Millions of electrical and electronic devices, also known as e-waste, are discarded yearly, rendering it the fastest-growing solid waste stream in the world. According to the UN (Global e-Waste Monitor 2024) 62 billion kg of e-waste were created in 2022, amounting to almost 8 kg per capita. This escalating phenomenon has become a threat to both the environment and human health, as devices not properly recycled, release toxic components.

Current Solutions

Most e-waste is not recycled, as electrical and electronic devices are often stored in homes and warehouses, dumped, exported, or recycled under poor conditions. Methods currently used for e-waste recycling, such as pyrometallurgy and hydrometallurgy, are not environmentally sustainable, releasing secondary residues. Over a thousand chemical substances are estimated to be emitted into the environment, with pregnant women and children being particularly vulnerable due to their unique exposure pathways and developing bodies. Moreover, these conventional strategies are not financially viable, resulting in significant waste of potentially recoverable metal polymers contained in e-waste.

Our synthetic biology idea revolved around bioleaching, the dissolution of metals using microorganisms. Our approach is eco-friendly and economically sustainable, as it aims not just at recycling, but also at upcycling through the production of nanoparticles and the recovery of gold, silver, and copper from e-waste.

Choosing Our Start-up Methodology

To develop our project idea into a start-up company, we selected the Lean Startup methodology, as it offers a structured yet flexible approach that helps us navigate the uncertainties of innovation. e-PHAESTUS is a groundbreaking idea, thus the lean method allows us to test our hypotheses quickly, adjust based on actual feedback, and minimize the risks associated with product development. By focusing on continuous iterations and customer validation, we ensure that our solution to the e-waste management problem addresses real-world needs efficiently while avoiding excessive time and resource investment in unvalidated ideas.

“Fail fast and cheap. Fail often. Fail in a way that doesn’t kill you” - Seth Godin

Our Minimum Viable Product (MVP): Glutathione-Capped Nanoparticles

Our project’s MVP centers on the development of glutathione-capped gold, silver and copper nanoparticles, targeting key applications in biomedicine, environmental sensing, and cosmetics.

Key Features:

• Metal Recovery: The GSH capping enhances the binding and solubilization of metals, from e-waste, including gold, copper, and silver.

• Antimicrobial Properties: Gold, silver, and copper nanoparticles exhibit potent antibacterial effects, making them valuable in:
  • Biomedicine (antimicrobial agents)
  • Agriculture (nanofungicides)
  • Environmental Remediation

• Drug Delivery Systems: The GSH capping enhances the binding and solubilization of metals, from e-waste, including gold, copper, and silver.

• Sensing Applications: nanoparticles in sensors can detect biological and chemical substances, such as heavy metals and antibiotics.

• Cosmetics: The nanoparticles’ antioxidant properties make them ideal for cosmetic formulations focused on skin health and anti-aging.

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Market Potential:

• Pricing: The market price for glutathione-capped nanoparticles is significant; for example, glutathione-capped gold nanoparticles are priced at approximately $900 per mg. Silver and copper nanoparticles also command high prices due to their wide applicability across various sectors.

• Target Industries:

  • Cosmetics: Companies such as L’ Oreal and Estee Lauder can utilize the antioxidant nanoparticle properties in their skincare products

  • Biomedicine: Firms such as Nanospectra Biosciences may be interested in the drug delivery potential, especially for cancer therapies

  • Agriculture: Companies like Nano Green Sciences could investigate the antimicrobial applications of these nanoparticles

  • Sensors: Collaborating with organizations like Nanocomposix and Agilent Technologies could facilitate market entry for environmental sensing solutions.

After analyzing different parameters, we decided not to include direct nanoparticle sales in our initial strategy, as advanced analytical techniques for characterization would be necessary. Instead, our focus will be on establishing partnerships with established companies that specialize in nanoparticle sales and characterization, allowing for a phased investment approach as funding becomes available. Some examples of such companies include MSE Supplies LLC, Cytodiagnosis, Nanocomposix, Plasmachem GmbH, US Nano and SkySpring Nanomaterials.

