Scaling the Solution: How do you intend to scale your activities over the next two years (e.g., reach new markets, diversify solutions, etc.)? What will make this possible?
Currently we service individual homes and companies on Hong Kong island. We aim to expand geographically, by opening in the rest of Hong Kong. We also expect to move towards larger customers: from individual residential units to dealing with property managers, or from individual businesses to whole offices. We are connected to the growing green movement in Hong Kong, and have also been in talks with the government to reach a larger audience of people. We need capital to finance expansion: hiring more workers, purchasing or hiring a greater fleet of vans/trucks, and investing in targeted marketing to key markets.
Financial Sustainability: What is your business model to ensure financial sustainability?
We charge a small fee to all our customers who subscribe to our recycling program. The fee is affordable to most of our target customers by starting at just $25 HKD ($3.20 USD) a pick-up for residential subscribers, with corporate customers starting at just $100 HKD ($12.90). By scaling up with more customer density, we can save costs and reduce prices while increasing volume. Our business model is already very near to breaking even.
Experience: Please provide examples of any previous entrepreneurial initiatives you have pioneered.
HK Recycles is our first start-up, but my co-founder and I have business experience from university and from our corporate jobs. Since we started the company over a year ago, we have learned a lot and with almost 300 customers and a steady revenue stream, we are convinced the model works. We also bring recycling into the 21st century with web-based subscription and payment, e-mail reminders, and marketing focused on social media.