Finding Product #1

Finally found some retail pricing for industrial products made of recycled plastic. I can work backwards to figure out how much it might cost to make the products.

Ugh! With these margins, I can’t see how I can possibly sell enough industrial products in the ACT to justify the cost. And if I go beyond these borders, I will be directly competing with established brands and manufacturers that can do it better and likely cheaper.

I had coffee with some friends this afternoon that used to work for the ACT Government in the waste management space. I explained my dilemma with industrial products ,and then I mentioned a random idea I had about another product – one for consumers. They liked that idea for Product #1.

Went to another networking event with the entrepreneur group tonight. Told one of the organisers about my consumer product idea, and he suggested that I set up a formal meeting with their business accelerator group

I want to make stuff

I think that I want to create a company that makes things out of recycled plastic – to avoid things going to landfill and waterways. What kind of products would I make? Not completely sure. It seems like recycled plastic is mostly used for making industrial or outdoor parts like roof tiles, outdoor tiles and furniture – at least here in Australia. There must be some restrictions as to what you can use the product for? More research to do.

The fashion industry has far more to environmental issues than waste

Attended the Circular Fashion Conference. I didn’t realise the extent of the environmental impacts of the fashion industry. I was only looking at it from a waste perspective. They have way more work to do to fix the environmental aspects in their design and manufacturing processes first before it even makes it to the landfills.

I think that any business opportunities here (at least that I can see immediately) will take a significant investment and years to achieve some wins. At least they’re trying to address these types of environmental concerns with conferences such as these, but I’m moving on.

Where is the business opportunity?

Started putting together a slide deck of potential business opportunities that I have found so far in the recycled plastic space. There has to be something here that hasn’t already been done or perhaps a new product? Maybe I can work with companies already manufacturing great recycled plastic products?

Industry research

Been doing lots of research. I have an idea about doing some private label work with an established recycled plastics company. They’re already doing great things. Perhaps they would be a good partner, and I can market their products locally?