Issuu

NYU Stern Student Voices

Volume 13

Spring 2026

EDITED BY MIRANDA WOMACK, TALIA LERNER, ARYAN LUNIYA, CHRISTINE NEUBERT, ZACHARY LI, AND ALIX YOON, WITH PROFESSOR JEFFREY J. YOUNGER

FOR CORPORATE ACTION

NYU STERN STUDENT VOICES VOL. 13 / SPRING 2026

Front cover taken by Joseph Barton Front and back inner cover taken by Miranda Womack

JOCELYN CHEN AND JANET CHANG

TABLE OF CONTENTS Letter from Vice Dean Rohit Deo

Introduction to Business and Society Professor Matt Statler

The Illusion of Choice: How Gacha Game Mechanics Distort Markets and Exploit Players Coco Wang

From Waste to Wealth: AirCycle’s Circular Solution to Pollution in Cancer Alley Dylan Yaghoutiel

Rethinking Google’s Data Centers Through Water-Free Innovation Jack Li

Fighting Food Deserts with…Hardware? Leland Thorpe

High-Tech Hope: Drones in Insurance Sean Chen

Banking the Unbanked: Creating Shared Value in Rasabeda Maanya Ailawadi

Waste into Social Value: Circular Startup Danny Konovalov

Old Growth Forest Will Wu

Good Night Blinds Chengzhi Wang

Reinventing Care: How Business Can Revive Sierra Leone’s Healthcare System Maggie Yuan

Acknowledgements

Professor Jeffrey J. Younger

LETTER FROM THE VICE DEAN

s the world faces constant change shaped by rapid innovation and myriad global challenges, The Call for Corporate Action reminds us of the power of a single idea. The Call showcases creative solutions for tackling some of the world’s most urgent issues, all through the lens of business, and amplifies the importance of business and society’s essential partnership.

ROHIT DEO

Vice Dean of the Undergraduate College and Distinguished Service Professor of Business and Professor of Statistics at the New York University Stern School of Business

This year’s essays explore a wide range of questions that sit at the heart of a sustainable future: • How can we effectively turn a food desert into an oasis? • Can we call on drones to improve risk management and claims efficiency in the insurance industry? • How can a profitable business strategy benefit industries and communities alike? • What can we do to address the environmental impact of data centers? • Is mobile healthcare a feasible solution to Sierra Leone’s healthcare challenges?

What strikes me about this collection of writing is not only the thoughtful creativity of the authors but the passion they demonstrate for using business as a force for good. Further, they ask important questions about what it means to act with purpose and create value for all. I remain deeply proud to lead the NYU Stern Undergraduate College, and am pleased to present this year’s edition of The Call for Corporate Action, a testament to the exciting potential of a single idea.

04 / LETTER FROM THE VICE DEAN

INTRODUCTION TO BUSINESS AND SOCIETY

usiness and Society gives all 650 first-year undergraduate students at NYU Stern the opportunity to cultivate the habits of critical thinking, reading, writing, and dialogue that will serve them throughout their future careers in business. The course focuses on big ideas from a range of academic disciplines, including economics, political philosophy, anthropology, and organization studies, and at the same time, it addresses business headlines from a range of industries and markets. In this way, Business and Society helps students to become more rigorously analytical and also more sensitively attuned to empirical nuance. Beyond that, the course invites students to bring their creative imaginations to bear on the challenges and opportunities that they see in the world, and thereby to play an active role in shaping the future of business in and for society.

MATT STATLER

In the spring of 2025 we started by considering the complexity of the relationship between business and other Clinical Professor of Business and Society social institutions by looking in the first unit at the case of Richman Family Director of Business Ethics Amazon, including its history and evolving platform business and Social Impact Programming model, as well as the allegations that it exerts anti-competitive pressure on the markets in which it operates, while suppressing the rights of its workers to organize collectively. Then, in the second unit, we considered how market inefficiencies in different global systems create harms for various stakeholders, including: the negative environmental externalities associated with energy systems; the information asymmetries associated with financial systems; the monopoly and monopsony dynamics associated with labor systems; and the failures to maintain public goods associated with media systems. Finally, in the third unit, we considered how innovative business strategies can not only create economic value for shareholders but also social and environmental value for stakeholders. The essay prompt for the third unit invited all students to write about “how should a business create value in and for society?” We have excellent students at NYU Stern, and the essays presented here represent the best of the best. I am proud of them, just as I am grateful for the opportunity to coordinate this course together with Prof. Carol Newell and Prof. Robert Wosnitzer. Many thanks to all of the faculty who teach sections of this course - they embody the virtues associated with academic inquiry! Many thanks also to Prof. Jeff Younger and the team of students who have edited these essays and brought them to publication here - they help us aspire to even greater excellence in the coming year!

INTRODUCTION TO BUSINESS AND SOCIETY / 05

THE ILLUSION OF CHOICE:

How Gacha Game Mechanics Distort Markets and Exploit Players

BY COCO WANG

Gacha games like Genshin Impact use gambling-like mechanics that exploit player psychology, triggering market failures and harming vulnerable users while generating massive profits. In this paper, author Coco Wang argues that shifting to a skill-based MMORPG model would provide a more ethical and sustainable alternative.

s a player of Gacha games, I have witnessed the impact and allure of these systems firsthand. The exponential growth of the gaming industry fuels a model built on in-game purchases that has become particularly dominant in Asia. Gacha games reached their peak with the release of Genshin Impact by miHoYo, a prominent video game developer. Since its 2020 launch, the game has generated over $4 billion in revenue, demonstrating the immense financial success that this randomized system makes possible.1 Through mechanisms like variable reward schedules and fear-of-missing-out (FOMO) tactics, it tricks the brain’s reward systems and fosters compulsive engagement. While generating billions, these games exhibit significant market failures, exploit players’ cognitive biases, and harm vulnerable

populations. As Natasha Dow Schull, anthropologist and associate professor at NYU, observes in Addiction by Design, “the architecture of gambling machines— with their variable reward schedules and sensory feedback—is engineered to keep players engaged in a cycle of anticipation and expenditure.”2 This same logic applies to gacha mechanics, where the thrill of randomized rewards mimics gambling’s addictive appeal. While these systems generate massive profits for game companies, they create market failures by exploiting player psychology. As a result, we must shift these systems through alternatives, such as more skillbased games, stronger regulations, and industry collaboration, to align business success with social value.

