Article table of contents
In short
RecycleBank is a company launched in 2002 by Ron Gonen, who graduated from the Columbia University's Business School, and Patrick Fitgerald and operates in New England, USA. Its business model is to entice people to recycle by rewarding them with coupons. It runs on the principle of frequent flyer miles. RecycleBank gives household credit for weight of materials they recycle, which is scanned and recorded through computer chip embedded in garbage bins when they are picked up by sanitation crew. They exchange that credit for coupons at various businesses, such as Origins, Bed Bath & Beyond, IKEA and Whole Foods Market.
Benefits
The entire chain of recycling could take advantage of this win-win-win situation. Recycling companies make more money from processing, retailers gain feel-good association with socially beneficial activity, and households save in disposal fees as waste is diverted from landfills and incinerators.
RecycleBank incomes
RecycleBank charges municipalities $24 to $30 per household. The company also increases its revenues from recycling plants, depending on how much it increases amount of materials that are processed.
RecycleBank employs 30 full- and part-time employees and convinced some 300 local and national retail partners. By spring 2007, it expects to service more than 250,000 homes in the United States.