We occupy a niche of recycled, low-cost plastic shoes that makes a profit, whilst also benefitting people and planet.
$25,000 by friends & family
Won competitions ~ $14,000 cash + $100,000 AWS Credit
Bootstrapped additional $80,000 in revenue
Current revenue ~ $6,000/month
We have two customer segments:
1. B2C (direct sales of shoes to end customers): Mass Market (The average customer has low to median level of disposable income) seeking an experience of comfort, quality and service differentiation aged between 18 - 35 years, resident in urban and peri-urban regions
2. B2B: Franchise (in plan)
Problem or Opportunity
- Over 381 million tonnes of plastic wastes are produced annually
- Plastics are recycled to exact volume of plastics (p>0.05 i.e not significant) = more plastics, more flooding. Volume of plastic remains constant and even higher in the environment, more pollution
- ~ 90.5% of these wastes have never been recycled
- This has resulted in over 5 trillion plastics still floating in our oceans
Solution (product or service)
- We are a team of shoe designers and environmental scientists
- We imagined if we could convert all these plastic wastes to foot wears - making money and reducing wastes simultaneously
- Potential for impact is huge! - Global footwear market is currently valued at $264 billion!
* We decided to occupy a niche of recycled, low-cost plastic shoes (which are modular and patented) will make a profit, whilst also benefitting people and planet.
Nike, Adidas and Rothy's
Advantages or differentiators
Asides that we make shoes from plastic wastes, our shoes are also modular in form. We have a patent and design right on our invention.
- Modularity of our shoes
- Shoes made from plastic wastes
- Our shoes reduces volume of luggage our customers carry - the modular nature of the shoes allows this.
- Cost efficient: our customers get our shoes at prices 75% less than those of competitors
- Our customers feel cool while wearing our shoes - the modular nature again
- Emotional connection - our customers have a feeling of saving the environment.
Direct sale of products (shoes) to end customers & Franchise
Cost Structure: - Rents
- Human resources
- R & D
Our go-to-market strategies are as follows: Ads, PR, Social Media (Instagram, Facebook, Twitter, Snapchat, Email, Video Website, Online Marketplaces, Direct Sales in Stores, Sale Events, meet-ups and Referral Programs and also a franchise system (in plan)
- Market share
- Volume of production
- Life Product
Money will be spent on
* Seeking $1,000,000 to scale to major African cities, Asia, Europe & Americas
- Production (55%) - 41,000 shoes/month: Yield ~ $1,686,740 in revenue/month
- Marketing (35%): Yield ~117,000 paying customers + Franchise Boost
- R & D (10%) : to improve current product & other range of products (range of shoes and lifestyle products)
British Council Incubation, Acumen/Unilever Incubation, Orange Corners Incubation, Now Sprint Accelerator.
Won the competition and other awards
Recently nominated as a World Economic Forum Global Shaper 2020, as the 'Business Person of the Year' by The Entrepreneur Africa Awards 2019,Winner of the Africa 3535 young innovator in Africa Awards 2019, won the UK Government's Department for International Trade (DIT) Hackathon competition, 2019, The British Council Entrepreneurship Award in 2019, Winner of the Udo Udoma & Belo-Osagie Black Friday Pitch 2019, 100 Most Promising Startups in Africa by Africa Moves in 2019, winner of the UBER / LSETF (Lagos Innovates) Pitch, recently Invited as a finalist to the Afric’Up in Tunis,EMO Hannover in Berlin, Ththeraa in Delhi, Discover Creative: Circular Design in Vienna ITU magnet in Istanbul, - Winner of the Princeton Africa Pitch 2020, Winner of Africa Innovation Week 2020, 100 Meaningful Business 2020, Winner of the 2020 IFA Paris competition, National Winner (1st place) of the Nigerian Climate LaunchPad Competition 2020 (to represent Nigeria in Regional and Global finals in Kenya and Amsterdam respectively), Top 10 Global Finalist at the Just Imagine If... competition 2020 and Top 5 Global Finalist at Accelerate Circularity 2020, Winner of the Social Capital Markets Scholarship 2020, selected for the Social Innovation Business Camp 2020, Selected for the Orange Corners Incubation 2020, Selected as One of the Top 20 Innovators Converting Wastes to Wealth by UN-Habitat, Selected as one of the Top 25 Innovators in Africa for the Next Einstein Forum Sciencepreneur Competition 2020, listed in EarthTech's top 2.5% of global sustainability ventures
Modular Shoes made from Plastic Wastes and Algal Bloom
Patent dateFiled Feb 10, 2020 Patent issuer and number US 62/972,518