Stakeholder Search

Once the MVP is complete, we gather feedback from potential stakeholders, such as waste management companies, environmental agencies, and other sectors impacted by e-waste. This feedback helps us evaluate the practicality and scalability of our solution within the industry, guiding necessary refinements. Examples of stakeholders are presented in the table below:

Category	Examples	Description
E-Waste Recycling Companies	TerraCycle EnviroServe Sims Recycling Solutions	These companies manage substantial amounts of e-waste and continually seek more efficient and sustainable methods to extract valuable materials.
Metal Recovery and Refining Industries	Umicore Johnson Matthey	These industries focus on recovering precious metals such as gold, silver, and copper from waste, positioning them as essential partners in scaling the bioleaching process.
Government Environmental Agencies	Hellenic Recycling Agency (EOAN) European Environment Agency (EEA)	Regulatory bodies play a crucial role in establishing recycling standards and can support or fund innovations in sustainable waste management.
Technology and Electronics Manufacturers	Apple Samsung Dell	These companies are leading producers of electronic devices and are actively pursuing sustainable methods for managing end-of-life products. This effort aims to fulfill their corporate social responsibility (CSR) goals and reduce production costs through resource recovery.
Environmental NGOs and Sustainability Initiatives	Greenpeace Global E-Waste Monitor	NGOs advocating environmental sustainability would likely support a bioleaching solution that minimizes pollution and conserves valuable materials.
Investors in Green Technology and Biotech Startups	Breakthrough Energy Ventures Chrysalix Venture Capital SOSV	Venture capital firms and investment groups specialized in green technology or biotech solutions could provide the funding needed to commercially scale the bioleaching process.
Municipal Waste Management Authorities	Greek Ministry of Environment and Energy Municipal Waste Europe	Local and regional authorities are responsible for managing public waste and may also facilitate the integration of bioleaching into current e-waste management systems.

As we gather data, we learn from our interactions with stakeholders and adapt our approach accordingly. For example, the analysis of the metal recovery market leads us to acknowledge the high value of gold, silver, and copper nanoparticles, prioritizing these in our product applications. While we are also considering filing patents, we conclude that the associated costs and time investment would be more beneficial for our future business plan than for addressing current competition. This iterative process allows us to continually refine our project to ensure it aligns with scientific and market demands, all while effectively managing risks and costs.

Speaking with numbers

For the e-PHAESTUS project, implementing genetically engineered E. coli to increase glutathione (GSH) production by three to five times aligns with established methodologies in synthetic biology. Recent research demonstrates the feasibility of significantly enhancing GSH production in E. coli through genetic engineering. For example, strains have been developed that overexpress key enzymes involved in GSH synthesis, such as GshA and GshB. These engineered strains have achieved production levels of up to 22 g/L of GSH under optimized conditions, aided by modifications like the deletion of glutathione oxidase genes to reduce degradation and boost production. This increased GSH production enables the efficient recovery of valuable metals from e-waste, supporting both environmental sustainability and economic benefits. This approach has already shown substantial potential in industrial applications, particularly in the recovery of precious metals like gold.

Vision Statement: We envision a sustainable future where synthetic biology addresses the challenges of e-waste through innovative solutions that benefit both industry and society.

Mission Statement: Our mission is to develop and commercialize genetically engineered E. coli strains to enhance glutathione production, facilitating the efficient bioleaching of precious metals from electronic waste.

Values:

• Innovation: We strive to push the boundaries of science and technology.
• Collaboration: We work together, leveraging each member’s strengths to achieve our common goals.
• Integrity: We commit to ethical practices and transparency in all our endeavors.
• Sustainability: Our processes and products prioritize environmentally friendly solutions.
• Commitment to Growth: We are dedicated to continuous learning and adaptation as we navigate the challenges and opportunities in our field.

Team Structure and Shares:

Our team consists of 11 dedicated members, each contributing unique skills and perspectives:

Members and Share Distribution:

• Wet Lab Members (6 Members)
• Eustathios Alonaris - 9%
• Athanasios Bouzoukas - 9%
• Anna Nikoleta Griva - 9%
• Charikleia Karaousta - 9%
• Eleni Krassa - 9%
• Kristian Verdhi - 9%
• Dry Lab Members (3 Members)
• Evangelos Stamos - 9%
• Panagiotis - Vasileios Papadopoulos - 9%
• Stavros Karvelas - 9%
• Human Practices / Fundraising Members (2 Members)
• Kanella Papakosta - Sampatakaki - 9%
• Maria Konstantina Tzioti - 10%

We allocate shares to all team members, ensuring that each individual has a significant stake in the success of our venture. The distribution of shares was designed after we participated in the “Archimedes” Competition and especially the educational workshops we attended. More specifically, the distribution is based on contributions and defined roles within each sub-group of the team. It is crucial to sign a Team Manifesto before establishing a lean start-up, as it guarantees fruitful and efficient collaboration and communication between the team members, contributing to the team’s sustainability and stability in the future.

