Greenbean Recycle, a software technology start-up, won the Technology Track competition of the WPI Venture Forum Business Plan Contest.
Babson MBA alumni Kristina Momchilova, M’11 and Havell Rodrigues, M’03, team members of Greenbean Recycle, have won the Technology Track competition of the WPI Venture Forum Business Plan Contest at Worcester Polytechnic Institute.
Havell Rodrigues, Shanker Sahai, & Kristina Momchilova
Greenbean Recycle is a Somerville software technology startup founded by Shanker Sahai that focuses on increasing recycling. Momchilova is the company’s Marketing Coordinator and Rodrigues serves as Chief Financial Officer.
The team will share the $10,000 first place prize.
Greenbean Recycle uses existing technology that consists of a reverse vending machine and web application process. Using social media, real-time analytics and gaming, the technology enables recyclers to record the energy saved through the number of bottles or cans the user has recycled. The user may also have the recycling refund deposited directly into a PayPal account, “Student ID cash” or a charity donation.
Launched in 2010, the company’s pilot machine on the MIT campus already has over 400 registered users and over 15,000 recycled containers. Another is planned for the Tufts University campus at the end of the year. With multiple locations, schools can compete and measure recycling progress against individual students, as well as schools.
Greenbean is targeting the college demographic to start and plans to grow into other venues and be cash-flow positive and sustainable in three years.