Challenges and Opportunities for Bio-bean’s Sustainable Innovation
Bio-Bean Limited is a B Corporation registered to provide sustainability in waste management and protecting the environment through social values of reducing coffee waste and transforming it into Biofuel enabling a circular economy for other industries. The report will discuss the point on sustainable innovation of Bio-Bean, its challenges, and opportunities, and reflective experimental learning of the initiative towards sustainable innovation followed by the company.( Bio-bean, 2022).
Bio-bean is a company creating innovation in waste management and providing social sustainable value for the environment. The company was founded in 2013 by Arthur Kay and Benjamin Harriman. The company is located in London, England. The company took an initiative by innovating through coffee waste and changing the waste into Biofuel. The company has logistics partners and collection services in order to gather the coffee waste from different restaurants and companies in the UK and further the waste is recycled in the factories changing it into Biofuel which renewable energy and this innovation will help in protecting the environment by lower consumption of fossil fuels and can be used by industries for the better purpose providing a circular economy. The following technology is innovative and entrepreneurial because of the unique idea of sustainability. The company not only collects coffee waste helping in controlling waste disposal but also providing energy solutions that can help in the protection of consumption of natural resources like fossil fuels. The biofuel produced by the company can be used in powering transport systems. The company’s main objective is to provide sustainability by collecting and aggregating thousands of tons of coffee waste produced by factories and coffee shops and changing the waste into fuel and other resources ultimately providing benefit to the environment. Working on an industry scale the enterprise Bio-bean offers an overall operational solution for other organizations by adding environmental, commercial, and social value to the supply chain of the other organizations. The main business idea has come from architecture students Arthur Kay and Benjamin Harriman when they realized that disposal of coffee waste is harming the environment and this waste can be used to bring sustainability and can highly help in giving a commercial offering to other industries.( Sherwood, 2020). The initiative has received many awards and campaigns of sustainability were taken out by the company to provide awareness of better waste management. Bio-bean is helping the environment by raising the initiative of reducing landfills in the UK and also lowering the emission of harmful gases in the environment.( Ferreira, 2018).
Bio-bean is addressing coffee waste, the unwanted coffee leftovers are thrown and are not used afterward. The two main aspects of society the enterprise is addressing are unwanted waste disposal that is increasing landfilling and also causing issues to the environment and also combustion of fossil fuels is causing depletion of the ozone layer through the greenhouse effect. In order to face these challenges with one ultimate solution, there were Bio-bean strategy comes. Bio-bean is processing fifty thousand tonnes of waste annually, representing one in ten cups of coffee consumed in the United Kingdom. after processing the coffee waste, the company is producing biofuels which are useful in providing energy to 15,000 UK homes. Therefore, the Bio-bean team is planning to expand its operation to other countries for example the USA and northern Europe in order to get more coffee waste and to produce more energy. ( Cappa et al., 2016).
Funding and Endorsements for Bio-bean’s Sustainable Innovation
The expansion of operation for producing more biofuels has posed a serious challenge for Bio-bean. According to the team, the company is processing fuel which is equivalent to a drop in the ocean. In order to increase productivity, the company has to plant new factories in different regions and to serve every home in the UK the company more tonnes of coffee waste. Therefore, the company is thinking of expansion to other big countries for more production.( Kim, 2017).
The main opportunity the company has is to gather funding from the government and other organizations as this is a new innovative technology and is also helping organisations in earning economy at less cost. For the environment, the company is already cleaning the waste and producing better alternatives for the benefit of society. Recently the company has raised 1.2 million Euros from Gresham House Renewable Energy. Investors are investing in the company for a better future because of the Unique proposition of Bio-Bean in providing value to the market. ( Chen, 2016).
The initiative of Bio-bean in providing sustainability by creating change in waste management and creating value to the world. The company Bio-bean charges very low collection from other companies in collecting waste and poses no gate fee. The cost savings of waste-givers process up to 75%. The bio-bean strategy has a positive long-term impact. Bio Bean’s approach to sustainability offers new financial advancements opportunities by turning waste into fuel. Biofuel bridges the energy sectors and waste management in order to provide better financial opportunities. The company is providing a commercial advantage to each and every client. For coffee makers, the company is providing cost-saving opportunities, for society the company is providing energy to power up transport and electricity, and for energy sectors, the company is proving sustainable energy options. Thus, in total Bio-bean is delivering circular economy opportunity by innovation and sustainability. ( Boons et al., 2013).
The company’s innovation if get scaled up into a large-scale industry will help in potential growth and global adoption of the technology all over the globe eventually providing benefit to the environment and providing sustainability. The business model of Bio-Bean and pioneering technology has attracted many coffee companies and media. Bio-bean has also received endorsements from top companies like Shell as well as UK trade and investment including London Sustainable Development Commission. Bio-bean has provided both productivity and profitability to its clients.( Reficco et al., 2018).
Competition is another risk Bio-bean should have in mind from other competitors. Biomass subsidies are common in many countries including in US and Germany. A famous example of one is Coffee Coals, a company in the USA that converts coffee waste into coals used in barbecues. Many big companies are using their waste for utilizing rather than outsourcing for example Starbucks and McDonalds. Bio-bean has to invest in other research and development projects for bringing more innovative fuels which can attract other companies to participate and collaborate with Bio-bean in bringing sustainability to the environment. (Gunarathne, 2019).