Business Model: The e-PHAESTUS project aims to develop and commercialize genetically engineered bacteria E. coli that significantly enhances glutathione production, facilitating the bioleaching of valuable metals from e-waste. Our revenue streams are to include:

1. Product Sales: Selling GSH-enhanced E. coli for use in various bioremediation applications.
2. Partnerships and Collaborations: Partnering with companies in the electronics and recycling industries to provide bioremediation solutions.
3. Consulting Services: Offering expertise in synthetic biology applications for waste management and sustainability projects.
4. Licensing Technology: Licensing our proprietary technology to other companies interested in developing similar solutions.
5. Grants and Funding: Securing research grants and funding from governmental and non-governmental organizations focused on environmental sustainability and innovation.

Benchmarking Against Similar Offerings: By analyzing the following companies which currently are our major competitors, we can better define the e-PHAESTUS market position, identify potential partnerships, and refine its offerings to meet industry demands while promoting sustainability and innovation.

Company	Offering	Strengths	Price	Unique Selling Proposition	Focus
MetalLogic	Precious metals recovery from industrial waste, including e-waste	Expertise in pyrometallurgy, specialized in recovering precious metals	Custom pricing per ton	Dominant player in Greece for pyrometallurgy and metal recycling	E-waste management, industrial waste, and precious metals recovery
MSE Supplies LLC	Glutathione-capped gold and silver nanoparticles for various applications	High-quality nanoparticles, specialized in glutathione capping for biocompatibility	~$900 per mg (Au GSH)	Established supplier in advanced nanomaterials	Nanoparticles for biomedical, cosmetic, and sensor applications
Bioxtractor	Microbial bioleaching solutions for precious metals recovery from e-waste	Specialized in bioleaching	Custom pricing based on project	Environmentally sustainable	E-waste management and bioleaching methods
Mint Bio	Bioleaching for metal recovery using advanced bacterial strains	Proprietary bacterial strains, strong environmental focus	N/A	Focus on maximizing metal recovery yields	E-waste metal extraction and bioleaching
Universal Biomining	Bioleaching technology to extract metals from mining and industrial waste	Strong in industrial-scale bioleaching processes	N/A	Integration with large-scale mining operations	Industrial and mining sector metal recovery
e-PHAESTUS	Genetically modified E. coli for enhanced GSH production and metal recovery	Synthetic biology approach, focusing on genetic modification to enhance metal recovery rates	N/A (MVP stage)	Customized bioleaching via engineered bacteria (faster, eco-friendly)	Bioleaching, e-waste metal recovery, nanoparticle production for biomedical and industrial uses

Our participation in the Mindspace Competition 2024 helped us get familiarized with the structure and creation of a qualitative Business Model Canvas, which depicts the structure and function of our start-up. It is designed in a way that covers all the potential partners and activities of our project, mainly focused on the maintenance of the sustainability of our enterprise, our continuous growth and development both on an external and on an internal level.

Implementing the Build-Measure-Learn Loop Technique, we aim to present our MVP to stakeholders and get valuable feedback on its feasibility. This strategy helps us assess the product-market fit. As part of our integrated Human Practices, we interacted with companies such as ECORESET, a leader in the electronic waste management industry. We visited their facilities, presented our project, and discussed e-waste recycling methods. Apart from that, we also met one of the Maverick BioMetals founders, Mr Eric Herrera who offered us valuable input on enhancing nanoparticle upcycling. Standing at the Early Adopter stage of our project, our main goal is to verify whether our modified E. coli strains meet industry requirements for metal recovery rates and pass the checkpoint of cost-effectiveness analysis. Based on that feedback, we are to decide what features to prioritize, modify, or focus on more thoroughly.

Early Adopters

Company Name	Purchasing Power	Access	Compelling Reasons	Supply Potential	Competition	Market Expansion Potential
Nanocomposix	High	Easy	Needs innovative nanoparticle solutions for various industrial and medical applications	Strong	Moderate	High
Nanospectra Biosciences	High	Easy	Developing next-gen nanoparticle-based cancer treatments	Strong	High	High
Nano Green Sciences	Medium	Moderate	Looking for sustainable nanotechnology for agricultural applications	Moderate	Moderate	High
Cytodiagnostics	High	Easy	Needs innovative nanoparticles for biomedicine and diagnostics	Strong	Moderate	High
Umicore	High	Easy	Continuously seeking efficient metal recovery technologies	Strong	High	High
Plasmachem GmbH	Medium	Easy	Requires advanced nanoparticle solutions for various industries	Moderate	Moderate	Moderate

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• 1. Precious Metal Recovery Companies

  • Target Market: Businesses focused on recovering precious metals from industrial waste or discarded electronics.
  • Example:
    • Umicore (materials technology company specializing in refining precious metals)
  • Why Early Adopter?: These companies are continuously seeking more cost-effective methods for refining metals like gold, silver, and copper, which aligns with our focus on metal recovery from e-waste.

