Corporate Sustainability: The Positive Impact Series
For the first interview of our Sustainable Founders Series, we’re catching up with Renewlogy founder Priyanka Bakaya on winning the Grand Prize at Sustainable Brands 2018, her story and plans for the future, and advice to aspiring founders.
YN: What were your initial motivations behind founding the company? What impact do you feel your company is making within its respective industry/sector?
Priyanka: I spent a summer in India working in e-waste when I was an MIT student, and I became aware of the problem of plastic waste. Less than 10% of plastic globally is recycled — this is what led us to research ways to convert this low-value plastic into fuels. There is now an increasing awareness of the need to find new ways to recover plastics, and it is great that our company can have a real impact in this area.
YN: Why did you apply to SB Innovation Open and what was your main objective going into the program?
Priyanka: Renewlogy just launched a new small-scale Oceans system, which is designed for ocean and ocean-bound plastics. We are partnering with brands to bring these systems to developing countries, so Sustainable Brands was the perfect forum to launch this and showcase our product to brand owners.
YN: How did your company grow following your participation in the program?
Priyanka: Ever since winning the SB Innovation Open, we have had a lot of interest from brands, and continue to get more interest from them to sponsor our Renewlogy Oceans systems.
YN: What are your ambitions with the company moving forward?
Priyanka: Renewlogy’s mission is to continue to provide solutions for all hard to recycle plastics, and to deploy more large and small scale systems domestically and globally.
YN: Which corporations would you want to take your solution to or work with?
PB: Renewlogy partners with corporations interested in sponsoring efforts to boost domestic recycling of plastics, as well as companies interested in solving ocean plastics. Renewlogy promotes collection of difficult-to-recycle plastics through partnering with corporations on efforts such as Energy Bags and Waste Zero drop-offs. Renewlogy Oceans targets major rivers in the developing world to divert plastics from entering oceans. Corporations collaborate with Renewlogy on both these efforts.
YN: What is the best advice you have for aspiring founders?
PB: Starting a company is hard, so it is important to choose something that you deeply care about and that is going to have a real positive impact on the world. Environmental and social enterprises are challenging but extremely meaningful. No matter how hard they are, there is always a deep sense of satisfaction that you are making a positive impact on the world.
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