USA, California
Market: Chemistry
Project stage: Prototype or product is ready
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Idea or High Level Concept
Nyoka Design Labs develops better, cheaper, and more environmentally friendly glow sticks powered with their patented enzyme system. $8B market, worked w NASA, military, marine, entertainment markets!
Traction and Current Status
250K Investment Indie Bio, world’s leading biotech accelerator program, Jan. 2021.
Since investment Nyoka has: patent fully issued, another filed; launched ecommerce store to generate monthly revenue (increasing quarterly); NASA, Stellantis, Lululemon dev partnerships established; Fairware distribution established; received >$500K in additional grant funding, $150K IRAP funding for 2022 technology development, $100K SDTC for commercialization; expanded colour range available (blue, yellow, red, orange, green); and have pilot project with marine search and rescue scheduled.
Problem or Opportunity
Over 1 billion single-use, plastic, chemically toxic glow sticks are thrown out annually. People hate using them and each one stays in the environment as toxic waste. Glow sticks are slated to be included in plastic bans, but currently there is no alternative on the market.
Solution
We have developed a bio-based glow stick. It has all the same critical features as a chemical glow stick (non flammable, shelf stable, no heat signature) but it is cheaper, 10x more efficient and earth-friendly.
Business Model, Chanells, Metrics
At a 10% cost reduction compared to our competitors, we still retain 80% profit margins on our product; saving our customers money, preventing environmental damage, and making significant profits. We are also investigating carbon offset credits.
Incubation/Acceleration programs accomplishment
League Of Innovators
Indie Bio - worlds leading biotech accelerator
Currently - UBC Hatch Venture Builder Program