• 2. Nanotechnology Companies

  • Target Market: Companies developing nanoparticles for medical, pharmaceutical, and industrial applications, where glutathione-capped nanoparticles could be used.
  • Examples:
    • Nanocomposix (manufactures custom nanoparticles for diverse applications)
    • Plasmachem GmbH (specializes in producing and characterizing nanoparticles)
  • Why Early Adopters?: They are interested in improving the properties of nanoparticles, such as biocompatibility and metal binding efficiency, which could make them early adopters of our GSH-enhanced nanoparticles.

• 3. Biomedical and Pharmaceutical Companies

  • Target Market: Companies involved in developing biomedical applications for nanoparticles, especially those targeting drug delivery systems or diagnostic tools.
  • Examples:
    • Nanospectra Biosciences (nanoparticle-based cancer treatments)
    • Cytodiagnostics (produces nanoparticles for biomedicine and diagnostics)
  • Why Early Adopters?: This broad sector could adopt our nanoparticles for innovative therapies or diagnostic tools, especially since GSH-enhanced nanoparticles offer biocompatibility and efficient metal solubilization.

• 4. Agricultural and Environmental Biotechnology Companies

  • Target Market: Companies working on bio-based solutions for agriculture, particularly in areas like nanofertilizers or eco-friendly pesticides.
  • Examples:
    • Nano Green Sciences (develops nanotechnology solutions for agriculture)
  • Why Early Adopter?: The environmental and agricultural sectors are exploring bio-based solutions for sustainability, and our bioleaching and nanoparticle technology can address their need for innovative eco-friendly solutions.

Early Adopter Curve

To adjust the early adopter curve for e-PHAESTUS, we tailor the adopter categories and target industries as they apply to bioleaching and e-waste management. Our curve is as follows:

Targeting Strategy:

• Initial Targets: Research Institutions - Innovators and companies - Early Adopters
• Expansion Strategy: After achieving initial success, shift focus toward encouraging broader industrial adoption among the Early Majority.

After presenting the MVP to Early Adopters, we need to evaluate whether to pivot or persevere based on our stakeholders’ feedback. If the bioleaching process using genetically modified E. coli meets key expectations—such as metal recovery rates, production costs, and scalability—we will enhance existing features and move toward larger-scale tests. However, if feedback indicates shortcomings, such as insufficient GSH production or ineffective metal solubilization, we should pivot our approach. This may involve exploring alternative strains, improving genetic modifications to boost GSH yields, or adjusting bioleaching conditions. This iterative approach ensures we remain adaptable and responsive, ensuring that we refine our product to maximize both environmental impact and market viability.

Identifying Key Metrics for Validation

After gathering data from our MVP tests, we focus on validating key performance indicators such as:

• Recovery percentage of metals from e-waste

• Production cost per gram of GSH-enhanced E. coli

• Time required for bioleaching to efficiently solubilize metals compared to traditional methods (hydrometallurgy and pyrometallurgy)

These metrics are essential for demonstrating the scientific and economic viability of our approach and will help attract investors or grants.

Further aspects of performance validation include:

1. Optimization of GSH Production
• Enhancing or stabilizing GSH levels.
• Monitoring the long-term stability and consistency of GSH production.
• Ensuring minimal toxicity or growth impact on E. coli during high-level GSH production to ensure operational feasibility.
2. Environmental and Safety Impact
• Reducing CO2 emissions.
• Ensuring water purity after bioleaching.
• Neutralizing hazardous by-products.
3. Cost-Benefit Analysis
• Analyzing production costs versus potential revenue generation.
• Evaluating cost reductions achieved through improved bioleaching efficiency.
• Comparing operational costs with environmental and safety benefits.
• Estimating financial savings from reduced CO2 emissions and enhanced waste management.