How it Works Genshin Impact features a “wish” system where players can spend in-game currency to roll for characters. Statistics show that the probability of obtaining a 5-star character—the rarest tier—is only 0.6 percent per wish. This mechanic has led to significant spending among players, and a considerable debate has emerged on the impact of such a game. The game features a “pity system,” which guarantees players a rare item after a certain number of attempts. This system protects players from the worst of random chance. Even those with bad luck will eventually earn high-value rewards without endless spending. However, critics have criticized it for using psychological tactics, such as timelimited banners and visually enticing animations and characters (as shown) to encourage spending. Researchers

FROM PARALYSIS TO PARTICIPATION / 07

Sora. (2023, December 17). Character & Weapon Wish Banners for Phase 1 in version 3.4. Traveler.gg. https://traveler.gg/character-weapon-wish-banners-for-phase-1-in-version-3-4/ in Cognitive NeuroEconomics have found that gamers engage more with fantasy settings and multiplayer features.3 Moreover, the pity system creates a powerful cycle of anticipation and satisfaction that keeps players engaged in the loop. While it may appear player-friendly, it may reinforce spending habits by providing just enough reinforcement to keep players engaged in the gacha cycle. The Dangers and Consequences Genshin Impact uses a model in which players pay for randomized rewards, a system critics call “glorified gambling” because it relies on chance and psychological manipulation.4 Research shows 12.4 percent of gacha gamers exhibit problem gambling behaviors, with young adults especially vulnerable. 5 Like slot machines, these games exploit cognitive biases, such as the “near-miss effect,” where near-wins push players to spend more. Timelimited banners (as shown) and enticing character designs heighten urgency, pressuring players to splurge. Despite clear gambling parallels, gacha systems often evade regulation by being classified as entertainment. Many laws define gambling as risking money for a chance at monetary gain. Gacha exploits this definition by offering in-game items that companies label “non-monetary.” This loophole 08 / COCO WANG

lets companies profit while shifting these opportunity costs, like addiction, money, and time, onto players,

particularly minors. Studies reveal high-risk players spend over $200 monthly, with 25 percent showing depression, anxiety, or stress.6 Families may suffer financially and emotionally when children develop compulsive spending habits. The graph from the paper “Addiction and Spending in Gacha Games” reveals that 39.5 percent of players spent $300 or more on gacha games. This statistic aligns with the research showing that a small percentage of users are “whales,” who account for most of the revenue, often exhibiting addictive spending patterns. Combined with the 7.7 percent in the 200−300 tier, nearly half of all players (47.2 percent) spent over $200, a level that many regulators associate with harmful engagement. Furthermore, in the second graph, over half of the surveyed players reported intending to

Roughly how much have you spent in total on these types of games (in USD)?

Would you say you spent more money after playing the game for a while? Lakić, N., Bernik, A., & Čep, A. (2023). Addiction and Spending in Gacha Games. Information, 14(7), 399. https://doi.org/10.3390/info14070399

spend more after prolonged gameplay.7 Beyond individual harm, these systems impose societal costs, replacing realworld interactions with addictive gameplay. Further, these psychological and societal impacts have not gone unnoticed by regulators, who are now taking action to prevent these costs from worsening. The Growing Regulatory Challenges of Gacha Systems The gaming industry is facing increasing scrutiny over gacha systems that use randomized rewards. As the developer of Genshin Impact, miHoYo enjoys tremendous financial success from these mechanics but must now confront the implications for users. Recent Chinese regulatory proposals to curb excessive gaming and spending have triggered significant declines in stock prices, erasing nearly $80 billion in market value.8 Moreover, these policies have introduced volatility in the gaming sector, prompting investors to exercise caution and reevaluate risk in markets heavily dependent on gacha-based revenues. Beyond China, countries like Belgium, the Netherlands, and South Korea have implemented regulations to curb or ban specific gacha mechanics as they noted concerns over these games’ resemblance to gambling and potential harm to consumers, especially minors. These changes are compelling developers to seek alternative monetization strategies, which may hinder innovation and impact revenue. Developing an Alternative: A Skill-Based MMORPG An MMORPG (Massively Multiplayer Online Role-Playing Game) is an online world where thousands of players interact simultaneously in a shared environment. Players create customized avatars, complete quests, battle monsters, and develop skills as shown in the photo at right. These games are often subscription-based or cosmetic systems rather than pay-to-win

mechanics. They offer expansive, everevolving worlds where player actions can shape the game’s narrative and economy. To address market failures associated with pay-to-win practices, miHoYo could develop a new MMORPG set in the Genshin Impact universe that reduces reliance on gambling mechanics. This game would eliminate the character gacha system and instead allow players to unlock characters through achievements, quest completion, and skill-based challenges. Monetization could shift toward cosmetic items and quality-oflife enhancements. The game would incorporate player-driven economic systems and features that provide meaningful progression without gambling to “win” the game. Creating a large-scale MMORPG with full 3D environments, multiplayer systems, and high production values would likely cost $100–300 million over 4–6 years.9 It is feasible for a company like miHoYo to build and invest in a new game. As mentioned above, Genshin Impact has generated over $4 billion in revenue since its launch. Additionally, miHoYo generates revenue from other games it has developed. miHoYo’s substantial cash reserves and large team of over 7,000 employees enable it to fund a second game without jeopardizing its

core business. The company could also stagger implementation and scale up development, thereby minimizing potential risk. Why would they create a new game? For miHoYo, the growing regulatory pressure and concerns around gacha systems present a strategic inflection point, and investors have clear reasons to support this new venture. Revenue from gacha games, although highly profitable, is increasingly vulnerable to regulatory scrutiny. China’s proposed monthly spending caps for players threaten to weaken a core revenue stream. Relying solely on the existing system exposes miHoYo to sudden losses if policies shift or enforcement intensifies. A new skillbased game demonstrates foresight by mitigating regulatory exposure and minimizing reputational risk. It also targets a broader market segment: players who avoid gacha games due to concerns about gambling and who prefer games focused on achievement. Investors would likely view this move as an expansion toward a more stable, scalable model aligned with industry trends. The key question is not affordability—it is strategy. From an investor and company perspective, launching a skill-based MMORPG could offer a strategic approach to

MIR4 - Game | PlayToEarn. (n.d.). PlayToEarn. https://playtoearn.com/de/blockchaingame/mir4 THE ILLUSION OF CHOICE / 09

These players, who account for a “While generating billions, disproportionate share of revenue, might resist a model in which their investment no longer these games exhibit significant financial guarantees competitive advantage. To mitigate this possibility, miHoYo could market failures...” implement features such as exclusive mitigating tightening regulations and shifting player trends.

Expanding the Player Base By developing a new MMORPG with reduced reliance on gacha systems, miHoYo offers an opportunity to attract a broader audience, particularly players disillusioned with pay-to-win models. Surveys indicate that 38 percent of Genshin Impact players regret their spending, underscoring demand for more equitable progression systems.10 A skill-based game would allow players to earn characters and rewards through gameplay. This approach not only diversifies the player base but also aligns with growing sentiment for more responsible monetization practices in the gaming industry. Setting a New Industry Standard Company miHoYo’s initiative to develop a skill-based MMORPG could establish a new benchmark in the gaming industry, prompting competitors to reevaluate their own games. As regulatory scrutiny intensifies globally, companies that rely heavily on gacha mechanics may face increased pressure to adapt to this evolving landscape. By rewarding player skill over spending, miHoYo positions itself as an industry leader. This shift could inspire broader changes and encourage innovation among competitors. Competitors would face increased pressure to innovate, as miHoYo’s move could set a new industry standard for hybrid monetization. Studios such as Tower of Fantasy might be compelled to adopt similar models to remain competitive. For miHoYo’s developers, a new MMORPG offers creative freedom 10 / COCO WANG

beyond gacha constraints, though allocating resources between two major titles could strain development. Ultimately, while transitioning away from gacha involves risks, the longterm benefits—regulatory compliance, expanded player bases, and sustainable revenue—make it a strategic necessity. By integrating cross-game incentives, such as exclusive cosmetics for Genshin players who migrate, miHoYo can balance short-term profits with future growth, ensuring stability in an evolving market.

