Nikhil Bhansali
Bhavik Vashisth
Palaniappan PL
Gaurav Wable
SOURYA PRATAP SINGH
Goa Institute of Management
Divya Singhal
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Econiture is a business that recycles 100% plastic waste into furniture and home decor products. They collect plastic waste from households, shops, factories, and malls and then segregate it and melt it into lumber slabs that look like wood. These lumbers are then used to make furniture that is more durable than wood furniture and costs less than plastic and metal furniture. Econiture epitomizes versatility and innovation that can be achieved in post-consumer plastic waste.
Econiture helps solve UN SDGs 13, 14, and 15 by recycling plastic waste to prevent deforestation, mining, and greenhouse gas emissions, saving the marine ecosystem from plastic pollution, and making cities more sustainable.
Econiture is an Indian business founded in 2017 by four friends: Madhur Rathi, Bhushan Boob, Roshan Pidiyar, and Ashish Modak. They were inspired by the massive plastic waste problem and the potential of waste management to generate revenue and create a positive impact.
Their innovation lies in transforming plastic waste into durable, affordable furniture and home decor products. They collect various dry waste streams, including plastic, metal, and cardboard, from households, shops, factories, and even municipalities. The plastic waste is then segregated and melted into lumber slabs that resemble wood. These lumbers are used to create sturdy furniture pieces that are resistant to rot, rust, and termites.
This innovative approach addresses several UN SDGs simultaneously:
SDG 13: Climate Action: By diverting plastic waste from landfills and into valuable products, Econiture reduces greenhouse gas emissions and conserves natural resources like wood and metal.
SDG 14: Life Below Water: Preventing plastic pollution in oceans is crucial for protecting marine life and ecosystems. Econiture's efforts keep plastic out of the oceans, contributing to a healthier planet.
SDG 15: Life on Land: By minimizing landfill usage and deforestation, Econiture helps preserve land resources and biodiversity.
Furthermore, Econiture empowers local communities by creating jobs for waste pickers and providing fair prices for their collected waste. They also educate households about proper waste segregation, promoting a more responsible waste management culture.
In conclusion, Econiture's innovative furniture made from recycled plastic waste tackles the global plastic pollution crisis while contributing to a cleaner environment, stronger communities, and a more sustainable future.
Plastic menace? More like plastic promise! Econiture breathes new life into waste, saving our Earth and building stronger communities.
The inspiration for Econiture's innovation was Madhur Rathi's experience at a waste management conference during his MBA tenure. He was intrigued by the subject and started researching more about it. After his MBA, he joined a waste management company and learnt many more insights about it.
While working, he saw that recyclers are mixing “Virgin” or new plastic with recycled or reprocessed plastic to make products and wanted to make a product in which no “Virgin” plastic was used and it is equally or more durable than virgin plastic. Due to some family issues, he had to leave his job and come back to his hometown Amravati and there with his three childhood friends, he started Recycle Bell Private Limited (RE-BELL) i.e. Econiture in 2017.
Here are some quotes from Roshan Pidiyar (Co-Founder with Madhur Rathi) that illustrate their inspiration:
• "We were amazed to see the massive plastic waste problem and the potential of waste management to generate revenue and create a positive impact."
• "We wanted to create a product that was made from 100% recycled plastic and that was as durable as, or even more durable than, traditional furniture."
• "We are committed to creating a better environment for one and all through innovative ways of waste management."
Their passion for waste management with the desire to create a positive impact are clear in his quotes. They are true leaders who are driven by a mission to make the world a more sustainable place.
India generates 9.46 million tonnes of plastic wasteannually, of which 40% remains uncollected. Econiture's innovation tackles plastic waste head-on by transforming it into durable, eco-friendly furniture. This has significant short-term and long-term impacts on the environment, society, and the economy.
Short-term:
Environmental: Econiture diverts thousands of tons of plastic waste from landfills and oceans each year. This reduces greenhouse gas emissions from waste decomposition and protects marine life from plastic pollution.
Social: Econiture empowers waste pickers by providing them with a reliable source of income and fair pricing for their collected waste. Additionally, 70% of their workforce are women, promoting gender equality.
Economic: Econiture creates local jobs in waste collection, processing, and furniture manufacturing. This boosts the local economy and provides livelihood opportunities.
Long-term:
Environmental: By reducing reliance on virgin materials and deforestation, Econiture promotes sustainable resource management and protects biodiversity. This helps mitigate climate change and create a healthier planet for future generations.
Social: Econiture's success encourages other businesses and communities to adopt circular economy models, further reducing waste and promoting environmental responsibility. This fosters a more sustainable society.
