Guest: Austin Simms
Here's a summary of the great stuff that we cover in this show:
- Sustainability in a few years will be a hygiene factor. Everything will be regulated and standardised. And it'll be hard to use it as a differentiator. So, for small and medium-sized businesses, there's a real opportunity at the moment to use it as a differentiator, particularly against the big guys, because they can change faster and adapt. And if they can make that change now and really put it at the center of what they do, they can set themselves up for long-term success as a brand.
- At present, the standard way to actually understand the impact of a consumer product, is called a lifecycle assessment where you map the actual input of all the different materials and ingredients of your products, the manufacturing process, and to map it precisely takes about three or four months for a single product and costs you about $20,000. So that only enables the big brands to do that.
- At Dayrize, Austin’s team have developed a technology that can rapidly approximate that. Given enough data sources about where your product is made, the materials that go into it with the weight of those materials, where it gets sold, they can actually accurately approximate a lifecycle assessment that can fill in those blanks, taking what is a three-month process and making it 30 minutes, and reducing the cost from 20,000 pounds to $60 per product, or 60 pounds per product. And therefore enabling everyone to get access to the same level of information.