Risk and Mitigants The transition from gachabased monetization to a skill-based MMORPG model presents both significant opportunities and substantial risks that need to be considered. The most immediate financial challenge is the massive development cost, which could exceed $300 million for a highquality game. Compounding this cost is uncertainty around player retention and return on investment. This risk could be mitigated through a phased rollout strategy, beginning with a limited beta test to introduce core gameplay concepts before committing to fullscale production. Player migration presents another key concern, as the new game might absorb the existing Genshin Impact player base rather than expanding it. A thoughtful approach would position the MMORPG as a complementary experience rather than a replacement. This plan could incorporate shared-universe elements and cross-game incentives to encourage engagement with both titles. Moreover, the transition may also face backlash from “whales”— high-spending players who enjoy the prestige and immediate power that gacha systems give them.

cosmetics or legacy rewards for whales migrating from the legacy game to ease their transition to the revised system. Additionally, retaining gacha elements for non-gameplay advantages could partially preserve the thrill of randomization. These high spenders were interviewed, and one participant stated that Genshin fit their gaming preferences better than other games, which led them to collaborate with others to accomplish in-game tasks. They purely just want to enjoy the game.11 Nevertheless, miHoYo can mitigate potential dissatisfaction by maintaining Genshin Impact alongside the new game, ensuring that whales continue to have a platform that caters to their preferences. This dual approach allows miHoYo to expand its reach without isolating its existing highspending user base. Market competition adds another layer of complexity, as the MMORPG space is already crowded with established titles. The new game would need clear differentiation through innovative progression systems or by leveraging Genshin Impact’s strong intellectual property and unique art style. Despite these challenges, the strategic imperative for this transition is clear. The risks of maintaining the status quo, including regulatory crackdowns, player disillusionment, and long-term brand damage, may ultimately outweigh the risks of innovation. By implementing mitigation strategies and maintaining a flexible approach, miHoYo could successfully navigate this transition, positioning itself as an industry leader in game design while securing its financial future in an evolving market. Conclusion The rise of gacha games has

undoubtedly transformed the gaming industry, generating massive profits at the expense of ethical concerns. Genshin Impact exemplifies this paradox; its financial success is built on systems that mirror the addictive hooks of gambling. However, as regulatory scrutiny intensifies and player dissatisfaction grows, the industry stands at a crossroads. Developing a

skill-based MMORPG offers miHoYo a path forward. Although this new venture carries risks, including financial uncertainty and player resistance, the mitigation measures provide a viable plan to address these challenges. More importantly, this shift represents an opportunity to redefine success in gaming: not through predatory mechanics, but through fair design,

player trust, and sustainable growth. The choice is clear. Companies that cling to exploitative systems risk obsolescence; those that innovate will shape the future of gaming and prove that good business and good ethics can coexist.

DISCUSSION QUESTIONS

1. What responsibilities do game developers have toward players when designing monetization systems? 2. How can companies balance profitability with social responsibility in an industry built on behavioral manipulation?

“Genshin Impact – Data Overview,” AppMagic, 2025, https://appmagic.rocks/google-play/genshin-impact/com.miHoYo. GenshinImpact?hl=en. 2 Natasha Dow Schull, Addiction by Design: Machine Gambling in Las Vegas (Princeton, NJ: Princeton University Press, 2012). 3 Doris Zhong, “The Gambling of Gacha Games,” Cognitive NeuroEconomics @ UCSD, 19 February 2024, https://medium.com/cognitive-neuroeconomics/the-gambling-of-gachagames-c1b120b59b89. 4 Kiara Hildeman, “Glorified Gambling: Moral and Legal Issues within the Gacha Gaming Industry,” Washington Journal of Law, Technology & Arts, 7 December 2022, https://www.wjlta.com/2022/12/07/glorified-gambling-moral-and-legalissues-within-the-gacha-gaming-industry. 5 Anson Chui Yan Tang et al., “Prediction of Problem Gambling by Demographics, Gaming Behavior and Psychological Correlates among Gacha Gamers: A Cross-Sectional Online Survey in Chinese Young Adults,” Frontiers in Psychiatry (2022), https://doi.org/10.3389/fpsyt.2022.940281. 6 Tang et al., “Prediction of Problem Gambling by Demographics.” 7 N. Lakić, A. Bernik, and A. Čep, “Addiction and Spending in Gacha 1

Games,” Information 14, no. 7 (2023), https://doi.org/10.3390/ info14070399. 8 Dean Takahashi, “China’s Regulators Restrict Game Monetization, Sending Chinese Game Stocks Down,” VentureBeat, 22 December 2023, https://venturebeat.com/games/chinas-regulators-restrict-gamemonetization-sending-chinese-game-stocks-down. 9 Valentyna Mozolevska, “How Much Does It Cost to Make a Game? Video Game Budget,” Kevuru Games, 12 February 2023, https://www.kevurugames.com/blog/how-much-does-it-cost-to-make-avideo-game-clear-formula-and-the-highest-grossing-genres-in-2023. 10 Shuran Xi, “The Impact of Mobile Gacha Games on Generation Z Users in China,” Advances in Economics, Management and Political Sciences 143, no. 1 (2024), https://doi.org/10.54254/2754-1169/2024.ga18956. 11 Sisi Jiang, “These Genshin Impact Fans Spent $1,000 to $90,000 on Its Characters,” Kotaku, 2 November 2022, https://kotaku.com/genshin-impact-whales-hoyoverse-gacha-gamblingspending-1849734889. Photo Credits • Jaroslav Nymburský/Pexels - Page 6

“When I was scrolling through Instagram, I came across this video of a popular streamer playing the gacha games and watching him continuously spend a lot of money to pull for these characters, and it made me realize the powerful and often psychological hooks these games use. It struck me how these mechanics, which are structurally very similar to gambling, are being normalized for a generation of younger players.”

COCO WANG

CLASS OF 2028, BUSINESS: FINANCE AND MARKETING THE ILLUSION OF CHOICE / 11

FROM WASTE TO WEALTH:

AirCycle’s Circular Solution to Pollution in Cancer Alley

AirCycle proposes a circular solution to the pollution in Cancer Alley by converting harmful benzene emissions into valuable phenol, creating shared value for petrochemical companies, local communities, and governments. Author Dylan Yaghoutiel offers an innovative model that aims to reduce pollution while driving economic growth.