After our MVP demonstrates promising results, we engage again with stakeholders to assess market demand. To this end, we initiate pilot projects with e-waste recycling companies, metal recovery facilities, or tech manufacturers that could utilize the recovered metals. Through these partnerships, we gradually scale the production of GSH, enhancing the bioleaching process and tailoring it for various types of e-waste

Securing Funding or Partnerships

Based on our initial market validation and metrics, we present our refined MVP to potential investors or strategic partners to secure funding for further development and scaling, especially for costly components such as analytical techniques for nanoparticle characterization. Successfully navigating this phase can lead to acquiring a patent if the process shows significant commercial potential.

Intellectual Property

Following our information call with the iGEM entrepreneurship team and the guidance received during these sessions, we explored the possibility of filing national and European patents. Securing a patent would significantly strengthen our negotiating position in future grant applications and investor meetings. Our searches in patent databases, including Google Patents, yield no existing patents relevant to our project, leaving the field open for us. To operate as a company, we should register e-PHAESTUS with the Hellenic Industrial Property Organization (OBI), a government agency specifically focused on protecting intellectual property rights in Greece.

However, upon analyzing local and European legislation, we discovered that obtaining a patent is a time-consuming and costly process, which would not be feasible to complete within the competition's timeline. Moreover, to file a patent for our E. coli strain, we need to achieve significant advancements in GSH production. Currently, there are alternative methods for e-waste management, and filing for a patent may carry risk, as would require us to disclose every modification made to our strain. This could allow other companies to alter or replicate a version of our strain that would not be covered by the patent. Nonetheless, securing a patent remains a priority in our long-term business plan, after completing all necessary research and development steps and achieving the highest possible production efficiency.

Pitching Our Idea at the Panorama of Entrepreneurship

We presented our innovative bioleaching project at the "Panorama of Entrepreneurship and Career Development", gaining knowledge to transform our idea into a viable startup. This event was centered on effective pitching strategies and valuable entrepreneurial insights.

Key Points:

• Clear Value Proposition: We clearly articulate how our solution addresses specific market needs.
• Market Insights: Data reveals the demand and trends within synthetic biology.
• Collaboration: Interdisciplinary teamwork drives innovation.
• Scalability: Our vision encompasses potential social and environmental impacts.
• Feedback: We actively seek insights from industry professionals to enhance our approach.
• Networking: We strive to establish connections with potential partners and investors.

A compelling pitch is essential for startup success, positioning us for future opportunities at the Panorama Conference.

Insights from Our Meeting with Companies

1. Maverick Biometals

An online meeting with Mr. Eric Herrera, co-founder of Maverick Biometals, provided valuable insights into transforming our concept into reality. The company specializes in bioleaching precious metals, offering key suggestions in biotech entrepreneurship.

Key Points:

• Refining Our Pitch: Mr. Herrera emphasized the importance of tailoring our pitch for financial appeal, advising against unnecessary elements like a table of contents.
• Understanding the Audience: Knowing our audience’s background is crucial for effective communication, ensuring we provide the appropriate level of detail.
• Navigating Funding Landscapes: He highlighted the funding challenges in Europe compared to the U.S., guiding us to adapt our strategy for diverse funding avenues.
• Regulatory Awareness: The conversation stressed the importance of complying with Europe’s stricter regulations, suggesting using immobilized enzymes to enhance project feasibility.
• Market Demand and Value Creation: We discussed the critical role of nanoparticles in our project to ensure alignment with market needs for successful commercialization.
• Industry Insights and Alternatives: Mr. Herrera shared insights on similar companies and alternative methods, such as using fungi for nanoparticle synthesis, which will inform our R&D strategy.
• Networking and Future Collaborations: Engaging with Maverick Biometals opens doors to potential collaborations, expanding our network and partnership opportunities.

The meeting with Mr. Herrera deepened our understanding of the biotech sector and provided essential insights on pitching, audience engagement, funding, regulations, and market alignment. This transformative experience enriches our knowledge and strengthens our confidence as we pursue our startup journey.

2. Ecoreset

ECORESET S.A. in Aspropyrgos, Greece, is a leading company in electronic waste management. Following an initial meeting at the National and Kapodistrian University of Athens with Dr. Spyridon Karamoutsos (General Manager) and Stavros Theodoropoulos (Founder), we had the opportunity to visit their facilities, present our bioleaching project and exchange ideas on e-waste management.

Key Points:

• Feedback on Our Progress: We received valuable feedback regarding the advancement of our project, which helped us refine our approach.
• Production Line Tour: We were given a guided tour of the company’s production line, where we learned about the step-by-step sorting process of electronic devices.
• Industry Updates: The meeting deepened our understanding of how e-waste management functions in practice and how our project can integrate with existing systems.
• Networking Opportunities: Engaging with ECORESET created opportunities for potential future collaborations and strengthened our professional network.

