Oleo

Edible Algae Oil - Helping the World, Helping You

Oleo is edible oil extracted from genetically-modified algae harvested in large-scale modular floating farms deployed off-shore into oceans.

Use Case

We understand that land and freshwater limit the extent to which agricultural produce can increase. Oleo is offering an all-in-one solution where algae oil, a much healthier substitute to conventional cooking oil, is used by both households and commercial eateries. A farmer/village/company owns a modular floating farm made of Oleo boxes by the sea shore. Nutrient-rich algae culture is harvested from these boxes every few days and processed through separation, extraction, filtration procedures to give both algae oil and fodder. While algae oil like all cooking oil e.g. olive oil, can be used by households for regular cooking, the fodder can be further processed at a low cost to free up grazing land and existing fodder sources, creating a market with close to 60% profit margin for the owner.

Potential

Total land area being cultivated is 1.6 billion ha, of which 207 million ha is oil crops. Oil extracted from plants is used for edible and other purposes, and this can be easily replaced — with much higher yield margins — by using algal oil farms. We envision that one day oil will be produced almost exclusively by offshore farms, freeing up a significant fraction of land to feed more people. Furthermore, algae oil has benefits far superior to conventional oils. It improves cardiovascular health, aids cognitive development and functions, improves memory, and boosts eye health. With one solution, we are making provisions for food, making the world healthier, and unlocking an untapped resource. Our concept is packed with potential, and we’re excited to see how it’ll change the world.

Business Case

Edible oil will be sold via wholesale and retail chains targeting households, food chains and various industries like chocolates, snacks etc. We will tie-up with hospitals, wherein doctors will recommend eating algae oil.Similarly, food chains like KFC, Dominos would imprint in the minds of the masses that algae oil brings no different taste as compared to the conventional oils.On the other hand,animal feed will be sold via retail chains to the poultry farmers and poultry based industries. Government subsidies and aids will be required to bring this algal feed to the masses.

Objectives:

  1. Free up land area presently used in oil crop production and redirect it for food production
  2. Unlock an untapped resource - creating a profitable enterprise based on offshore farms
  3. Provide a healthier cooking oil to the world - improving everyone’s health

Team Oleo

Mumbai, India

Our Team

An Overview / Published January 15, 2017 by Rohit Roshan Gogoi

An Overview

Roadmap for the Future! <Way To Go 2> / Published January 15, 2017 by Ishan Rakshit

Roadmap for the Future! <Way To Go 2>

Our roadmap from the birth of Oleo to creating a global system of algae oil sustainability.

Team Oleo: User Testing/Validation <Live Testing 2> / Published January 15, 2017 by Ishan Rakshit

Team Oleo: User Testing/Validation <Live Testing 2>

https://www.youtube.com/watch?v=8X6y6Y1pAa0

Keeping the safety of the consumers in mind, the only concrete way of knowing how will people react to a new algae oil product in the market was to see their reactions when they actually get to taste it. The key idea was to gauge their acceptability towards a foreign kind of an oil that claimed to provide health benefits over so many others.

Team Oleo: User Testing/Validation - Interview <Live Testing> / Published January 15, 2017 by Ishan Rakshit

Team Oleo: User Testing/Validation - Interview <Live Testing>

https://www.youtube.com/watch?v=WWbLumSnQMM

Team Oleo talks to Gulmohar Restaurant and Cafeteria - IIT Bombay's very own restaurant to talk about the viability of Oleo Oil as a product and how to find a market fit for various customer segments.

Business Model Canvas / Published January 15, 2017 by Riddhi Jain

Business Model Canvas

Using the Business Model Canvas, we broke-down our business idea into smaller sections and brainstormed on them individually!

Our Mission

We are a group of 5 students united in the purpose of tackling the global food security challenge. Food is a critical requirement for survival, and with population growth putting a heavy strain on all of the planet’s resources, failure in the provision of food will have a ripple effect that will cascade across the fabric of society. Hailing from different cities and backgrounds across India (with one of our members spending a significant part of her childhood in Eritrea), we were united at a front-line technical school of the country. Our fields of studies are as varied, spanning Biology, Chemistry and Mechanical & Aerospace Engineering, with different levels of expertise at the undergraduate, Master’s and Doctoral levels. We have a lot of fun working together since there are always new ideas to explore, and our diversity will be a key strength in our approach towards this challenge. We can’t wait to see where our synergy will take us.

Our Background

The team’s strength is in its diversity, and how we connect our personal experiences, skills and knowledge. Each of us is driven by an urge to solve problems, and has consistently proven our capability in our specific domains over the years. Now, we join hands to tackle the multifaceted problem that global food security is, and are pressing hard to explore all solutions. There are very few things as fundamental as food, and lapses in its provision will echo across the fabric of civilization - hunger quickly mutating into something that will rip apart societies. Food security is one of our most important collective responsibilities, which we fail to excel at even at present. Present day inequalities are bound to get more exacerbated as time goes by, and we need urgent solutions now to deal with the projected responsibility of feeding 9 billion people by 2050, while also respecting the planet’s health. The scale, complexity, seriousness, and effectively the need to do something is our call to arms with this problem, and why we’re here. We’re brainstorming solutions across the board, trying to hit at all possible aspects of production, distribution, and consumption of food. Our discussions so far have been very rewarding, and our blog posts will clearly outlay our progress as we tend towards a concrete plan. We're excited to see where things go.

An Overview / Published January 15, 2017 by Rohit Roshan Gogoi

An Overview

Roadmap for the Future! <Way To Go 2> / Published January 15, 2017 by Ishan Rakshit

Roadmap for the Future! <Way To Go 2>

Our roadmap from the birth of Oleo to creating a global system of algae oil sustainability.

Team Oleo: User Testing/Validation <Live Testing 2> / Published January 15, 2017 by Ishan Rakshit

Team Oleo: User Testing/Validation <Live Testing 2>

https://www.youtube.com/watch?v=8X6y6Y1pAa0

Keeping the safety of the consumers in mind, the only concrete way of knowing how will people react to a new algae oil product in the market was to see their reactions when they actually get to taste it. The key idea was to gauge their acceptability towards a foreign kind of an oil that claimed to provide health benefits over so many others.

Team Oleo: User Testing/Validation - Interview <Live Testing> / Published January 15, 2017 by Ishan Rakshit

Team Oleo: User Testing/Validation - Interview <Live Testing>

https://www.youtube.com/watch?v=WWbLumSnQMM

Team Oleo talks to Gulmohar Restaurant and Cafeteria - IIT Bombay's very own restaurant to talk about the viability of Oleo Oil as a product and how to find a market fit for various customer segments.

Business Model Canvas / Published January 15, 2017 by Riddhi Jain

Business Model Canvas

Using the Business Model Canvas, we broke-down our business idea into smaller sections and brainstormed on them individually!

Our Team

Our Mission

We are a group of 5 students united in the purpose of tackling the global food security challenge. Food is a critical requirement for survival, and with population ...Read More

Our Background

The team’s strength is in its diversity, and how we connect our personal experiences, skills and knowledge. Each of us is driven by an urge to solve problems, ...Read More

The information contained here represents student project ideas developed as the result of brainstorming activities during Round 1 of the TFF Challenge. It does not represent any final business plans or commercial products.