Industry/sector: Consumer goods
Date founded: 2014
Founders: Matt Dredger
Launched in October 2014, Borroclub was launched to solve a common problem waste. Look around your house and youll see items youve used just once or twice, which was a realisation that founder Matt Dredger had when clearing out his garage for a car boot sale.
Of course, if he was guilty of leaving items to fester underneath dust then his neighbours undoubtedly were too, which is when he had the idea for Borroclub. The thinking was simple why spend 50 on a drill when you could borrow one for 5 for the same result
According to Borroclub, the average UK garage has some 3,500 worth of stuff lurking around, which totals 92bn when factoring in the 26m homes in the UK.
With this in mind Dredger developed an online platform to connect people who want to prevent waste, while saving and making money in the process.
Borroclub was the end result, a service that connects neighbours who are looking to lend and borrow, which brings together the community as a result. Indeed, the company highlights the opportunity to make a profit from the goods that are being lent out, but the other benefits are networking and environmental.
The other consideration is increased efficiency because members will ensure they return items within the allocated rental period.
Pointing out that items neednt just be borrowed for DIY purposes, the company highlighted the opportunity to test out a neighbours golf clubs to impress peers, or adopting a tent or cooking equipment ready for festival season.
Borroclub works with a number of partner charities, which are able to accept profits as donations, and one of its highlights saw a member borrow a pink gazebo from Age UK to throw a baby shower for a friend.
Looking to the future, Borroclub wants to be known as the middle ground between eBay and the scrapyard.