BY DYLAN YAGHOUTIEL

ancer Alley, an eighty-five-milelong region in Southeastern Louisiana that stretches along the Mississippi River and spans from New Orleans to Baton Rouge, frequently experiences strange phenomena.1 Among the dead birds on lawns, the disappearance of lightning bugs and dragonflies, the deformed fruit growing on trees, and the lack of blooming flowers, residents often see a golden mist of chemical releases floating over their towns.2 Surprisingly, these conditions stem not from a nuclear reactor meltdown or chemical warfare, but rather from the roughly two hundred oil refineries and petrochemical plants residing in the area near local communities, “regularly and routinely emitting large burning flares, and releasing plumes of black and brown polluting smoke.”4 Unaware of any potential use for the excess gas produced from their industrial processes, these plants and refineries burn and release it into the atmosphere, heavily polluting the surrounding air with around fifty toxic chemicals, such as benzene, formaldehyde, ethylene oxide, and chloroprene.5 Due to air pollution, the area, known as Cancer Alley, faces a severe public health crisis. Respiratory ailments, such as chronic asthma, bronchitis, and persistent sinus infections, are prevalent among residents. Pregnant women also suffer low birth weights, preterm births, miscarriages, stillbirths, high-risk pregnancies, and infertility.6 Perhaps most notably, however, is the fact that cancer risks in this small region are more than 700 times the national average, earning Cancer Alley recognition by the Environmental Protection Agency (EPA) as one of America’s major hotspots for toxic pollution.7 The United Nations also labeled Cancer Alley a global “sacrifice zone,” marking it as one of the most polluted and hazardous places on the entire planet.8 AirCycle, a conceptual startup that plans on converting the carcinogenic pollutant benzene into a valuable manufacturing input, could help FROM WASTE TO WEALTH / 13

mitigate air pollution in Cancer Alley. Enabling petrochemical companies to profit by reducing toxic emissions that threaten the health of residents of Cancer Alley exemplifies how businesses can create shared value through circular innovation. Unlike the confrontational approaches taken in the past, AirCycle’s profitable business strategy can offer mutual benefits for petrochemical companies, local communities, and governments alike. Limited Impact of Current Interventions The United States federal government and the state government of Louisiana have attempted to address this pressing environmental problem by deploying agencies such as the EPA and the Louisiana Department of Environmental Quality (LDEQ). However, structural limitations and shifting regulatory priorities have often impeded these agencies’ progress. In recent years, enforcement actions against industrial facilities have at times been initiated, reconsidered, or withdrawn as legal strategies, and administrative circumstances evolved. For example, in 2025, the EPA dropped its 2023 lawsuit against the Japanese-owned Denka Performance Elastomer plant for emitting high levels of chloroprene, a cancercausing chemical.9,10 Such changes demonstrate how government agencies 14 / DYLAN YAGHOUTIEL

operate within complex political and institutional environments that can affect the consistency of environmental oversight. Equally disruptive to progress, the petroleum industry’s economic value complicates the enforcement of regulations.11 Louisiana is a world leader in fossil fuel and petrochemical operations, and the United States depends on Cancer Alley alone for about 25 percent of its petrochemical production.12 With the industry being so vital to the Louisiana and United States economies, a natural conflict of interest arises among government officials, who aim to keep these companies content lest they relocate elsewhere. As a result, many Cancer Alley residents have reported that state government officials behave in an overtly hostile manner toward their interests while acquiescing to industry interests. Changing positions, or the movement of individuals between roles as public officials, such as legislators or regulators, and jobs in the private sector, creates a “revolving door” relationship with those in charge.13 Consequently, Cancer Alley’s residents cannot rely on regulatory agencies alone to provide lasting protection against toxic emissions. In response to the subsequent lack of governmental assistance, Cancer Alley’s residents sought to take matters into their own hands by

organizing local environmental justice organizations. In one of the most wellknown success stories, the Concerned Citizens of Norco (CCN) battled a Shell Oil facility in Norco, Louisiana, for seventeen years.14 Pressuring Shell by challenging it in court, organizing rallies, and testifying before the United Nations and the United States Congress, CCN won its demand for Shell to fund the relocation of residents who were harmed by the company’s plant in the area.15 While this ultimately delivered a significant victory for the organization and for residents of Cancer Alley, it exhibits the overall ineffectiveness of these organizations in achieving prompt impactful results, such as facility closures, pollution reductions, and resident relocations. The fact that it took Shell seventeen years to finally meet CCN’s demands reflects a serious flaw in addressing the urgent environmental and health concerns harming the community. Over those seventeen years, residents continued to inhale toxic, polluted air, which exacerbate health issues. Turning Waste Into Profit These governmental and grassroots interventions highlight the limited efficacy of directly confronting the petrochemical industry. A different kind of solution is required—one that incentivizes cooperation, not conflict, with the industry.

One approach is to convert the chemicals polluting Cancer Alley into economically valuable products. Within the realm of CO2 capture and sequestration, a solution emerges. Blue Planet Systems developed a mineralization technology that captures CO2 from any source and converts it into synthetic limestone for construction use. Each ton of this limestone permanently mineralizes 440 kilograms of CO2, effectively sequestering it from the atmosphere.16 Another startup, CarbonCure, developed a technology that is retrofitted into concrete plants, enabling concrete producers to inject captured CO2 into concrete during mixing. The CO2 strengthens the concrete, reducing the need for cement.17 Our conceptual startup, AirCycle, can leverage insights from Blue Planet Systems and CarbonCure by developing a technology that converts benzene to phenol via direct oxidation. In more technical terms, this process introduces an oxygen atom into the benzene ring in a single step, yielding phenol.18 Also known as carbolic acid, phenol is a highly versatile organic compound. Due to its unique properties and chemical reactivity, it is a vital raw material in the synthesis of products such as resins, adhesives, plastics, pharmaceuticals, and cosmetics. Hence, it serves numerous sectors, such as healthcare, automotive, construction,

and electronics. Due to the rising demand for phenol-based products across various industries, the phenol market has grown substantially in recent years.19 Scientists are continually developing methods to improve the efficiency and cost-effectiveness of this direct oxidation process. In 2021, researchers found a way to directly oxidize benzene to phenol by reacting it with hydrogen peroxide in microreactors, creating a controllable process that enables faster chemical reactions.21 By creating a retrofittable system that can capture, treat, and convert benzene into phenol using a technology centered around direct oxidation, AirCycle may find a way to make benzene waste economically valuable, incentivizing its capture and sequestration. AirCycle’s Long-Term Business Strategy AirCycle must implement a wellcalculated, long-term business strategy that aligns its profitability with that of petrochemical companies to reduce benzene emissions in Cancer Alley. The following proposal should fulfill this significant requirement: AirCycle will offer free retrofitting of its system into petrochemical facilities, provided that companies agree to sell the resulting phenol back at a fixed unit price. After acquiring the phenol, AirCycle will then sell it to manufacturers. While this

approach would entail high upfront capital costs, it enables long-term profitability through high operating margins because the marginal cost of acquiring phenol remains low. The trajectory of the global phenol market significantly reduces risk, as it indicates a strong long-term demand.22 This reassures investors that AirCycle will not default on its debt, making it easier to raise capital. Once AirCycle repays the initial debt associated with its plant assets, it will achieve high profit margins by reselling phenol at competitive market prices. To preserve the integrity of its social mission, AirCycle will not sell phenol to any company that fails to sequester it from the environment. For example, phenol can be used in herbicide production.23 The spraying of herbicides reintroduces phenol back into the air, thereby undermining the environmental gains achieved by capturing benzene emissions. To prevent re-emission, AirCycle will incorporate contractual clauses and rely on third-party certifications to ensure that phenol is sold exclusively to buyers who use it in applications that permanently sequester it. How AirCycle Creates Shared Value Across Stakeholders While AirCycle’s business model is designed to generate long-term profits, it also embodies Porter and FROM WASTE TO WEALTH / 15