Overall, the visit enhanced our understanding of e-waste management and provided critical feedback to support the development of our bioleaching project, having experienced firsthand the importance of a sustainable e-waste metals upcycling method.

3. MetalLogic

At MetalLogic facilities in Keratea, Greece, we presented our e-PHAESTUS project and engaged in a productive discussion with the company’s leaders, particularly regarding the technical aspects of our idea. MetalLogic is a prominent player in Greece in the recovery of precious metals such as gold (Au), platinum (Pt), and palladium (Pd), and our interaction was particularly enlightening.

Key Points:

• Precious Metal Sources: We discovered that precious metals like Au, Pt, and Pd are primarily located on the surface of motherboards and PCBs, with conductors such as copper (Cu) found inside.
• Device Diversity: MetalLogic emphasized the lack of standardization across electronic devices, which complicates and increases recycling costs.
• Project-Specific Feedback: They validated our concerns regarding cyanide anions (CN-) and recommended focusing on RAMs for our experiments, as they contain significant amounts of gold.
• Challenges in Recovery: Continuous movement is crucial for effective metal recovery during the leaching process, and separating gold from silver poses a challenge, even though silver is less common in e-waste.
• Industry Resistance: The company explained that small profit margins in precious metal recovery discourage companies from adopting greener methods over traditional pyrometallurgy.

This interactive meeting with MetalLogic provided essential insights that will shape our R&D strategy, enabling us to tackle technical challenges in precious metal recovery while considering the industry’s economic constraints.

Mercury Negotiation Academy

The Mercury Negotiation Academy (MNA) is an independent, non-profit initiative established in Athens in 2022 by a diverse group of young individuals, including employees, professionals, and students from various scientific and professional backgrounds. The primary objective of MNA is to enhance the negotiation skills of young people, fostering a culture of interdisciplinarity similar to that of iGEM.

In this context, we decided to collaborate with them, conducting online calls to receive training on techniques for negotiating with potential investors, crafting cold emails, addressing challenging questions during professional phone interactions, and enhancing the effectiveness of our donor booklet. Their guidance proved invaluable, resulting in significant achievements in our fundraising efforts. Consequently, our partnership extended further, and we invited them to participate in our two-day event, "SynBio and Beyond," where they shared insights on negotiations and entrepreneurship with both us and the audience.

Mindspace

Members of the iGEM Athens Team participated in a series of online entrepreneurship workshops organized by the MindSpace University VI – Sustainability & Circular Economy. Speakers and skill trainers share their experiences and tips on how to start our idea as a start-up company. The Mindspace Competition is a vibrant platform aimed at helping teams turn their innovative ideas into successful startups. It provides a structured environment that encourages entrepreneurial thinking and equips participants with essential skills, including business model development, market analysis, and pitching strategies. Through our participation, we benefited from guidance by experienced mentors and industry professionals, enabling us to refine our concepts and explore real-world applications. The competition also offers opportunities for networking, collaboration, and exposure to potential investors, serving as a launchpad for ideas to develop into viable businesses. For teams looking to transform a project into a startup,like ours, Mindspace is an invaluable resource for growth, validation, and strategic advancement.

Archimedes

Members of the iGEM Athens, which concurrently are students of the National and Kapodistrian University of Athens (NKUA), participated in the 2nd Student Innovation and Entrepreneurship Competition - Archimedes, of the aforementioned institution. The purpose of this competition is to promote innovation and entrepreneurship in the NKUA university community, through the highlighting, promotion, and awarding of original ideas for products and services, based on new technologies, which offer innovative solutions to modern challenges and problems. Within this context, we formed a student group, participated in two workshops on lean start-up and pitching respectively and are currently Finalists of this Competition. During the first workshop, we received training on the Lean Start-Up methodology, which led us to adopt this approach for our project. In the second workshop, we learned about pitching techniques and received guidance to prepare our presentation for the Competition Final. On November 5, our team will participate in the final of the Archimedes competition in the category of undergraduate students.

Market Research at Expos

Attica Green Expo

The Attica Green Expo is an environmental exhibition providing a useful platform for conducting a thorough market analysis and gathering insights related to our innovative project in circular economy and bioremediation.

