A platform giving a second life to surplus industrial equipment
Team Leader
Garry Cooper
Circular economy software integrating resource sharing, asset management, disposition & sustainability metrics on a user-friendly platform.
Solution Pitch
The Problem
Organizations and offices across every sector generate millions of tons of institutional waste annually by discarding their physical assets—and then spend capital on double-purchasing equipment, storing extra inventory, or even paying to purge assets. Worse, still-valuable assets are often improperly disposed of in landfills, where they contribute to increased emissions.
The Solution
Rheaply’s Asset Exchange Manager maximizes the reuse, remanufacturing, and exchange of resources within and across organizations. The software platform tracks inventory and depreciation, allowing users to better visualize, quantify, and utilize surplus assets, or to dispose of them properly. The transparent asset management system also offers facilitated peer-to-peer asset exchange, a gamified online marketplace, and sustainability metrics—enabling less waste and more cost-effective reuse.
For smaller and nonprofit partners, such as K–12 public schools, Rheaply’s software can help save operational budgets and provide in-kind support services through equipment and knowledge sharing with larger organizations, which creates and expands key community relationships.
Market Opportunity
The circular economy represents a net materials cost savings opportunity of $340 to 380 billion. The software asset management market size is expected to grow from $1.16 billion in 2017 to $2.32 billion by 2022, with an increasing need to manage resource lifecycle. Recommerce, the reselling of previously used goods, as an industry is expected to double in size over the next five years.
Partnership Goals
Within the next five years, Rheaply plans to expand to large organizations throughout the US and internationally. To do this, the startup seeks:
Technical expertise to develop the Rheaply platform through the use of AI and blockchain asset tracking; and
Business development guidance to persuade new types of organizations to sign on.
Organization Highlights
Some of Rheaply’s notable achievements include:
The Leadership Award for Advanced Circular Economy from Sustainable Purchasing Leadership Council (SPLC);
Rheaply's Asset Exchange Manager currently services a range of universities and private enterprises including Northwestern, University of Illinois at Chicago, Stanford, Google, Mars Wrigley, AbbVie, and MIT.
What is the name of your organization?
Rheaply
What is the name of your solution?
Rheaply
Provide a one-line summary or tagline for your solution.
Circular economy software integrating resource sharing, asset management, disposition & sustainability metrics on a user-friendly platform.
In what city, town, or region is your solution team headquartered?
Chicago, IL
In what country is your solution team headquartered?
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What type of organization is your solution team?
For-Profit
Film your elevator pitch.
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What specific problem are you solving?
Organizations across every sector generate millions of tons of institutional waste annually by discarding their physical assets and then spend capital on double-purchasing equipment, storing extra inventory, or even paying to purge assets. Worse, still-valuable assets are often improperly disposed of in landfills, where they contribute to increased emissions.
What is your solution?
The Rheaply Platform maximizes the reuse, remanufacturing, and exchange of resources within and across organizations. The software platform tracks inventory and depreciation, allowing users to better visualize, quantify, and utilize surplus assets, or to dispose of them properly. The transparent asset management system also offers facilitated peer-to-peer asset exchange, a gamified online marketplace, and sustainability metricsâenabling less waste and more cost-effective reuse.
For smaller and nonprofit partners, such as Kâ12 public schools, Rheaply's software can help save operational budgets and provide in-kind support services through equipment and knowledge sharing with larger organizations, which creates and expands key community relationships.
Who does your solution serve, and in what ways will the solution impact their lives?
Rheaply serves two types of clients critical to the successful supply and demand of any circular economy. Large organizations use Rheaply's platform to ensure full utilization of existing assets by empowering departmental transparency and facilitating peer-to-peer asset exchange. Second, smaller organizational partners also play a pivotal role in the development of our platform. As we continued to scale our solution, we have expanded our roster of nonprofits, charities or K-12 public schools who are able to directly benefit from assets that our larger partners are enthusiastically willing to share or donate. This effort can greatly increase the operational budgets of impactful institutions and connect local communities through knowledge and equipment sharing.
Stats
By using Rheaply, the University of Chicago reported annual savings of $250,000 by reclaiming more than one-third of all unexpired, unused lab resources.