Images from databridgemarketresearch.com showing the growth trajectory of the global phenol market until two thousand thirty-one. Demonstrates a strong demand for phenol, supporting the economic viability of deriving it from benzene using direct oxidation.20

Kramer’s concept of shared value creation, as three additional stakeholder groups benefit significantly from the startup’s establishment: petrochemical companies, residents, and government entities.24 Petrochemical companies gain a direct financial advantage through the system. With AirCycle offering to retrofit its equipment at no cost,

the installation of pollution-reducing and recycling-focused equipment. Beyond the financial upside, AirCycle’s technology also offers reputational benefits. By participating in solutions that reduce hazardous emissions, petrochemical companies can improve their standing with local communities, potentially reducing the frequency of protests, lawsuits, regulatory conflicts,

that capture and repurpose other compounds, like formaldehyde, chloroprene, and ethylene oxide. Additionally, the installation and maintenance of AirCycle’s system creates local employment opportunities, providing significant economic value in addition to the environmental benefits for individuals most affected by the region’s polluted air. Finally, state and federal government officials indirectly benefit from AirCycle’s approach. By addressing a major environmental issue through private enterprise, this startup reduces pressure on elected officials to confront the highly lucrative petrochemical industry through stricter regulations, fines, or legal action. Instead, AirCycle limits emissions, creates jobs, and keeps corporations content without requiring controversial government interventions. In summary, an AirCycle innovation can demonstrate that businesses are not solely responsible for societal issues. When incentives align, such as profitability and environmental responsibility, businesses can actually be part of the solution. By transforming benzene into a highly demanded intermediate such as phenol, AirCycle takes the first step toward eliminating Cancer Alley’s chronic air pollution while benefiting corporations, communities, and government officials. Equally valuable is the reduced reliance

"...cancer risks in this small region are more than 700 times the national average." petrochemical companies can generate a new revenue stream by selling the converted phenol back to AirCycle. This system may also generate a second revenue stream through cost reductions, as companies may qualify for statelevel tax credits, such as the Recycling Equipment Tax Credit and the Pollution Control Device Tax Exemption.25 These tax credits respectively incentivize 16 / DYLAN YAGHOUTIEL

and other operational disruptions. Residents mainly benefit from improved air quality, as the system captures benzene emissions from petrochemical plants and oil refineries. Although benzene is only one of many toxic airborne pollutants in Cancer Alley, even an incremental improvement can set a long-term precedent for future innovations

on combative regulatory actions and slow-moving grassroots efforts. Whereas these combative strategies vilify petrochemical companies, AirCycle’s approach links economic prosperity to environmental progress, offering a potential foundation for future circular petrochemical innovation.

DISCUSSION QUESTIONS

1. What are the business challenges when striking a balance between profitability and environmental responsibility? 2. How might AirCycle’s discoveries along a value chain transform other industries known for high environmental impact?

Richard Colletta, “Cancer Alley Can’t Wait,” Earth Day, 6 February 2024, https://www.earthday.org/cancer-alley-cant-wait. 2 Kaleena Fraga, “Inside Cancer Alley, the Dangerously Polluted Stretch of Louisiana,” All That’s Interesting, 30 March 2024, https://www. allthatsinteresting.com/cancer-alley. 3 Fraga, “Inside Cancer Alley, the Dangerously Polluted Stretch of Louisiana.” 4 Antonia Juhasz, “‘We’re Dying Here,’” Human Rights Watch, 25 January 2024, https://www.hrw.org/report/2024/01/25/were-dying-here/fight-lifelouisiana-fossil-fuel-sacrifice-zone. 5 Megan O’Leary, “Cancer Alley, Louisiana and Lung Cancer,” Lung Cancer Center, 9 April 2025, https://www.lungcancercenter.com/news/canceralley-louisiana. 6 Juhasz, “‘We’re Dying Here.’” 7 Colletta, “Cancer Alley Can’t Wait.” 8 Juhasz, “‘We’re Dying Here.’” 9 Emily Dieckman, “Trump Administration Set to Backtrack on ‘Cancer Alley’ Lawsuit,” Eos, 10 March 2025, https://www.eos.org/research-anddevelopments/trump-administration-set-to-backtrack-on-cancer-alleylawsuit. 10 “Justice Department Dismisses Suit Against Denka, Delivering On,” U.S. Department of Justice, 7 March 2025, https://www.justice.gov/opa/pr/ justice-department-dismisses-suit-against-denka-delivering-presidenttrumps-mandate-end. 11 Juhasz, “‘We’re Dying Here.’” 12 Matthew Daly and Michael Phillis, “Trump Administration to Drop Lawsuit Against Louisiana Petrochemical Plant,” AP News, 4 March 2025, https://www.apnews.com/article/trump-louisiana-cancer-denkachloroprene-epa-lawsuit-f45a0b8df8946a89ce2058a773ddb659. 13 Juhasz, “‘We’re Dying Here.’” 14 Climate Advocacy Lab, “Surviving Cancer Alley: The Stories of Five Communities,” Deep South Center for Environmental 1

Justice, n.d., https://www.dscej.org/wp-content/uploads/2024/02 SurvivingCancerAlleyReport.pdf. 15 “June 11, 2002: African American Residents in Louisiana Win Their Fight Against Shell Oil,” Zinn Education Project, 12 June 2024, https://www. zinnedproject.org/news/tdih/black-residents-win-fight-against-shell. 16 “Permanent Carbon Capture,” Blue Planet Systems, n.d., https://www. blueplanetsystems.com. 17 “Climate Case Studies & Testimonials,” CarbonCure Technologies Inc., 14 December 2022, https://www.carboncure.com/climate-case-studies. 18 BiologyInsights Team, “Benzene to Phenol: Breakthrough Strategies for Direct Oxidation,” BiologyInsights, 29 April 2025, https://www. biologyinsights.com/benzene-to-phenol-breakthrough-strategies-fordirect-oxidation. 19 “Phenol Market 2025–2034 | Size, Share, Growth,” MarkWide Research, n.d.,https://www.markwideresearch.com/phenol-market. 20 “Phenol Market – Global Market – Industry Trends and Forecast to 2031,” Data Bridge Market Research, 28 March 2024, https://www. databridgemarketresearch.com/reports/global-phenol-market. 21 Hailing Zhao et al., “Direct Oxidation of Benzene to Phenol in a Microreactor: Process Parameters and Reaction Kinetics Study,” Chemical Engineering Science 246 (June 2021), https://doi. org/10.1016/j.ces.2021.116907. 22 “Phenol Market – Global Market – Industry Trends and Forecast to 2031.” 23 “Phenol Market – Global Market – Industry Trends and Forecast to 2031.” 24 Michael E. Porter and Mark R. Kramer, “Creating Shared Value,” Harvard Business Review 89, no. 1–2 (January–February 2011). 25 “Tax Incentives,” Louisiana Department of Environmental Quality, n.d., https://www.deq.louisiana.gov/page/tax-incentives. Photo Credits • Ella Ivanescu/Unsplash - Page 12 • Roy Luck/Wikimedia Commons - Page 14

“By introducing AirCycle, the paper demonstrates that profitability and pollution reduction can coexist through shared value creation. When these incentives align, everyone benefits in a lasting and meaningful way.”