Key Points:

• Engagement with Industry Experts: Interacting with experts in the circular economy and bioremediation helps us gauge current market trends and demands. Their insights clarify the competitive landscape and identify gaps that our project could address.
• Networking for Collaborations: The expo facilitates discussions about potential collaborations, which are important for validating our project and expanding our reach. Engaging with both public and private entities paves the way for partnerships that can enhance our project's scientific and market credibility.
• Understanding Financial Support Opportunities: Conversations with exhibitors and industry leaders illuminate funding opportunities available for innovative environmental solutions. This knowledge will guide us in developing targeted funding strategies that align with the interests of potential investors and grant providers.

Feedback Loop: We receive input from attendees regarding our project, which is essential for refining our approach and ensuring our solution meets the needs and expectations of stakeholders in the bioremediation sector.

Market Demand Insights: With over 21,000 visitors and 90 exhibitors, the expo serves as a microcosm of market demand for sustainable solutions. Observing the types of innovations that garnered interest helps us assess our project’s positioning and potential market fit.

Educational Value: The event features 20 Eco Panels and 3 conferences, providing a wealth of information about cutting-edge environmental strategies. These sessions deepen our understanding of industry trends and equip us with knowledge that can influence our project’s development.

Vision Presentation: Presenting our vision for enhancing quality of life through sustainable practices allows us to articulate our goals and gain visibility. This exposure is vital for building brand awareness and attracting support from like-minded individuals and organizations.

• The Attica Green Expo experience significantly informs our strategic planning. We gain insights from industry experts, networking opportunities, feedback from potential users, and a comprehensive understanding of market dynamics which will be instrumental as we progress with our project.

Verde Tec

Verde Tec, the 6th International Exhibition of Environmental Technologies, provided us with crucial feedback and industry perspectives related to sustainable innovation.

Key Points:

• Growth of Solar Panel Technology: The event highlighted the rapid expansion of solar panel technology. However, the recycling of solar panels remains a significant challenge, as current methods are inefficient in addressing the complexity of their materials.
• Complex Composition: Solar panels are made of inexpensive outer metals but contain valuable semi-metals inside, making their recycling more intricate and less straightforward.
• Misconceptions about Recycling: The exhibition revealed that recycling solar panels requires the collaboration of multiple industries, contrasting with the public’s misconception that a single company handles the entire process.
• The Role of Green Economy: Experts emphasized the importance of advancing a green economy, underlining how bioleaching projects, like that of iGEM Athens, could contribute to future sustainability efforts.
• Industry Interest in Bioleaching: Several companies expressed interest in iGEM Athens’ bioleaching project, recognizing its feasibility and relevance in addressing societal needs.

• The exhibition allowed iGEM Athens to gather valuable insights into the challenges and opportunities with solar panel recycling, gain support from industry professionals, and strengthen the alignment of their bioleaching project with market and environmental needs.

Our SWOT analysis briefly depicts our enterprise’s strategy to develop after being created from scratch. The strengths, weaknesses, opportunities, and threats in the table below are the result of team brainstorming and the discussion of the vision we, as iGEM Athens 2024 team members have for e-PHAESTUS in the scope of the following years:

In September, our team collaborated with iGEM KU Leuven, as both our teams have chosen a bioleaching project that revolves around the toxic and valuable metals found in the environment. We decided to publish a survey as a part of our market analysis and general entrepreneurship plan. Simultaneously, this survey is a part of our Human Practices directly proving the immediate need of our project. Forty-one people fill in the questionnaire which consists of twenty-seven questions.

Below, we are sharing the most crucial questions and their results:

This question guides e-PHAESTUS into reaching the audience. From these results, it seems that the internet is the best way to target our audience and motivate society to recycle and support our project. Our team has already been very active on all the social media platforms. It is advised to reach out to online newspapers and websites that will inform the public about us. The close finish line of the competition and the sharing of the results is the best timing for this outreach and our team should utilize the momentum from the Grand Jamboree.

These questions highlight the problem our team identified and the reason we selected this project. Unfortunately, e-waste recycling is limited and we do not explore the whole potential. As time passes, the recycling culture strengthens offering new entrepreneurship and investment opportunities.

This question reveals the more recycled electronic devices. It is not surprising that batteries are the most recycled electronic device as in the last few years many campaigns have been published with the goal to educate the public.

Furthermore, a large number of the participants consider the recycling of precious metals from e-waste valuable. This fact supports the financial significance of e-PHAESTUS. One important reason behind this finding is the stress of the quantities of precious metal which are currently available.

