Summary of the technology
We are an innovative group with disruptive technology focused on reducing food waste at all points along the Value Chain. We've developed multiple versions of a web-based platform that will instantly connect, in real time, B2B Buyers to the Suppliers of short-dated product. With enhanced features that include the opportunity to execute transactions in advance, potential food waste is reduced (upstream) at the planning stage thus contributing to a sustainable value chain.
Description of the technology
As a Toronto based start-up focused on rationalizing fragmented markets, we have combined innovative elements drawn from areas such as Reverse Bid & Auction structures. With an initial focus on the existing inefficiencies within the food value chain, we've designed our platforms to be highly adaptable and proxy the range between an Ebay and a Reverse Bid format. As well, we have incorporated a Black Box configuration where both pricing and identity can be concealed. As a result, the product is moved faster and achieves a higher price while the brand value is protected.
This is a disruptive innovative technology with potentially broad applications and significant social impact. With roughly one-third of the food produced in the world for human consumption every year — approximately 1.3 billion tonnes — gets lost or wasted. Further, Food losses and waste amount to roughly US$ 680 billion in industrialized countries and US$ 310 billion in developing countries.
Currently, Food Merchants will take-in product at substantial discounts and attempt to manually call up a limited number of Buyers in order to move the product. This is both inefficient and time-consuming. Alternatively, food waste producers will “dump” their product at the local landfill at both an economic and social cost. In contrast, Resetfoods is focused on reducing food waste at all points along the Value Chain and seeks to capture these vast inefficiencies. We've developed multiple applications of a web-based platform that will instantly connect, in real time, Buyers to the Suppliers of short-dated product and apply existing logistics on route. With enhanced features that include the opportunity to execute transactions in advance, potential food waste is reduced (upstream) at the planning stage thus contributing to a sustainable value chain.
Within this offering, unlimited Suppliers and Buyers can operate concurrently to establish critical mass and enhanced value across product lines. Supplier product is automatically matched with Buyer demand within the platform’s backend and fully allocated based on highest value. Elements such as participant gaming and time delays have been minimized while broad user flexibility has been incorporated in order to enhance value.
Our recent platform has been developed with a close fit to CPG operations including their associated multiple verticals. With batch import functions, CPG’s can load product details directly from internal databases, focus on relevant criteria (optimal distance, defined buyer pools and buyer product preference) as well as control price/quantity within the process.
Co-Owner (Sales/Operations): Peter Karrys – Previous owner/operator of a $2.1 billion food distribution company - Karrys Brothers. Grew operations from a $10MM in annual revenue activity.
Co-Owner: Jim Pantzos (Finance/development) – 15 yrs of Consultancy and advisory on successful diverse large value projects $10MM-100MM
Technology (CTO): Rajesh Tripathi successfully created diverse platforms for a variety of user groups over the last 10 yrs and has demonstrated high-level competency applying various programming languages and programming architecture.
Advisor: Geoff Benic - Past President/founder of Grocery Gateway (home grocery delivery). Chairman of Sofilia Services which provides logistics solutions for various CPG's as well as participates in the redistribution of code-date and surplus CPG products
Current development status
Desired business relationship
New technology applications
Adaptation of technology to other markets
Other : Supply Arrangement
Founder at Resetfoods
Additional information (attached documents)