Israeli Start Up: Cardboard Bicycle Seeks $2 Million by Crowdfunding
Cardboard Technologies will use the financing via crowdfunding platform Indiegogo to finance the initial production line of its cardboard bicycle.
Cardboard bicycle developer Cardboard Technologies Ltd. is seeking to raise $2 million by crowdsourcing through Indiegogo to finance the initial production line of the cardboard bicycle. The cardboard bike is the first of its kind; made of recycled cardboard, plastic bottles and used car tires, the cost of materials is estimated at $9-12.
Cardboard Technologies says that the although its bicycle is made primarily of cardboard, it is durable, fire and water resistant, and can support more than 400 pounds. It says that its “industrial and environmental game-changing innovation will reach both consumers and enterprises because it uses post-market resources (recyclable waste) to create useful, affordable everyday products.”
“Imagine a time when every plastic or cardboard product that is thrown into the recycle bin will contribute to the creation of a bicycle, wheelchair or toy, ” says cardboard bike inventor Izhar Gafni. “Basically the idea is like Japanese origami, but we don’t compress the cardboard and we don’t break its structure. We overcome the cardboard’s failure points, by spreading out the weight to create durability.”
Under US law, manufacturers are must recycle product packaging. Cardboard Technologies will allow manufacturers to turn excess packaging into high-quality products at affordable prices, enabling an additional, environmentally friendly, and energy-efficient source of incomes
Cardboard Technologies CEO Nimrod Elmish says, “This is the literal interpretation of the saying ‘one man’s garbage is another man’s treasure.’ Our product not only uses garbage to create something of value, but also helps in building a recycling culture in developing countries.”
Cardboard Technologies says it passed on several equity investment offers from entities that prioritized financial values over social values. “Cardboard Technologies’ innovations seem to me to represent a unique opportunity for moral capitalism in action – environmental innovation that delivers a superior product that is good for consumers and good for society. I am proud to be associated with this team, says Cardboard Technologies’ lead investor Jeff Swartz, a former CEO of The Timberland Company LLC.
Published by Globes [online], Israel business news – www.globes-online.com