Competition in Biomass Subsidies for Other Companies
Through this experiential project, I have learned many new ideas about sustainability and innovation. After evaluation of the project in sustainable innovation through different mediums and research and extracting views of people in sustainability, I realized people are concerned about sustainability in industries. With evidence of an increase in global warming causing climatic change, it is very much necessary for each and every individual to start thinking about bringing change in the system of waste management. I think disposable wastes harm the environment and should be recycled for better use. Before this experiential project, I use to have feelings that sustainability is required but after the project handling, I realized it’s not about only sustainability but to thinking in a unique fashion in order to bring productivity with sustainability. The project has provided me to evaluate with deep knowledge of waste disposal and how valuable things can be created from small garbage which we don’t even consider. In my case providing the solution is what the world wants rather than talking about problems. We, humans, are directly engaged with the environment and waste disposal is harming the environment and eventually causing harm to humans as nature protection should be our topmost priority. After analysing the consequences, apart from throwing products, I started to recycle the products for better purposes so that they can be reused in the future.( Wall and Meakin 2019). During the project, the awareness of people about environmental safety was the main concern. People busy in their lives are less concerned about environmental change. I think if we become serious in handling waste in our homes and offices then tonnes of waste will save for being disposed of in wrong places. We need to start from scratch before bringing any significant change as humans are hampering the environment for ages. I have also learned that in order to attract people to your work one needs to bring a unique proportion that can benefit both parties. My action plan after getting experience from this project would be to bring sustainability using innovation. I will continuously find new ideas to bring innovation in technology that will help the environment. I will contact more people who all are dealing with environmental protection and activists to know more issues regarding sustainability and the steps needed to recover the environment from social issues. Communication and approach are very required to bring efficiency in collecting data for work and it also helps in gaining more experience. The sustainability crisis is a very important matter of concern. I truly think knowledge is the key and educating people about sustainability and climatic risk is very much important I will try to provide information to the people as much as possible so that we can start our journey in preserving our planet for future generations.( Cillo et al., 2019).
Figure: Gibbs Reflective Cycle ( source: Crowe, 2022).
I have gained an entrepreneur level of experience from this project. I have learned a lot of new ideas that how a small step of concern towards environmental sustainability can lead to a full industry-based start-up. Having a vision and keep trying to achieve that vision without backing up is the true nature of becoming a successful entrepreneur. I have learned that no matter how many knock-backs and refusals arrive we should always believe in ourselves and we should always be ambitious towards our plan. Our main target should be achieving the goal in order to bring a new change and for bringing that change we need to overcome our fears of losing. During this project, I have received suggestions from many people which acted for me as mentorship and helped me in gaining new confidence in bringing new ideas to society. For becoming a successful entrepreneur, I should have the desire to grow and never stop until my customers’ requirements are met. I have gained knowledge that knowing your customer is very necessary for a successful business as it will stay you motivated and ambitious. The project has helped me to gain experience and agility in thinking out of the box and the evolution of plans is very much required. Keep evolving and keep working until and unless the perfect result is found. In order to bring sustainability through business, we need to keep engaging more and more people for better collaboration and providing new ideas to overcome the problems of the environment and providing solutions. I have learned that inspiring others through knowledge will help in building the skills of others eventually bringing productivity to the business. People all around the world are pursuing market opportunities to become successful but for becoming a successful sustainable entrepreneur I must keep on figuring out innovations with service provided to the customers and should find better ways through efforts of critical thinking in changing business model that can provide the solution in protecting the environment and at the same time generating revenues for the business. The project has helped me in understanding that it is not always the profit we think about in business but also the value we are providing to the environment as well as our clients. I tend to return to the environment as our environment is a prominent part of our ecosystem and today, we are degrading it for our benefit. We must keep our environment clean and free of pollution.( Blewitt, 2005). The experience I have gained from the project has helped me to re-evaluate my thinking on sustainability I will use this experience for creating innovation and ideas that can help in the future growth of my carrier. Gaining new knowledge provided me with vast experience which I can use to bring sustainability towards our innovation and environment. Preserving our planet for a better future should be the main priority and technology should be established for protecting our environment not for destroying it. As a respectful human being, I will keep on prioritizing sustainability for a better future generation.( Leach et al., 2012).
Conclusion
The report can be concluded by identifying the true value of Bio-bean in preserving waste management for sustainability through innovation and providing energy to the other industries. The report also has reflective knowledge that has been gained during the execution of the project for a better understanding of sustainability innovation. Bio-bean has provided solutions about how waste can be important in providing a new product that can help in removing the issues and challenges of a sustainable environment.
References
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Kim, H., 2017. The Potential of Product Design Made from Coffee Waste: Biomaterial for Sustainable 3D Printing. Journal of Integrated Design Research, 16(3), pp.61-70.
Leach, M., Rockström, J., Raskin, P., Scoones, I., Stirling, A.C., Smith, A., Thompson, J., Millstone, E., Ely, A., Arond, E. and Folke, C., 2012. Transforming innovation for sustainability. Ecology and Society, 17(2).
Reficco, E., Gutiérrez, R., Jaén, M.H. and Auletta, N., 2018. Collaboration mechanisms for sustainable innovation. Journal of cleaner production, 203, pp.1170-1186.
Rocha, M., Searcy, C. and Karapetrovic, S., 2007. Integrating sustainable development into existing management systems. Total Quality Management & Business Excellence, 18(1-2), pp.83-92.
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Wall, T. and Meakin, D., 2019. Reflective Practice for sustainable development. Springer.
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