Fruiti-Cycle Project, an Ungandan start-up that has developed an affordable bio-gas powered, refrigerated tricycle that speeds to market delivery of fruits and vegetables, has won the Global Prize at the 2016 LES business plan competition.
The business plan and presentations were mentored by Bruce Berman of Brody Berman Associates in the U.S., who helped to develop the IP strategy, which incorporates patents, trademarks and trade secrets. There also is the potential for franchise licensing.
The Fruti-Cycle is a biogas powered tricycle, with a 300kg carrying capacity refrigerated courier for conveniently and safely transporting fresh fruits and vegetable to the market. It is targeted at the 70% of small-scale farmers in developing world. The Fruti-Cycle Project team is led by Nelson Mandela of Makerere University, in Kampala, Uganda.
Fruti-Cycle costs half the price of competitor Bajaj’s tricycle and easier to run. According to its designers it will earn revenue through direct sales ($800) +licensing fee ($8/month). With $50,000 initial cost, it provides a 15.6% return on investment in the second year.
With subsidies from the government, partnerships with local farmers’ organizations and international organizations, Fruiti-Cycle will obtain a sustainable competitive advantage to create cheaper better model to supply the local market and scale to international market within five years.
More about the Fruti-Cycle Project, team and business plan, can be found here.
For additional information, go here.
Competition sponsors included Article One Partners, Relecura, Traklight and Knobbe Martens law firm. The Global Prize includes a cash award.
Image source: tffchallenge.com
Fantastic and congratulations! Another win for our friend/colleague Bruce.