It’s a futuristic idea with tangible value that startup ecoATM is already making a reality.
ecoATM, a San Diego-based startup, has roughly 15 kiosks scattered throughout the southern California region, some at Westfield shopping malls in San Diego. These kiosks offer consumers a cash incentive to recycle their electronics.
Plop in an expired cell phone, overplayed MP3 player, no-longer-wanted video game or used-up ink cartridge, and ecoATM will determine the product, its estimated value — while factoring in damage — and make you an offer you might not be able refuse: cash in exchange for recycling your device.
It claims to offer highly competitive retu rn rates, but its biggest value proposition may be the immediate gratification. From a consumer perspective, there’s very little reason not to use ecoATM over trying to hawk an old gadget online. The startup promises to wipe your device and spits out cash or store credit, no human contact required.
The system isn’t perfect. ecoATM eats the cost on the returned devices it can’t resell, and the process can take a few a minutes (see below) — but it is working. In one year of testing, ecoATM has recycled more than 50,000 devices, according to CMO and co-founder Mark Bowles. Bowles and team are mum on what that translates to in financial terms, nor are they willing to share how much it costs to produce each kiosk or the exact margin they make on recycled devices.
Right now, the startup is using its more than $14 million in funding to aggressively expand into more areas. Google can expect to see an ecoATM onsite in Mountain View within the next few weeks, and...
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