Organised by the Singapore Administration College Institute of Innovation and Entrepreneurship (SMU IIE), the Lee Kuan Yew World Enterprise Plan Competitors (LKYGBPC) is considered one among Asia’s largest university-led startup challenges.
Its newest version ran final September, and the enterprise that was topped the Grand Winner was PlasticFri—a greentech firm hailing all the best way from Sweden.
Beginning PlasticFri
PlasticFri was based by brothers Max and Allen, with the mission to finish plastic air pollution.
Describing himself as a visionary social entrepreneur, Max advised Vulcan Put up that his private drive to create an influence has been the gas for his entrepreneurial journey. As such, he has based 4 firms, and in addition made a significant exit.
Though PlasticFri was solely formally registered as an organization in 2018, the precise genesis of the brothers’ work stems from over a decade prior as a facet mission. And the inspiration extends even additional again.
“Every time we had been out within the nature, our mother and father requested us to spend a couple of minutes choosing up rubbish earlier than beginning to mess around,” Max recalled his childhood. “This turned a behavior which continued into maturity, and we nonetheless find time for that right now.”
However as adults, the 2 realised that these small efforts had been sadly not scalable—many of the rubbish they discovered within the nature was plastic waste and it by no means stopped accumulating.
Thus, over a decade in the past, they began engaged on a facet mission, searching for a extra scalable resolution.
“In 2018, we had a breakthrough and succeeded with promising outcomes past the lab and creating the core expertise,” Max mentioned.
Quick ahead to right now, PlasticFri gives a spread of plant-based and eco-friendly merchandise which can be designed to exchange plastics. Significantly, they provide waste baggage, fruit baggage, pet baggage, aprons, paper cups, paper lids, paper straws, paper baggage, service baggage, and mailers.
For his or her work, Max and Allen have been recognised by many platforms. They had been named one among Sweden’s strongest leaders in sustainability, chosen by Forbes journal’s 30 Underneath 30, and awarded the Prince Daniel Fellowship.
And naturally, now they’re additionally the eleventh LKYGBPC’s Grand Winner.
Competing with high skills
In keeping with its web site, the LKYGBPC brings a number of the world’s most proficient to Singapore, connecting them with Southeast Asia’s business titans, academia, and buyers.
Max advised us that PlasticFri had obtained an invite via their community to affix the LKYGBPC.
However the principle purpose for becoming a member of was to guage Singapore as a hub for PlasticFri’s growth within the area, in addition to enable the enterprise to showcase their innovation and construct partnerships.
“We’re exploring to develop our presence within the Asia Pacific area, particularly in Southeast Asia and Singapore, the place there’s a sturdy demand for eco-friendly options,” Max elaborated.
As a winner, PlasticFri had obtained S$100,000 in money and S$75,000 in-kind prizes. However greater than that, the startup additionally obtained the chance to be mentored by notable enterprise capitalists (VCs) within the innovation and entrepreneurship area for growth within the area.
By way of connections, PlasticFri was in a position to work with Elaine Heng, NTUC FairPrice’s Deputy Group CEO & CEO of Retail Enterprise.
By means of that link-up, PlasticFri is at the moment within the means of ongoing pilots with FairPrice, and is in dialogue for a business take care of one other native shopper.
Altering the long run
So, what’s subsequent following this pilot? Will FairPrice be switching to completely PlasticFri merchandise?
Max mentioned, “FairPrice has an awesome concentrate on sustainability. They are going to talk extra particulars concerning the pilots and in addition subsequent steps in keeping with their inner insurance policies.”
Except for these collaborations, PlasticFri can also be contemplating establishing an area firm in Singapore.
With a foothold in Singapore, the target in the long run is to construct an ecosystem to serve the better SEA area.
“Singapore is a forward-thinking and superior nation the place there’s a sturdy demand for eco-friendly options which entry to funding is feasible,” Max mentioned. “So, we imagine that may be an awesome hub for our growth within the area.”
Asking Max about whether or not the enterprise goals to localise its strategy to Singapore, he identified a number of variations.
“In our dwelling nation of Sweden, there’s a well-established and optimised waste administration system to allow circularity,” Max mentioned. “In Singapore, as a consequence of shortage of land, the probabilities are extra restricted.”
However as a consequence of this shortage, Max believes there may be a good a better want domestically for PlasticFri’s round merchandise.
So far, the corporate has bought over 50 million merchandise to over 30 B2B clients in Europe, North America, and Asia. And maybe Singaporean firms equivalent to FairPrice will probably be becoming a member of that roster of purchasers, particularly if PlasticFri does resolve to arrange store within the nation.
Study extra about PlasticFri right here.
Learn different articles written about startups right here.
Featured Picture Credit score: Singapore Administration College Institute of Innovation & Entrepreneurship
