The Future of Business – Page 196 February 15, 2011
Collin Nair TerraCycle was founded in 2001 and is the brainchild of both Tom Szaky and Jon Beyer. At the time both were freshman students at Princeton University. The two envisioned a company that was financially profitable yet ecologically and socially responsible.
TerraCycle does business in Hazardous Waste Treatment and Disposal (NAICS) Their primary business function is manufacturing and selling organic plant food or fertilizer. Incorporated into their main business is an overall corporate strategy of managing waste effectively and meeting financial, social and environmental goals, namely a triple bottom line. TerraCycles’s business He would need to make the tough decision of replacing some of his friends. * Consider bringing in venture capitalists that will insist on financial discipline, strong management and provide the much needed capital and business expertise. * Right now publicity is his greatest asset and Szaky is adept at generating PR. Consider going on an environmental crusade, getting articles about TerraCycles published in newspapers, magazines and on the internet. Attempt to land interviews on radio stations and hopefully this personal drive, passion and charisma may lead to a television interview. This will give him increased exposure to the big box retailers and the public at large.
In the start-up phase strong talent that share the same values maybe hard to find and recruit. However the right talent may deliver by cracking the big box companies and achieve that much needed sales breakthrough. While venture capitalists may seem attractive right now Szaky will need to give up some control of TerraCycle in exchange for that much needed cash injection. Publicity could be a costly venture and money is scarce right now and maybe better spent just keeping the company afloat. Then again Szaky’s charisma, dynamism and vision may serve to excite and attract more investors to his cause. At this crucial stage I would recommend a two pronged approach, firstly reshuffle the ‘managerial deck’ and
