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How do we extract more value from a $10 trillion market that wastes a lot of resources?
Recently Sarah Smith, our community manager, published an article about the most significant barriers for the circular economy: a common language.
How can we better enable the mindset for a circular economy with a common language?
One example she highlighted was that what may be considered waste to Company A, could be viewed as a primary resource to Company B.
So, often we might miss seeing the opportunities by asking the question. Is it waste? Is it a resource? Could it be the same?
Today we want to share a great use case of the waste and resource opportunities. Meet Backacia — The marketplace for the reuse of construction materials and equipment.
They transform what would have otherwise ended up in the landfill into a reusable asset. These new resources are available through a marketplace and other additional services.
We think there's an excellent chance for Backacia to add value to a circular economy because they show how much clients value a waste management market place, even with a 40% markup.
The construction industry is a $10 trillion market and wastes a lot of resources. If Backacia can reduce waste and save money, it's a win-win. And waste management, in particular, shows great potential when it comes to CE and revenue opportunities:
Backacia is an excellent example of a circular economy startup. It reduces waste and offers reused materials. Keeping resources in circulation — we love that!
Backacia's platform also shows the potential for circular economy startups to disrupt the construction industry.
The biggest challenges?
For Backacia to scale up and expand to other countries. Reused construction materials are a great alternative to virgin materials. But Backacia needs to convince the market that it is an efficient way to build and gain more prominent construction companies to sell and eventually buy non-virgin materials.
Other opportunities?
Our final thought would be around the data Backacia generates. Waste management solutions offer a lot of insights about the product lifecycle, distribution and even pricing. Here we see another revenue stream for startups like Backacia. We are confident that raw material provider or companies such as ABB would benefit from these insights.
Find out more about Backacia here, here and here:
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