On April 26, 2021, finalists will compete for $22,500 in awards in the Spring 2021 Skandalaris Venture Competition. In anticipation of the SVC finals, we are publishing a Q&A series with the finalists. Today's featured team is Greenlight.
Greenlight is a browser extension that grades, recommends, and rewards sustainable shopping. Users go to an e-commerce website and the extension displays a breakdown of the viewed brand's ethical practices and tailored sustainable substitute products. Users can accrue reward points and receive discounts for switching to sustainable brands. They are initially focused on fashion but will expand to health/beauty products, furniture/home goods, and food & beverage. They want to become the one-stop shop for all questions sustainability.
Greenlight was the winner of a $150 prize in the September 2020 Green IdeaBounce® for environmentally-conscious products and business ideas.
Industry: E-Commerce, Sustainability
Number of Employees: 3
Total Funding (as of March 2021): $1,000-$5,000
What problem are you solving?
The fashion industry emits 8% of global carbon emissions, produces 20% of global wastewater, and employs millions in deplorable conditions. Consumers believe these practices should change, and the majority of consumers say they are willing to change their shopping habits accordingly. Nonetheless, consumers do not act on this desire while buying clothing. This is well-documented and termed the "attitude-behavior gap".
The gap is due to 1) a lack of accessible and reliable information on brand sustainability, 2) difficulty finding sustainable clothing, and 3) the notion that ethical clothing is more expensive. We want to eliminate these obstacles.
How do you solve this problem?
The solution is a browser extension that grades, recommends, and rewards sustainable online shopping. Users go to a brand’s website and, upon the press of a button, view ratings on the brand’s sustainability and substitute sustainable products. User purchases are tracked over time allowing them to understand their purchasing habits and are rewarded for positive changes.
We developed a Minimal Viable Product that launched in mid-January that has: 600+ downloads, 20-30 daily users, and 20% weekly growth January - March. Users can go to 2,500+ fashion brand websites and view the brand’s labor treatment, environmental effect, and impact on animals. The ratings are sourced through a partnership we have established with Good On You, the leading ethical grader for fashion brands. Sustainable substitute brands are displayed below the ratings, giving a user easy access to ethical alternatives.
About the Founding Team:
Our team is all from New York City. Despite attending different high schools, we met through mutual friends and remain close friends since.
Julian, the Head of Product, attends WashU as a senior. He studies computer science and economics, and has experience in product development, data science, and management consulting.
Evan, the CFO/CMO, graduated from WashU in December. He studied finance, and he has experience working for fashion labels, in start-up marketing, and in investment banking.
Jacob, the COO, attends Cornell as a senior. He studies hospitality and sustainable fashion, and he has experience working in software sales and operations in various industries.
As, between us, we are experienced in sustainability, fashion, business, and software, we know we are capable of building Greenlight to fruition.
What is the biggest lesson you've learned since starting your venture?
The users come first! We have learned that building something users will love is all about product-market fit. We have made it our mission to personally speak to as many users as possible - over 100 already. In addition, we’ve spoken to over 20 on-campus sustainability organizations across the country. Through talking to them we have identified pain points to address and new features to include. We are happy to say that over 90% of people we’ve spoken to love the product!
What do you love about being an entrepreneur?
After bringing an idea to life, when no one is telling you what to do, it is super gratifying to hear people around the world tell us how helpful the product is. Hearing this is one of the best parts! Additionally, it is awesome working with great friends and setting our own agendas.
What words of advice do you have for those starting a business?
If you’re a consumer-facing business, speak to your target audience before building your product. Customer discovery is easy to overlook as it’s not as sexy as building a product or driving revenue. However, it’s an invaluable investment down the line. We made the mistake of building our product a bit prematurely back in November, not fully understanding our value proposition to our customers. The initial product didn’t address one of the main pain points of our customers - finding ethical alternatives. Though our new product launched in mid-January solves the issue, it would have saved us money and time if we better understood our customer beforehand.
What is your must-read book?
Don’t think I can go for one must-read book, but a great book on entrepreneurship is Zero-to-One. PayPal founder Peter Thiel’s lucid writing can help any entrepreneur, and it is a very quick read as well.
What is you favorite entrepreneurial news source?
Axios Pro Rata - a daily newsletter with the latest rounds of fundraising ($5M -$2B) for start-ups across all industries. Not only is it a great source of inspiration but it is also a great way to get a pulse on the industry.
Website: https://www.greenlightshopper.com/
Instagram: @greenlightshopper