Stage of Innovation: Proof of Concept (You have created something to show the innovation can work)

Problem: Indiscriminate waste disposal has been a recurring issue that is defying solutions in most developing countries (https://bit.ly/3fJvQly). In September 2018, the World Bank announced that global waste production is predicted to rise by 70 percent by 2050 (https://bit.ly/3WCaLKq). Even at its current value, most of this waste is not properly disposed of in Africa. Ibadan, the capital of Oyo State, which has a population of more than 3.5 million, is dealing with a severe solid waste management challenge. The city produces a lot of waste, but much is dumped on open spaces, road medians, and streams. According to Olayiwola et al. (2017), Ibadan disposes of more than 70% of its waste in an offensive manner. Despite efforts by subsequent administrations, the problem has remained the same. The results of this careless waste disposal action are extensive. Olayiwola et al. (2017) opined that indiscriminate waste disposal has a significant effect on health in Ibadan (https://bit.ly/3T8Hm7G). Aside from the risk to the public's health, careless waste disposal has worsened flooding in the city because it has blocked drainages and waterways [IUFMP, 2021 (https://bit.ly/3hfiqOB)]. If not properly addressed, the spate of loss of lives and properties due to flooding, and disease outbreaks will increase.

Unique Selling Point: At Wasty Wealth, we are resolving the problem by offering just-in-time and professional waste collection. We will make the city clean and healthy by deploying two innovative tools backed by a disruptive revenue model. The first tool is a 2-compartment smart waste bin that helps classify waste at the source. Internal compaction mechanisms in the inorganic compartment ensure that the bin can hold at least six times its typical capacity. The fill-level and GPS sensors prevent the smart waste bin from being overfilled and enable just-in-time, coordinated collection. The eco-bike is the second tool. Due to its pay-as-you-go business model, this bike is accessible and reasonably priced for customers with low and middle incomes. The reduction in maintenance and fuel costs is also one of the eco-bike's key benefits. The solution is also backed by a sustainable business model. Low- and middle-income customers will pay per dump, whereas high-income customers will pay monthly. By deriving revenue from three streams—subscriptions/pay-per-dump, sales of recyclables, and advertising revenue from advertisements placed on the smart waste bin and the eco-bike—our pricing will be comparatively accessible to our customers. Furthermore, our incentivized, community-based approach to enrolling customers makes us unique and scalable. In sharp contrast to government enforcement and fines on indiscriminate waste disposal, we will be deploying loyalty reward points (Wasty Points) to attract customers as a community while leveraging on the operations of community development and market associations. By enrolling our customers as a community, we are building a community that is environmentally aware. The behavioral change will pave an easier path to customer acquisition, thus lessening the expenses to be incurred in future customer acquisition. Additionally, we will use the services of informal waste pickers in our operations. We will use these informal waste pickers as waste collectors and sorters for our operations. By working with us, they will have better working conditions and more money than they do right now.