The 21st century has raised awareness of the adverse environmental impacts of various products and companies. In today’s business environment, firms and investors are not just concerned with making money, but they are also looking to generate social and environmental value. It’s estimated that by 2040 our planet will be covered by 1.3 billion tons of waste, including plastics, which take as much as 1000 years to decompose, creating the need for social ventures that can change this fate. One such Korean startup is Oysterable, which offers a smart IoT recycling solution for businesses.
Smart IoT recycling solution
Oysterable’s smart IoT recycling solutions involve smart waste collection and mobile applications for local governments and businesses. The smart waste collection solution allows people to participate in the recycling process and get numerous rewards through their smart IoT recycling bin. The bin can be opened by a mobile app allowing them to recycle and earn rewards through the app. The smart IoT recycling bins can be installed in apartment residential complex government offices, resident center, tourist attraction, hypermarket, retails stores, plaza, etc. People can download the app available for android and iOS users and scan the QR code on the bin and the barcodes of the input materials and insert them in the bins, and the system provides rewards and feedback for the users. Through the mobile app, people can keep track of their points and redeem their rewards.
The smart IoT recycling bin also solves the urban problem of trash collection. The bin’s IOT outlet checks the amount of input in the bins and lets the collection center know when to collect. The use of IoT technology in recycling eventually leads to a better collection of more clean recyclables solving most urban city’s garbage problems. So far, the Smart IOT bins have been installed in more than 180 locations in Korea, including public offices, residential complexes, community centers, tourist attractions, and markets. In the areas they’ve been located, the bins have increased recycling by a whopping 68%.
Oysterable has a substantial profit model that supports the company and ensures its longevity in the industry. The startup provides its IoT infrastructure as a subscription where local governments and firms seek to implement its solution paying 200,00 won per month. Their IoT service is already operational in over ten cities in Japan and Korea. The startup has partnered with over 20 companies, including Tetra Pak, SBA, Maeil, Keiti, and Seven and I Holdings, to solve Korea’s garbage problem. According to Oysterable CEO Bae Tae Kwan, who presented the solution at the COMEUP 2020, “Oysterable seeks to solve environmental and urban city problems today so that the garbage doesn’t have to wait for our descendants.”
Read more about Korean startups contributing to environment conservation,
- Korean startup DamoGO’s app helps reduce food waste by selling ‘unsold’ food from restaurants, stores & farms
- Three Korean startups that are putting the planet first