In the ever-evolving landscape of sustainability, progress has been made in many areas; however, when it comes to making plastic use more sustainable, a Goldman Sachs report finds those efforts have stalled due to lack of funding. Haggai “H” Alon, a prominent figure in this sector says, “In an era where discussions about a world without plastic often dominate environmental dialogues, it’s imperative to confront a more pragmatic reality: plastic, as we know it, is here to stay. This durable, ubiquitous material, woven intricately into the fabric of modern life, isn’t going away anytime soon,” he says. “Acknowledging this truth shifts the focus from unrealistic elimination to effective management of existing plastic. It underscores the importance of investing in circularity—recycling and reusing plastic in sustainable ways. Embracing this approach is not just a matter of convenience; it’s a necessary step towards responsible stewardship of our environment, ensuring that we deal with plastic not as a temporary challenge, but as a permanent fixture in our world.”
The Vision of SMX
Alon started SMX (NASDAQ:SMX), to offer a tech solution that can give all materials such as solids, liquids, and gas, a memory. “This includes a memory of their origination and supply chain journey, including the ability to know how many times it has been recycled and exactly what percent of recycled materials it contains,” he says. “The data is both recorded digitally on blockchain and tangibly embedded in the actual product itself.”
The patented technology uses a hidden invisible chemical-based ‘barcode’ that a company’s unique ‘reader’ can access to capture the corresponding stored data.
Alon adds once a company implements this technology, the data can be used to tackle other global challenges such as sanctions. “If the goods or raw materials were sourced from sensitive regions, a company will be able to verify if the materials were sourced pre-sanction or post-sanction,” Alon says. “The data can also be used to prevent security breaches or tampering. For example, if a company is using electronic hardware, it can detect dilution or substitution of materials in real time that is not destructive.” Alon says the technology can also support health and safety efforts. “If the food produced is from an infected area, say bird flu comes into play, for example, or if the pharmaceutical drug is a counterfeit, we’d be able to detect that.” Finally, he adds, SMX supports brand ethics and is an anti-greenwashing measure “to provide both qualitative and quantitative proof of the amount of recycled materials used in the finished product.”
Looking Ahead
With eyes on the future, Alon says he’s excited to announce the premiere of the plastic cycle token trading platform with some of the largest companies in the world joining consortium of the good willing.
“The Plastic Cycle Token introduces a revolutionary approach to environmental sustainability by acting as a next-generation alternative to carbon credits,” he says. “It establishes a new paradigm in the Impact ESG investment landscape, with each token representing a measurable and verifiable quantity of recycled plastic, thereby offering a concrete impact on circularity.”
As a physical marker in the digital economy, Alon says the Plastic Cycle Token not only promotes plastic recycling but also serves as a tangible, quantifiable asset. “It embodies a significant shift towards digitization, marking the creation of the first real tradable commodity asset that bridges the physical world with the digital, culminating in a credible, impactful ESG investment.”
Advice for Innovators
Innovation in entrepreneurship, especially in sectors like sustainability and recycling, demands a unique blend of persistence, creativity, and strategic thinking. “Entrepreneurs venturing into these fields should embrace a long-term perspective, recognizing that significant changes in industries like plastic production or recycling can take a decade or more. This requires patience and a deep commitment to the vision,” he says.
Alon believes the key to success is differentiating your offering in a crowded market. “The approach we took with SMX, leveraging technology to embed a ‘memory’ in materials, is a prime example of thinking outside the box. Entrepreneurs should seek to innovate in ways that not only solve a problem but also add value to their customers and stakeholders. This could mean developing new technologies, creating more efficient processes, or finding novel applications for existing solutions.”
When it comes to partnerships, Alon says building a robust network is critical. “As seen with the Plastic Cycle Token and its consortium of global companies, collaboration can amplify impact and provide a broader platform for your innovations. In industries where investment is hesitant, such collaborations can also provide the necessary credibility and financial support.”
He also emphasizes the responsibility entrepreneurs have to stay attuned to regulatory landscapes and anticipate future changes. “Being proactive in compliance and adaptability can position a business as a leader in its field,” he says.
Finally, Alon believes transparency and ethical practices are vital to innovation. “As consumers and investors become more socially and environmentally conscious, businesses that operate with integrity and provide clear, measurable impacts will stand out,” he says. “The journey of an entrepreneur in innovative and sustainable ventures is challenging yet immensely rewarding. By maintaining a long-term vision, embracing technological innovation, fostering strategic partnerships, staying ahead of regulatory changes, and committing to transparency and ethics, entrepreneurs will not only succeed but also make a substantial impact in their chosen fields.”
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