The above answers promote one of the most crucial advantages of our project. In comparison to our antagonists, bioleaching is environmentally sustainable by far. The Governments of European countries as well as the general public care about sustainability.

These questions provide us with important knowledge that needs to be shared with our stakeholders and cooperating companies. There is a lack of trust between the society and the recycling companies. We believe that there should be more transparency to gain the trust again. Also, the governments should take measures accordingly.

These last questions truly support our project and affirm its importance.

The online questionnaire was highly useful in market analysis, especially in identifying early adopters for the e-PHAESTUS project. Here's why:

1. Problem Identification

The survey helped validate the key problem of e-waste and heavy metal contamination by gauging the public's awareness and behaviors regarding e-waste management. Several questions focused on respondents’ knowledge of the environmental impacts of e-waste, awareness of precious metals in electronics, and their anxiety about the depletion of these metals (Q1, Q7, Q9). This aligns directly with e-PHAESTUS’ core mission to address e-waste and recover precious metals, ensuring we’re solving a real problem that our target audience faces.

2. Knowledge and Awareness Levels

The questionnaire effectively measured how knowledgeable participants were about e-waste recycling methods (Q3, Q16-Q18) and the availability of precious metals (Q10). Knowing that a majority had moderate or higher familiarity indicated a significant portion of our audience already understood the relevance of bioleaching and e-waste recycling. This shows they are not only aware of the problem but are also informed enough to seek alternative solutions like bioleaching, positioning them as potential early adopters.

3. Active Search for Solutions

Several questions assessed how actively participants engage with e-waste recycling (Q4, Q5), their preferred disposal methods (Q6), and the factors that influence their recycling habits (Q21). This helped identify respondents who are already looking for better ways to recycle, making them prime candidates for our solution.

4. Willingness to Adopt New Solutions

Questions on bioleaching (Q17-Q19, Q26) revealed a strong interest in environmentally friendly methods for recovering metals, including bioleaching. This suggests that many respondents are open to trying innovative solutions, even if they are less familiar with the technology. Their willingness to support biological methods further solidifies the case for them being early adopters, as they are keen on exploring novel approaches to a known problem.

5. Potential for Advocacy

By asking respondents how important they believe our project to be (Q27), we gauged their enthusiasm for the solution itself. Early adopters not only look for solutions but are also enthusiastic advocates. The fact that many respondents considered our project important indicates that they are likely to share our project with others once they see its potential.

6. Behavioral Insights and Incentives

The questionnaire also uncovered insights into what would motivate people to recycle more (Q23) and what additional actions could improve recycling practices (Q25). This information is critical for targeting early adopters, as we now understand their behavioral patterns and what incentives (financial rewards, convenience, education) can encourage adoption. Early adopters are motivated by both personal benefits and a desire to contribute to larger environmental solutions.

Conclusion

The online survey helped us identify a group of individuals who already acknowledge the problem, seek better solutions, and are open to new, sustainable technologies. These characteristics define early adopters, making the questionnaire an essential tool for pinpointing and targeting our initial market. As early adopters are more likely to take risks with untested products, the insights from this survey ensure we are approaching the right audience for our bioleaching project.

Investigating the financial feasibility of our e-waste processing method is crucial. We compared the cost to process 1 ton of e-waste using traditional pyrometallurgy and our innovative approach. Our focus is on operational costs, such as energy and material consumption, excluding upfront expenses due to variable data availability.

The composition of e-waste is based on the analysis found in source [1]

Pyrometallurgy Process

The pyrometallurgy process includes two main steps:

1. Melting: Heating the waste to the melting point of copper, separating it from elements with different melting/vaporization points.
2. Electrorefining: Purifying the crude copper using a CuSO₄ electrolytic cell.

Melting Step

This step's cost arises primarily from energy consumption. The theoretical energy requirement was calculated based on the specific heat capacities and phase changes of the involved elements.

Electrorefining Step

The electrolytic reaction for copper is given by:

Considering inefficiencies, a voltage of 0.4V was applied. The energy required is calculated using the formula:

Where the charge is determined as:

The calculation accounts for the electrons contributed by each metal:

Results

The theoretical energy cost is approximately 0.267 MWh per ton of e-waste. Using industrial energy prices from (Q4 2023)[3] in Greece, the estimated cost is $63.77 per ton of e-waste.

Additionally, we assessed the carbon dioxide emissions based on emission factor data from the IPCC[2] showing that if the energy is derived from coal then it would have released 107.5kg of CO2 while if it is from natural gas it would have still released 54kg of CO2.