DYLAN YAGHOUTIEL

CLASS OF 2028, BUSINESS: FINANCE AND ECONOMICS

FROM WASTE TO WEALTH / 17

Rethinking Google’s Data Centers Through Water-Free Innovation BY JACK LI

Google’s growing data centers are straining Virginia’s water supply, revealing a disconnect between rapid tech expansion and community needs. Author Jack Li proposes a water-free, closed-loop cooling system that would advance sustainability goals while strengthening Google’s relationship with residents.

hat if the future’s biggest threat to water scarcity wasn’t agriculture, but your next Google search? As AI adoption accelerates, data centers—where information is stored and processed—face significant pressure, driving the need for intense cooling systems to maintain optimal performance and durability.1 Currently, the most efficient and widely used cooling method involves dissipating heat by evaporating water, consuming 70 to 80 percent of the intake.2 According to the 12th United Nations SDG, this unsustainable pattern of resource consumption highlights the urgent need for responsible production practices.3 Nonetheless, Google continues to expand its data centers by investing $1 billion in its third hyperscale facility in Virginia, a

state that hosts 35 percent of the world’s data centers.4 While this expansion boosts Google’s revenue and growth, it comes at a tangible cost to the well-being of Virginia’s communities. Residents have experienced increasingly severe droughts in recent years due to the substantial water demand of these facilities.5 Additionally, the presence of data centers has exacerbated noise pollution and eroded the region’s visual appeal.6 This tension reveals a growing disconnect between technological progress and social responsibility, an imbalance that calls for an innovative solution. While these issues persist, practical solutions can be developed through crossindustry collaboration between two private companies: LiquidStack, a U.S.-based provider of advanced liquid cooling for

now classified as experiencing “Severe Drought,” mainly due to the intense water demands of these facilities.14 Taken together, these developments are not without negative externalities. Google’s private gains from data center expansion result in social costs—such as resource scarcity and regional drought—that are not reflected in the company’s financial accounting.15

data centers, and Strategic Science Consult GmbH (SSC), a German firm specializing in sustainable building using algae-based systems. This proposal replaces evaporative cooling with LiquidStack’s direct-tochip cooling method, transforming heat into algal biomass in SSC’s photobioreactors.7 Through this approach, Google would eliminate water use in its data centers altogether, produce valuable biomass, and maintain its operations, all while generating economic, social, and environmental benefits. Escalating Demand: AI’s Growing Thirst for Resources and Its Impacts on Stakeholders A McKinsey & Company report suggests that demand for AI-ready data center capacity is projected to rise at an “average annual rate of 33 percent a year between 2023 and 2030.”8 Further, an article from Grist, a 26-yearold, nonprofit, independent media organization, revealed that large-scale AI algorithms “consume at least 100 times more computing power…than simpler kinds of machine learning.”9 This surge in data center demand will exacerbate the conflicting interests and deepen tensions between Google and Virginia’s residents. For Google, the projected growth of 20 / JACK LI

its data centers helps boost its market share in the cloud computing industry. During the fourth quarter of the 2024 earnings call, CEO Sundar Pichai announced that “[Google] Cloud and YouTube exited 2024 at an annual revenue run rate of $110 billion,” ten percent more than what was previously forecasted.10 This growth prompted the firm to invest an additional $1 billion in constructing its third hyperscale data center in Loudoun County, a move that is expected to significantly increase water consumption and further burden local water infrastructure.11 At the same time, the water demands of these data centers raise pressing local concerns. An article from The Washington Post revealed that a large data center uses anywhere between “one million and five million gallons of water a day,” which is “as much as a town of 10,000 to 50,000 people.”12 Loudoun, home to approximately 450,000 residents and two of Google’s hyperscale data centers, is projected to experience a 22 percent increase in its residential water demand.13 Although Virginia has traditionally been considered “water rich,” areas with high concentrations of data centers have become some of the state’s driest. The National Integrated Drought Information System (NIDIS) reports that 90 percent of Loudoun is

Why Current Approaches Fall Short Despite growing public concern, efforts by Virginia’s state legislators to regulate data centers’ water use have been stifled. A legislative session in Virginia passed only one of 27 bipartisan bills related to this issue, which did not directly address water usage.16 This unexpected inaction was largely due to aggressive lobbying by the Data Center Coalition (DCC), an association representing major data center operators, including Google.17 The DCC funneled $165,500 in campaign contributions to lawmakers ahead of the session, including $50,000 to House Speaker Don Scott— undermining environmental safeguards and marginalizing the community’s most impacted citizens.18 Meanwhile, Google promotes a public environmental message that contradicts its behind-the-scenes lobbying. Their claims to “replenish more water than [it] consumes and help improve water quality” essentially serve to obscure the reality of its water accounting.19 Google’s sustainability reports show no active waterreplenishment projects in Virginia, even though the state hosts two of its major, hyperscale data centers.20 Insufficient regulation and Google’s limited water stewardship highlight the need for a more innovative solution that addresses both environmental impact and community concerns. By funding legislators to secure favorable policies, Google prioritizes its public image over genuine environmental responsibility, exposing a clear gap between its branding and its actions.

