Tag Archives: start up

Start-Up Costs: EcoATM’s Example of Getting the Right Amount of Capital

EcoATM is a relatively new company that is focused on reducing the amount of electronic waste that the U.S. produces each year. It does this by providing eco kiosks where people can trade unwanted cell phones for coupons and cash. These self service kiosks make it easy for consumers to recycle electronic goods.

The importance of capital can never be underestimated. Many sites online have provided a good list of all the things that business people will need capital for. It should serve as a useful guide for persons in many different sectors.

The need for cash is the same across most industries. You still have people to pay, utility bills, shipping and other costs, whether you operate a salon, a day care or a transportation business. Without the right estimates made for start up and operating costs, a business may fail. You should get help from an experienced person in this area if you want to succeed.

EcoATM was founded in 2008. Before going to market, company founder Mark Bowles  made sure that he secured seven patents that were important to his business.

He also ensured that he secured enough financing to cover the costs of bringing the business to where it needed to be, in order to become successful. The total amount of money he got before starting production in 2011 was USD $72 million.

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