Support from the Innovate UK family has helped TrakRap develop an excellent circular business model
KTN, Innovate UK, HVM Catapult and EEN have provided a wide range of support to help TrakRap solve a massive packaging industry problem
The business has been supported by the Innovate family to help them fund new innovative development, make new collaborations and scale up their business.
– KTN has supported them with pitch coaching support to raise finance and through introductions to a number of companies offering innovative materials for the plastic packaging sector.
– Innovate UK has helped them develop new innovations through providing ¬£488k in grant funding to TrakRap and their partners, and
– EEN has provided support to help scale-up the business
‚Äì collaboration with the Manufacturing Technology Centre (MTC) – part of the High-Value Manufacturing Catapult – to create the TrakRap prototype
Find out how all these individual organisations helped the business innovate in their case study here.
Circularity and Smart Functional Materials Knowledge Transfer Manager at KTN, Veronica Sanchez-Romaguera said:
‚ÄúI met Trak-rap at the EUREKA Global Innovation Summit in May 2019. ¬†TrakRap‚Äôs Business Development Manager, Colin Coules and I had a discussion about their technology, competitors, materials and their circular business model, which gave me a very good indication of the support KTN could provide to help the company grow. TrakRap wanted to experiment with packaging materials to demonstrate the capabilities of their technology.¬† As far as I can see, TrakRap’s technology is, to date, the only plastic packaging technology in the market compatible with temperature sensitive plastics, as the plastic is primarily stretched¬†rather than heated up. That presents an opportunity for bio-degradable secondary plastic packaging.
In my opinion, TrakRap has considered every aspect of their business model.¬† Through the convergence of several technologies they have been able to deliver an industry solution that solves a huge industry issue, resulting in a very successful circular business model.‚Äù
UK Plastics Circular Network
The UK Circular Plastics Network (UKCPN) aims to bring together the diverse users of plastic products and realise the best means for reducing plastic waste entering the environment through a programme of networking and knowledge-sharing events and related support activities.