LeanPath’s co-founder and CEO, Andrew Shakman, recently wrote a post about funding upfront investment in food waste prevention. Food waste reduction is most effective when preventing the food waste from happening in the first place. The first step to prevention is measurement. However, as Shakman mentions, a common challenge in waste tracking and analytics is the upfront investment of time and resources. He lists five tips to spark upfront program investments:
• Food waste prevention is proven to have a strong return on investment: For every $1 a company invests in prevention, they save $14 in reduced food waste. This means that companies can earn back their investment in starting a food waste prevention program within six to twelve months.
• Companies can utilize an alternate approach, such as a rental or a leasing program, to spread the cost over time.
• Depending on the geographical location of the company, local technical support and funding may be available to encourage waste prevention.
• Green Revolving Funds, which are common at colleges and universities, are mechanisms to capture savings from one sustainability project to invest in another.
• A renewable funding source could be created to support initial program investment.