The Rise of Sustainability in Technology
In recent years, the trend of refurbishing technology has gained significant popularity. This shift towards sustainability is not only driven by environmental concerns but also by the growing awareness of the importance of reducing electronic waste. Studies have shown that discarding old tech products can contaminate soil and drinking water, harming the environment and contributing to the exploitation of resources in regions like Asia and Africa.
The Birth of Back Market
Back Market, a tech refurbishment company founded in 2014, aimed to bridge the gap between consumers seeking refurbished products and trustworthy sellers. One of its co-founders, Thibaud Hug de Larauze, sat down with Found to discuss the company’s inception and its mission to promote sustainability.
A Gap in the Market
Hug de Larauze highlighted the void in the market for a reliable platform that connected consumers with refurbishers. He emphasized that the company aimed to expand rapidly, driven by a passion for innovation and customer satisfaction. From humble beginnings of one to two sales per day, Back Market has grown exponentially, serving over 16 million customers across 18 countries, including Europe, the U.S., Japan, and the U.K.
Navigating the Early Days
When Back Market first emerged, Hug de Larauze recalled that investors faced challenges in understanding the company’s vision. Despite initial pushback, the founders persevered, eventually securing funding from angel investors. The company’s unique approach to refurbishment allowed it to establish itself as a leader in the industry.
Sustainability: A Core Value
Hug de Larauze spoke passionately about the environmental benefits of buying refurbished tech. He highlighted that purchasing used products can save up to 92% of CO2 emissions compared to buying new, demonstrating the significant impact that sustainable practices can have on reducing our ecological footprint.
A Unicorn in the Making
Back Market’s valuation has reached nearly $6 billion, solidifying its position as one of France’s largest unicorns. The company’s success is a testament to the growing demand for eco-friendly solutions and the power of innovation-driven entrepreneurship.
Lessons from the Founder
Hug de Larauze’s conversation with Found offers valuable insights into the world of tech refurbishment and sustainability. His commitment to reducing electronic waste and promoting environmentally responsible practices serves as an inspiration to entrepreneurs and consumers alike.
The Future of Refurbished Tech
As the popularity of refurbished technology continues to grow, Back Market is poised to play a significant role in shaping the industry’s future. By providing a reliable platform for consumers to purchase used products, the company aims to not only reduce waste but also promote sustainable consumption practices.
Investor Support and Overcoming Challenges
When asked about the challenges faced by Back Market during its early days, Hug de Larauze acknowledged that investors initially struggled to understand the company’s vision. He noted that the company was creating a vertical dedicated to refurbished products, which didn’t exist anywhere else in the market.
"This caused us some anxiety," he admitted. "But we were able to manage and become one of France’s largest unicorns with a valuation of nearly $6 billion."
Sustainability: A Core Value
Hug de Larauze emphasized the importance of sustainability in the tech industry, highlighting that buying refurbished products can save up to 92% of CO2 emissions compared to buying new. He expressed his hope that Back Market can encourage more people to adopt sustainable practices.
"Buying used is not only cheaper but also better for the environment," he said. "We want to promote this behavior and make it easier for consumers to find reliable, refurbished products."
Personal Touch
Hug de Larauze also shared a personal anecdote about making his phone number available as the company’s customer helpline. This gesture speaks volumes about his commitment to customer satisfaction and the importance of building trust with customers.
"I wanted to show that we’re approachable and willing to listen," he said. "We’re not just a company; we’re a team that cares about our customers’ needs."
Growth and Expansion
From its humble beginnings, Back Market has grown exponentially, serving over 16 million customers across 18 countries. The company’s success is a testament to the growing demand for eco-friendly solutions and the power of innovation-driven entrepreneurship.
"We’ve worked hard to establish ourselves as a leader in the industry," Hug de Larauze said. "Our goal is to continue growing and expanding, making it easier for consumers to access refurbished products."
Conclusion
Back Market’s story serves as a reminder that even the most innovative ideas can face challenges along the way. However, with perseverance and a commitment to sustainability, companies like Back Market can make a significant impact on the environment and consumer behavior.
As Hug de Larauze so aptly put it, "We’re not just selling refurbished products; we’re promoting sustainable practices that benefit both our customers and the planet."