The COVID pandemic has exacerbated the food waste problem faced by restaurants, distributors, and food producers. We’re observing both over-ordering by retailers and overproduction by food producers, but no balance between the two.
Our team at GreenBytes recognizes that the food supply chain needs optimization.
GreenBytes aims to rehabilitate the food industry at all levels of the supply chain by cutting costs incurred through food waste during COVID-19 and aftward. Our proprietary algorithm allows us to forecast food sales using data from past sales, enabling our team to recommend appropriate order amounts. Our forecasting model has already been tested using data from local restaurants in Iceland, and we believe we can expand our model to include both the distributor and producer levels of the food supply chain.
GreenBytes has worked with industry experts to develop a business plan, revenue model, and marketing strategy. Our two-fold business structure includes a one-time setup fee and monthly maintenance fee that can be adjusted to satisfy partners from the various levels of the supply chain. Monthly fees are based on our partner’s role in the supply chain and the percentage of savings we generate.
We have also conducted an initial patent search through the Espacenet patent search and the European Publication Server.
Using our algorithm and current business model, GreenBytes can stimulate economic regrowth for businesses from all groups of the food supply chain. This is imperative during the pandemic and the positive economic and environmental impact will carry over beyond COVID-19 times.
What you have done during the weekend:
Our team began this weekend’s challenge by researching the magnitude of the food waste problem as it has increased during the COVID pandemic crisis.
Over the weekend, we have made new connections with key players in the field, including other startups working in food-related green technology. We’ve established contact and discussed our idea with a member of the United Nations World Food Programme, and are grateful for this valuable newfound contact.
During this challenge, our team also took some time to redesign the GreenBytes interface, as well as write, record, and edit our video presentation.
The solution’s impact on the crisis:
This expanded strategy for GreenBytes affects the supply chain in its entirety. By improving communication between businesses at each level of the chain, our team can optimize the whole. By optimizing business to increase profits, we can help keep small businesses afloat during this crisis, and empower the bigger food industry players to stimulate the economy and create jobs.
The necessities in order to continue the project:
In order to continue our project, the GreenBytes team needs to establish connections with new partners across the different levels of the food supply chain. We estimate validating this idea will require 500.000€ and from there we can focus on scaling. With the collaboration of new partners, we can expand our testing and begin implementing our services.
The value of your solution(s) after the crisis:
The GreenBytes solution goes further than simply putting food on the table during this crisis.
At the core of Greenbytes is our belief in our local communities and the individual’s ability to affect environmental change. If we can empower domestic businesses to improve the food supply chain, we can help Iceland serve as an international role model for better consumption and production practices throughout Europe.
Europe throws away 88 million tonnes of food per year which costs €143 billion, reducing this by 20% can save Europe €28.6 billion.
The GreenBytes team has the industry knowledge and business model to be part of the conversation that starts with improving Iceland’s domestic food supply chain. Our solution can help Iceland reach its Paris agreement goals, as well as our domestic goal of becoming carbon neutral by 2040. GreenBytes can help fulfill the following UN Sustainable development goals: Responsible Consumption and Production (12), Climate Action (13), Zero Hunger (2), Gender Equality (5), and Reduced Inequalities (10).
Our team recognizes that an environmentally conscious future requires multi-level and comprehensive participation. GreenBytes welcomes businesses to have a seat at our table and be a part of this collaboration.