Stories of Impact | Plastic Bank

Stories of Impact Plastic Bank

Overview

Name: The Plastic Bank

Founders: David Katz, Shaun Frankson

Country: Canada

Inclusive Economics to Break the Cycle of Poverty and Ocean-Bound Plastic

The goal: Bring one billion people together from around the world to eradicate poverty and stop ocean-bound plastic. Big and Bold. And do so within notoriously highly-corrupted, low-trust environments.

Impact Innovation:

Plastic waste has convertible value. To the right people.

The Plastic Bank’s innovation is a market-based plastic recycling marketplace, whereby corporations and citizens (without government intervention) come together and divert ocean-bound plastic in exchange for the necessities of life that allude many in developing countries like Haiti, the Philippines, and Indonesia. Citizens can start their own business within this new ecosystem and be paid without being concerned about losing their funds to local bad actors. Social Plastic and a path to hope was born.

Cognition Foundry developed the bespoke digital blockchain-based marketplace platform. A digital token was created, thus ensuring funds get into right hands (and away from corrupt bad actors). The tokens are exchanged for healthcare, education, food, and medicine within a network of Plastic Bank retail storefronts. Trust was instilled into the platform through technology-enabled transparency to validate claims using Blockchain.

Ah-Ha Moments

Being clear on the Customer and the Beneficiary

Finding the right Customer Segment was vital. Once we understood Who truly valued our innovation from the demand side, our business started to rapidly scale.

CF Contribution

“Our partnership with Cognition Foundry
has been invaluable.
It provides the knowledge and connections that have transformed us from a minor enterprise working with pen and paper to effectively having our own leading-edge technology division overnight…”