Economic: By demonstrating the profitability of waste management, Econiture paves the way for a green economy. This attracts investments and creates new business opportunities, contributing to long-term economic growth.
The evidence for Econiture's impact is clear. They have diverted over 2500 tons of waste from landfills, recycled over 20,000 kg of plastic into furniture, and connected with over 300 waste generators and 200 waste pickers. Their furniture sales have reached over 1800 units across 25 states, demonstrating consumer demand for their sustainable products. Econiture's story is a testament to the power of innovation in tackling the global waste crisis and creating a more sustainable future.
Econiture's Innovation: Turning Waste into Profit and Impact
Econiture's innovative approach to recycling plastic waste into furniture brings a multitude of benefits to the business, extending far beyond financial gains. Here are three key ways their innovation has created positive outcomes:
1. Boosted Revenue and Profitability:
• Downward integration: By manufacturing their own furniture instead of selling raw waste, Econiture increased their profit margin from 26% to 65%. This shift in their business model led to a significant revenue increase, projected to reach 1.65 crores for the year 2023-24, with furniture contributing 65%.
• Unique product offering: Econiture's furniture fills a gap in the market for durable, eco-friendly options at competitive prices. Their plastic lumber is sturdier than wood and cheaper than metal, attracting a wider customer base and driving sales.
• Scalability potential: The DIY (Do It Yourself) and foldable furniture models they are exploring can reduce logistics and warehousing costs, enabling them to scale up production and reach new markets without major infrastructure investments.
2. Enhanced Brand Image and Social Impact:
• Sustainability champion: Econiture's commitment to recycling and environmental responsibility resonates with consumers increasingly concerned about climate change and plastic pollution. This positive brand image attracts socially conscious customers and investors.
• Empowering waste pickers: Econiture provides stable income and fair pricing for waste pickers, improving their livelihoods and social standing. 70% of their workforce are women, further promoting gender equality.
• Community engagement: Educating households about waste segregation and offering barter arrangements with municipalities builds trust and encourages community participation in their mission.
3. Long-Term Environmental Benefits:
• Reduced landfill waste: Econiture diverts over 20,000 kg of plastic waste from landfills each year, minimizing methane emissions and pollution.
• Resource conservation: Their furniture saves wood by utilizing recycled plastic, preventing deforestation and preserving natural resources.
• Reduced carbon footprint: Econiture's recycling process lowers greenhouse gas emissions compared to virgin plastic production, mitigating climate change impacts.
By turning waste into valuable products and empowering communities, Econiture's innovation creates a ripple effect of positive outcomes for their business, society, and the environment. Their story demonstrates the power of sustainable innovation to drive both profit and positive change.
Econiture's innovative approach to recycling plastic waste into furniture benefits both society and the environment in numerous ways. Here are three key examples:
Environmental Benefits:
Reduced Landfill Waste: Econiture diverts over 20,000 kg of plastic waste from landfills each year, minimizing methane emissions and pollution. This directly combats climate change and protects ecosystems. By using recycled plastic instead of virgin materials, they conserve natural resources like wood and metal, preventing deforestation and mining activities that harm the environment.
Circular Economy: Econiture promotes a circular economy by giving plastic waste a second life as furniture. This reduces reliance on virgin materials and minimizes the overall environmental impact of consumption. Their closed-loop system minimizes waste generation and promotes responsible resource management.
Social Benefits:
Empowering Waste Pickers: Econiture provides stable income and fair pricing for waste pickers, improving their livelihoods and social standing. They prioritize employing women, further promoting gender equality. Their ethical sourcing practices ensure fair treatment and improved living conditions for waste pickers.
Community Engagement: Econiture educates households about waste segregation and offers barter arrangements with municipalities, building trust and encouraging community participation in their mission. This fosters environmental awareness and empowers communities to take ownership of waste management.
These are just a few examples of how Econiture's innovation creates a ripple effect of positive outcomes. By turning waste into valuable products and empowering communities, they demonstrate the power of sustainable innovation to drive both profit and positive change for society and the environment.
In summary, Econiture operates in Amravati, India, where they collect plastic waste from various sources like households, shops, and factories. They employ a workforce of 56 people, including waste pickers and employees for their furniture business. Their innovative process transforms plastic waste into lumber-like slabs, which are then used to create durable and eco-friendly furniture. This not only reduces landfill waste and conserves resources but also provides economic opportunities for waste pickers and promotes community engagement in waste management.
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Econiture is a business that recycles 100% plastic waste into furniture and home decor products. Econiture's mission is to divert as much dry waste as possible from landfills to recycling, and their vision is to create a better environment for everyone through innovative ways of waste management.
