The idea is to set up a new social enterprise, “The Green Code” (TGC), focusing on recycling organic materials and waste, such as food scraps or expired food ingredients from households. After brainstorming amongst yourselves and conducting brief research on the market, it was agreed that the social enterprise would be based on community composting. With greater public awareness and the government’s call towards environmental sustainability, your team thinks that it is a good opportunity to get started.
According to the National Parks Board website, “Composting is a process in which organic material is broken down by bacteria and other microorganisms via decomposition. The resulting material is called compost, which can be used for gardening. Compost is a valuable soil additive for any garden, big or small. Mixing compost into your soil can improve drainage, increase organic matter and help your plants grow better.”
The business model of your social enterprise will be to set up community compost bins at designated locations in HDB flats to allow residents to deposit various organic or food waste into the compost bins. At the compost bin, the participating resident will scan a QR code, which then launches the TGC mobile app to identify the person. After validating the identity of the resident, the bin will automatically open to deposit their waste. Residents will be paid in “Green$”, a point system that the resident can accumulate to exchange for shopping vouchers.
Every day, your company will have staff on the roster to inspect the bins and to replace the bins as necessary for the organic decomposition to take place. The resultant compost will be removed from the bins and sold as fertilizers to the horticultural market. Two of your friends are trained in IT, and they would design and develop the first version of the website and mobile app. You and another marketing student would be looking into the commercial aspects of the business.
Each of you can commit up to $15,000 to the social enterprise, but without a business track record and experience, obtaining bank loans and equity financing to fund your business would be extremely difficult and out of the question during the start-up phase.
Now, your team decides to appraise and validate and test the business idea using a Validation Board before embarking on the new venture, to be certain that this business idea is viable before further committing time and money to it.
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