TEAM: MIB 1-10

SUSTAINABLE SEAL

Executive summary

Globally, 2.5 billion tons of food are wasted annually, with the US being the largest contributor, wasting 60 million tons, or 40% of its food supply, costing $218 billion or 130 billion meals. Food waste emits 3.3 billion tons of CO2, making it the third-largest producer of CO2 after the USA and China. (Environment) The average American family of four wastes $1,600 of produce yearly, equivalent to their monthly grocery bill. (“The Environmental Impact of Food Waste | Move for Hunger”)Food waste is an enormous problem, and companies seek a greener solution. Consumers are searching for a cheaper way of supporting the climate change fight. The focus of the innovation revolves around addressing environmental and health complications, including reducing food wastage, through the implementation of sustainable, eco-conscious packaging. Combining cornstarch-based packaging with UV Light and Nanotechnology and clear labeling leveraging QR code technology will improve food safety and shelf life while decreasing food waste. We have discovered that the packaging market reached 360.2 billion USD in 2022 and is expected to face an annual growth of 3.6% until 2030. It is an area of increasing concern for the younger generations, such as Gen Z and Millennials, as the priority of improving consumption habits is steadily detectable globally, as responsible consumption is a common trend that requires immediate attention.

Acknowledging that current packaging options are hindering the environment, ranging from the inability of the material to be biodegradable to contributing further to carbon dioxide emissions, it is imperative to adopt an environmentally friendly solution such as cornstarch adoption, which is carbon neutral. There are risks and challenges, such as cost and production efficiency, scalability, regulatory approval, and technical challenges, and we use key metrics to mitigate problems and review. These include Core 7 KPI (Customer Satisfaction Index, Order Fulfillment Rate, On-Time Delivery Rate, Product Quality, Packaging Waste Reduction, New Packaging Design Adoption Rate, and Customer Retention Rate). We will proceed with our new business, following seven steps(ideation, validation, prototyping, marketing development, launch, and improvement).

Since the idea is to market the product and undertake substantial market penetration to reach the maximum number of consumers, presenting the product as a better alternative to manufacturers at an attractive price to generate revenue and increase market presence is crucial. The goal is to reach end users and make them aware of the importance of our product to make an impression on them about making the right choice so that they will become loyal, returning customers.

In terms of the financial aspect, we will focus on the investment provided by investors, banks, and other sources of funding that will assist in the implementation of research and development as well as technology. Private investment is used for the company's initial financing, paying suppliers, investing in machinery, and the development of the underlying structure for the tracking. Besides strategic investments from larger companies that could use the technologies for their existing offerings, a company loan or funding pots such as Green Business Boston can be aimed at it.