, shopping centres, etc., People can discard their trash to gain points
TeknTrash is a mission-driven company that can help businesses optimise their market presence while also contributing to long-term sustainability. Al believes that as a startup, they are not just fixing an issue but also creating one to be the single resolver and capture 100% of the future market. They value their clients and receive feedback from people with absolutely nothing to do with data, this distance helps TeknTrash view companies as a whole and clearly understand their status.
DRIVING A NECESSARY TRANSFORMATION
TeknTrash is leading a revolution, disrupting the recycling industry as well as making people and businesses more eco-conscious. Statistics show that 8 million tons of plastic are dumped into the ocean every year. 11% of all methane in the atmosphere comes from this trash, and only 6% is effectively recycled. The industry puts all the weight of recycling on the individual. Al points out that “it’s a stick-versus-carrot model, in which if you recycle, nothing happens, but if you don’t, you’re penalised.” Considering the huge revenue FMCG companies make, TeknTrash is encouraging them to promote the recycling behaviour among consumers. In return, brands are provided with post-sales data to facilitate product improvement and sales optimisation while supporting their ESG efforts. This sends a clear message to their customers: “We care about the environment, and for that, we will reward you if you dispose of our products properly.”
Going behind the scenes, the innovations and approaches are backed by intense R&D. The firm is creating a one-of-a-kind vertical that requires research on all levels, from data collection, data storage, data polishing, to data sales and much more. As tiring as it sounds, Al and his firm specialise in multi-tasking. They strive to solve problems as they come in instead of keeping them on hold. It is undoubtedly challenging, but they are adaptable and keep them on a learning curve.
AN OFF-THE-SHELF CULTURE
When innovative people with ideas have the freedom to implement them, it becomes a thriving ecosystem. TeknTrash is a fine example of it. It is not made up of mediocre bureaucrats but of those who look for ideas beyond the fence. As an AI company working on data, the firm mostly comprises of data scientists. While they function as a group, they also work on individual strengths. The firm believes that “two minds are better than one,” but they don’t make it a goal. Teamwork is a tool, not an end goal.
This flipped mindset propels individuals toward positivity and a limitless attitude. It changes their perspective on the world. TeknTrash hires people who are talented and intensely creative. This helps in building a mission-critical team. Al asserts, “I believe if there is a lack of alignment on work-ethics, the balance of trust can be altered quickly.” The team is inherently motivated as they are doing something not only financially sound but good for the environment and society as a whole.
GROWING MAGNANIMOUSLY
TeknTrash contemplates the journey of its creator. Al grew up in impoverished nations like Haiti, where recycling is a way of life for many people. Putting this into perspective, Stipra is recycling data, which is more valuable than any other waste, and the platform rewards more than just money. Over the last three years, the firm has gained strong attention from industry and the media after becoming a finalist in the “Red Herring Top 100 Europe competition in 2021.” They were rated one of the three most impactful technologies by the World Economic Forum (WEF), and Euronews named them the #1 “green tech start-up out to change the world.” Stipra collects data from big brands, including Pepsi, Nestlé, Nivea, Unilever, P&G, and others.
The company is now soliciting funds to construct a smart bin in the US. It will be used at shopping malls, airports, nightclubs, banks, and as many public spaces as possible, and it will serve as a key marketing tool for those businesses. Customers would believe that if they locate a smart garbage bin instead of a generic one, the company is equipped with reliable technology, which will enrich their convenience and experience.
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Business Talk is a digital business magazine that caters to CEOs, Entrepreneurs, VC, and Corporates. While working with entrepreneurs and business executives, we focus not only on their achievements. Our mission is to shed light on business entities, including their innovations, technological benchmarks, USPs, and milestones/accolades.
