Problem: COMPANY: FLINGS BINS
Business idea: Create a pop-up, disposable trash bin that makes the process of recycling and collecting trash, particularly at parties and events that are held away from everyday garbage and recycling receptacles, simpler, cleaner, and more fun. Pitch: Most people want to do what is "right" when it comes to handling trash and recycling, but obstacles get in their way. Trash bags are often flimsy and hard to deal with. Recycling containers can quickly get dirty and unsightly. And handling trash and recycling can be difficult at parties and events that are held away from a person's home or business. These types of complications cause many people angst. Imagine throwing a party at a park, a beach, or a facility that you're not familiar with. It's easy for soda cans and beer bottles to pile up and for garbage cans to overflow. Even if you're throwing a party in your own home, household garbage cans and recycling containers are often too small to handle the job. flings Bins were created to address these problems. flings is a freestanding pop-up container and trash bag in one. You can set up several flings containers around the house and not have to worry about taking out trash in the middle of the party.
They are portable and can be brought outdoors to picnics, campsites, and tailgating parties where there is no trash can nearby. They are disposable and 100 percent biodegradable, but are sturdy enough to be emptied and used again if the trash inside wasn't particularly messy. They also dress up a party or event rather than create an eyesore, as is the case with most trash containers. They are available in many different colors and patterns, such as patriotic colors for a fourth of July party, red and white gingham for a barbeque, or confetti and balloons for a New Year's Eve party. While people don't normally think of impressing their guests with their trash or garbage containers, flings Bins are quite stylish. flings Bins are also available that are completely covered in the recycle symbol and are labeled "Please Recycle Here." There are boxes that can be checked with a marker or sharpie that say "cans," "plastics," "glass," and so on, so a host can opt to set up recycling bins for different purposes. flings containers come flat and pop up for use. As a result, they are easy to transport and store. As the company says, "Pop It! fill It! Toss It! Or Recycle and Reuse!" Each bin has a 13-gallon capacity (which holds about 60 cans or bottles), and a drawstring that makes them easy to close and carry.
1. Based on the material covered in this chapter, what questions would you ask the firm's founders before making your funding decision? What answers would satisfy you?
2. If you had to make your decision on just the information provided in the pitch and on the company's website, would you fund this company? Why or why not?