BIG IdeaBounce 2024 | 14 Finalists Dazzle In SharkTank Contest

Team Elcove

School Affiliation: Babson College

Description: A line of zero-waste and non-toxic home care products.

Problem:

Elcove is addressing a critical and pressing environmental issue: the overwhelming use of single-use plastics and harmful chemicals in traditional home care products. Annually, over 2.5 billion plastic bottles from cleaning products are discarded in the U.S. alone, significantly contributing to the growing crisis of plastic pollution. These bottles not only take hundreds of years to decompose but also pose a severe threat to marine life and ecosystems.

Additionaly, traditional home care products are predominantly composed of water, accounting for 90-95% of their content. This high water content not only adds unnecessary weight to the products, leading to a higher carbon footprint due to transportation, but it also questions the efficiency of the product itself. Furthermore, the chemicals used in these products are not just harmful to human health but also have detrimental effects on the environment when they leach into our water systems.

Elcove aims to be a part of the solution in mitigating the adverse effects of traditional home care products, making a substantial impact on both the planet and humans.

Solution:

Elcove is a line of a zero-waste and non-toxic home care products on a mission to make a sustainable lifestyle affordable and accessible for everybody! Elcove offers a zero-waste alternative with reusable glass bottles and compostable refills for those who want to live a more sustainable lifestyle. Simply mix the pouch with water at home to create a highly effective product of choice. While others offer sustainable packaging or non-toxic ingredients, we uniquely combine both. Unlike current options like tablet refills, our solution ensures high performance with more active ingredients, setting us apart in effectiveness. We launched in January 2023 with a foaming dish soap, followed by two hand soaps in August. Our products are available on our website and Amazon.

Market:

Our Total Addressable Market consists of the expansive global home care market, valued at approximately $106.40 billion as of 2023, with an anticipated growth rate of 3.74% through 2024-2032. This broad market includes a range of products from kitchen to laundry care. According to the Global Household Care Market Outlook done by Expert Market Research, “the market growth is anticipated to be led by the introduction of eco-friendly and natural products and the growing focus on sustainable development of innovative household care products.”

Within this market, Elcove’s customer base is diverse and can be primarily segmented into two distinct groups. The first segment consists of Eco-Friendly Moms, aged between 30 to 55 years, typically married with children, and with a family income ranging from $70,000 to $100,000 per year. These customers are based in the United States and are highly invested in eco-friendly products for their family’s health and environmental well-being. The second key segment is the Eco-Conscious Generation Z, individuals aged 18 to 27, usually single and without children, earning between $50,000 and $70,000 annually. This younger demographic, also in the United States, is drawn to sustainable and non-toxic products that align with their environmental values.

Competition:

While other companies offer sustainable packaging or non-toxic ingredients, we uniquely combine both. Unlike many current sustainable alternatives that use tablet refills, our powder refill pouches approach ensures superior cleaning efficiency. The small tablet is not able to have as many active ingredients for cleaning and requires ingredients to keep it congealed in the form. Unlike tablet refills, our solution ensures high performance with 2x as many active ingredients, setting us apart in effectiveness.

Elcove’s innovation extends beyond the product to the user experience. Our refill pouches are designed to solve within a few minutes, addressing common inconveniences associated with tablet refills that take a long time to dissolve. In addition, our refills create a luxurious foam, unlike the watery foam that many tablets create. This user-friendly approach supports our mission to make sustainable living an easy, accessible choice.

Value Creation:

Elcove’s revenue model is a blend of one-time purchases and a subscription service. Recognizing the diverse needs of our customers, we offer the flexibility of individual purchases for those exploring our range of sustainable and non-toxic home care products. These one-time purchases are available through our website, Amazon, and social media platforms, catering to customers who prefer to try before committing or need specific items intermittently. Complementing this, our subscription model for our refills caters to a growing consumer trend favoring convenience and consistency. It not only ensures a reliable revenue stream for Elcove but also fosters lasting customer relationships by providing regular, hassle-free deliveries of our products. Launching in 2023 not only showcased that are revenue model works, but also that we will be able to make a lasting environmental impact.

The Team:

Our team consists of two full-time dedicated members. Elcove is led by Anastacia Yefimeko, Co-founder & CEO, a current student at Babson College. Anastacia is pursuing her Bachelor of Science in Business Administration and will graduate in May of 2025. Anastacia has a variety of knowledge and skills in business vision and scaling, honed through Babson’s specialized curriculum. Her experience and skills are further taught by a year-long internship at a Shark Tank startup, where she gained invaluable insights into startup operations and client relationship management. This experience has been augmented by a robust network of mentors and connections. Anna Galonskaya is the Co-founder & Operations Manager, who possesses 25 years of experience in scaling ventures. Anna’s diverse background includes owning a company and working in a large corporate environment, giving her a broad perspective on business optimization and growth. In her role, she manages accounting, vendor relationships, product manufacturing, and order fulfillment. This combination of entrepreneurial education, hands-on startup experience, and comprehensive operational expertise uniquely positions our team to guide Elcove’s growth as a leader in the sustainable home care market.