Closed-Loop Solution: LiquidStack Meets SolarLeaf The most efficient way to curb water overuse in data center cooling is to adopt technology that operates without it. Therefore, this proposal addresses this challenge by integrating LiquidStack’s direct-to-chip liquid cooling with SSC’s SolarLeaf algaegenerating panels. Combined, the duo creates a closed-loop system that conserves water and generates renewable energy. LiquidStack’s innovative cooling method uses a dielectric fluid that safely contacts electrical components, allowing it to transfer heat at 26 percent higher capacity than traditional methods and eliminating the need for water.21 The circulating liquid absorbs heat and transfers it to a coolant distribution unit, which then directs the heat to an external system, such as cooling towers, where it is mostly released into the atmosphere.22 However, rather than releasing this heat, LiquidStack could partner with SSC to close the loop by repurposing it to cultivate microalgae. SSC’s SolarLeaf photobioreactor technology debuted at the award-winning BIQ House during the International Building Exhibition, where façade panels grew algae using sunlight, CO2, and waste heat while providing dynamic shading that improved thermal regulation.23 When the algae reached full density, it was automatically harvested and converted into biofuel, supplying one-third of the four-story residential building’s heating needs.24 LiquidStack’s coolant could be applied in Google’s data centers to directly absorb heat from computer components and redirect it to SSC’s SolarLeaf panels. These panels, in turn, would use the same inputs as BIQ House—heat, sunlight, and CO2—to cultivate algae. When the algae reach full capacity, they can be processed directly into biofuel or stored for later use, completing a closed-loop system that not only recycles water but also generates clean energy from otherwise

wasted heat. This closed-loop approach replaces the traditional take–make– dispose model with a regenerative system that reuses waste, like heat in this instance, for productive use.25 Aligning Profit, Partnership, and Public Good: How Shared Value Benefits Google To date, Google’s commitments to water-positive operations have yet to be reflected in Virginia, since no replenishment projects exist despite major data center expansion. Implementing this system would enable Google to begin delivering on those promises measurably.26 This solution can save up to 5 million gallons of water per day in one hyperscale data center—nearly 1.9 billion gallons a year—by eliminating water dependency.27 Instead of expanding data centers and then seeking offset programs to balance their water use, Google could eliminate the need for offsets as it grows. The generated algae can further help achieve its ambitious carbon-emissions goals by powering its data centers with green energy. Google’s collaboration with SSC and LiquidStack reflects the idea of creating shared value, aligning business growth with social and environmental benefits. Leading in sustainable tech may further bolster Google’s reputation with regulators, investors, and

environmentally conscious consumers, ultimately turning sustainability into a competitive advantage. Growth Opportunities for LiquidStack and SSC A successful implementation could pave the way for LiquidStack and SSC to help other corporations adopt similar sustainable practices in the industry and beyond. A key driver for this adoption is the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) certification, which enhances a facility’s environmental credibility and offers tiered tax incentives based on performance.28 In response to this development, local governments, including those in Virginia, are actively adopting policies that mandate or incentivize the LEED certification, increasing the demand for technology that enables efficient water and energy use, like those from SSC and LiquidStack.29 Elevated demand in sustainability practices presents a rare opportunity for LiquidStack and SSC to position themselves at the forefront of driving sustainability measures through their specialized technology. LiquidStack can showcase an environmental reuse application for its high-efficiency coolant system in everyday buildings. At the same time, SSC can expand its

RETHINKING GOOGLE’S DATA CENTERS / 21

algae panel capabilities from building facades to large-scale industrial infrastructure. In doing so, both unlock new markets and prove scalability. Community Wins: Addressing Water, Aesthetics, and Noise Through Innovation Residents of Virginia would face less strain on local water resources if Google helps lead the data center industry’s transition to water-free cooling. Beyond water use, residents have voiced complaints that many data centers resemble “concrete bunkers or prisons”: white or grey-painted walls that create a dull, industrial look.30 SSC’s algae panels introduce greenery and texture, giving the structure a more natural, appealing appearance.31 Noise pollution presents another often-overlooked concern. Traditional data centers emit a constant hum that ranges from the equivalent of background music (60 decibels) to a power lawnmower or subway (85 decibels).32 Again, SSC’s algae panels absorb sound waves, reducing ambient noise levels generated from data center operations.33 Taken together, these improvements reflect a stakeholder-driven design, showing that companies can thrive by balancing profit with responsibility to the people and environments they impact. By reducing water use, visual disruption, and noise pollution, this proposal links innovation with shared progress. Drawbacks and Limitations: High Costs, Hidden Benefits This proposal has the potential to balance stakeholder interests while ensuring profitability and responsible

resource use. Its primary drawback, however, is the uncertainty surrounding implementation costs. The BIQ House cost approximately $6.5 million to construct, with $1.69 million spent on SolarLeaf panels. The latter range from $2,200 to $2,500 per square meter—approximately 10 times the cost of standard façades.34 Covering the entirety of Google’s hyperscale data center in Virginia, which spans 18,580

help align the company with evolving environmental regulations while reducing potential compliance costs. As an adopter, Google would also set a precedent for industry standards, potentially influencing policy and market expectations. Over time, these factors could lead to a competitive advantage and deepen stakeholder trust, translating into reputational gains and measurable financial performance.

“What if your next Google search… also grew algae?” square meters, would cost the firm $46 million on just the panels, a value far greater than many years of its energy bills.35 Furthermore, retrofitting existing facilities to integrate LiquidStack’s direct-to-chip would require extensive rewiring and infrastructure changes, an initial upfront cost that may deter firms focused on short-term returns.36 Finally, as LiquidStack’s direct-to-chip cooling and SolarLeaf’s panels have also never been integrated, Google would bear the financial risk of investing in an unproven model without certainty of return. Despite the initial costs and risks of implementing this proposal, the longterm benefits outweigh these concerns when quantifying both tangible and intangible returns from sustainability efforts. By adopting energy and waterefficient technologies, Google could reduce long-term operational costs through lower energy consumption and improved cooling efficiency. Additionally, sustainability measures

Conclusion What if your next Google search didn’t just store data, but also grew algae? By integrating LiquidStack’s direct-to-chip cooling with SSC’s SolarLeaf algae system, Google is closer to achieving its water replenishment goals while repurposing wasted heat to grow biofuel and create a self-sustaining data center model. As a result, Google would cut water use, emissions, and future compliance costs; LiquidStack and SSC would scale their innovations; and Virginia’s residents would benefit from eased water demand and reduced infrastructure strain. It’s a scalable win for tech, business, and community.

DISCUSSION QUESTIONS

1. What does genuine “water stewardship” look like for tech companies, and how can we tell the difference between genuine sustainability efforts and strategic greenwashing? 2. How can cross-industry collaborations (like LiquidStack + SSC) reshape our assumptions about what sustainable infrastructure can look like?

22 / JACK LI

Cisco, “What Is a Data Center,” Cisco, July 2019, https://www.cisco. com/c/en_uk/solutions/data-center-virtualization/what-is-a-data-center. html. 2 Tobias Mann, “How Datacenters Use Water – and Why Kicking the Habit Is Nearly Impossible,” The Register, 4 January 2025, https://www. theregister.com/2025/01/04/how_datacenters_use_water/. 3 United Nations, “Goal 12 | Ensure Sustainable Consumption and Production Patterns,” United Nations, 2025, https://sdgs.un.org/goals/ goal12. 4 Charlie Paullin, “Virginia Explained: Data Center Expansion, with All Its Challenges and Benefits,” Virginia Mercury, 28 May 2024, https:// virginiamercury.com/2024/05/28/virginia-explained-data-centerexpansion-with-all-its-challenges-and-benefits/. 5 Sachi Mulkey, “The Surging Demand for Data Is Guzzling Virginia’s Water,” Grist, 8 May 2024, https://grist.org/technology/surging-demanddata-guzzling-water-ai/. 6 Rich Miller, “In Loudoun, Neighbors Want Better Looking Data Centers,” Data Center Frontier, 9 September 2019, https://www.datacenterfrontier. com/featured/article/11429445/in-loudoun-neighbors-want-betterlooking-data-centers. 7 More than Green, “SolarLeaf | Algae Bio-Reactive Facade,” More than Green, 3 September 2014, https://www.morethangreen.es/en/solarleafsolar-leaf-algae-bio-reactive-facade/. 8 Bhargs Srivathsan, Marc Sorel, and Pankaj Sachdeva, “AI Power: Expanding Data Center Capacity to Meet Growing Demand,” McKinsey & Company, 29 October 2024, https://www.mckinsey.com/industries/ technology-media-and-telecommunications/our-insights/ai-powerexpanding-data-center-capacity-to-meet-growing-demand. 9 Mulkey, “The Surging Demand for Data Is Guzzling Virginia’s Water.” 10 Sundar Pichai, “Q4 Earnings Call: CEO’s Remarks,” 4 February 2025, https://blog.google/inside-google/message-ceo/alphabet-earnings-q42024/#introduction. 11 Mulkey, “The Surging Demand for Data Is Guzzling Virginia’s Water.” 12 Shannon Osaka, “A New Front in the Water Wars: Your Internet Use,” Washington Post, 4 May 2023, https://www.washingtonpost.com/ climate-environment/2023/04/25/data-centers-drought-water-use/. 13 Mulkey, “The Surging Demand for Data Is Guzzling Virginia’s Water.” 14 National Integrated Drought Information System, “Loudoun County Conditions,” Drought.gov, 2024, https://www.drought.gov/states/ virginia/county/loudoun. 15 Thomas Helbling, “Externalities: Prices Do Not Capture All Costs,” International Monetary Fund, 2023, https://www.imf.org/en/ Publications/fandd/issues/Series/Back-to-Basics/Externalities. 16 Ellen Thomas, “Data Centers’ Political Power Grows with Big Tech Backing,” Business Insider, 21 February 2025, https:// www.businessinsider.com/data-centers-political-power-big-techbacking-2025-2. 17 Thomas, “Data Centers’ Political Power Grows with Big Tech Backing.” 18 Thomas, “Data Centers’ Political Power Grows with Big Tech Backing.” 1

Google, “2024 Environmental Report.” Google, “2024 Environmental Report.” 21 Harry Menear, “Data Centre Cooling: The Future Is Liquid,” Datacentre Magazine, 12 August 2021, https://datacentremagazine.com/criticalenvironments/data-centre-cooling-future-liquid. 22 Peter Judge, “LiquidStack Creates a Coolant Distribution Unit for DirectTo-Chip Systems,” Data Center Dynamics, 15 November 2023, https:// www.datacenterdynamics.com/en/news/liquidstack-creates-a-coolantdistribution-unit-for-direct-to-chip-systems/. 23 Arup, “SolarLeaf,” n.d., https://www.arup.com/projects/solarleaf/. 24 Arup, “SolarLeaf,” 25 Walter R. Stahel, The Circular Economy: A User’s Guide (Abingdon, Oxon; New York, NY: Routledge, 2019). 26 Google, “2024 Environmental Report.” 27 Osaka, “A New Front in the Water Wars: Your Internet Use.” 28 Taryn Holowka, “Top 10 Reasons to Certify to LEED,” U.S. Green Building Council, 25 January 2022, https://www.usgbc.org/articles/top10-reasons-certify-leed. 29 Gracie Tilman, “Virginia Localities Advance Green Building Policies,” U.S. Green Building Council, 2025, https://www.usgbc.org/articles/ virginia-localities-advance-green-building-policies. 30 Miller, “In Loudoun, Neighbors Want Better Looking Data Centers.” 31 Arup, “SolarLeaf.” 32 Josh Mahan, “Data Center Noise: Effective Strategies for Reduction,” C&C Technology Group, 12 February 2024, https://cc-techgroup.com/ data-center-noise/. 33 Nimish Biloria and Yashkumar Thakkar, “Integrating Algae Building Technology in the Built Environment: A Cost and Benefit Perspective,” Frontiers of Architectural Research 9, no. 2 (2020), https://doi. org/10.1016/j.foar.2019.12.004. 34 “The BIQ Building: The World’s First Full-Scale Bioreactive Façade,” Green Building Canada, 16 September 2013, https:// greenbuildingcanada.ca/biq-building-bioreactive-facade/. 35 “Google Data Center in Virginia,” Datacenters.com, 2018, https://www. datacenters.com/google-loudoun-county-va. 36 Simon Eventov, “Liquid Cooling in Your White Space: Addressing the Concerns for Increased Cooling Requirements,” Data Center Dynamics, 2 October 2024, https://www.datacenterdynamics.com/en/opinions/ liquid-cooling-in-your-white-space-addressing-the-concerns-forincreased-cooling-requirements/. 19 20

Photo Credits: • Garvit/Unsplash - Page 18 • Pawel Czerwinski/Unsplash - Page 20 • Teerawat WutthikanVecteezy - Page 21

“I hope to uncover the unspoken side of tech and get people, including myself, to think more deeply about what sustainability really means and who’s affected by it.”

JACK LI

CLASS OF 2028, FINANCE AND ACCOUNTING

RETHINKING GOOGLE’S DATA CENTERS / 23

Fighting Food Deserts with... Hardware?

BY LELAND THORPE

Ace Hardware’s cooperative business model can be repurposed to fight food deserts by integrating curated grocery offerings into stores in underserved areas. Author Leland Thorpe suggests that by leveraging Ace’s existing infrastructure, local ownership, and buying power, this hardware–grocery hybrid offers a scalable, health-oriented alternative to traditional chains that have abandoned low-income neighborhoods.

n neighborhoods across the United States, millions of residents live in areas where fresh food is nearly impossible to obtain. Yvette, a single mother in Atlanta, describes how her nearest grocery store closed years ago, forcing her to take two buses just to buy basic staples like milk and bread.1 On top of juggling three different jobs, she lacks the time to make this trek, leaving her with no choice but to continue feeding herself and her children easily accessible fast food. “It’s just not right,” she says.2 Food deserts are geographic areas where residents have limited access to affordable, healthy food due to a lack of a nearby grocery store. Approximately 2.3 million people in the U.S. live over a mile away from a supermarket and do not own a car, making fresh food difficult to obtain.3 This issue disproportionately affects low-income communities, where large grocery chains have withdrawn due to profit-driven location strategies, leaving behind a landscape dominated by fast-food restaurants and convenience stores.4 Food manufacturers play a critical role in sustaining these dietary patterns by prioritizing long shelf life, palatable flavors, and low production costs over nutritional value. The American Cancer Society states that food deserts contribute to higher rates of obesity, diabetes, and other chronic diseases.5 The deregulation of grocery pricing policies in the 1980s led to the emergence of food deserts. Before this shift, the Robinson-Patman Act—which prohibited grocery wholesalers from offering better prices to larger chains— was properly enforced. However, the Reagan administration abandoned price-discrimination laws, allowing dominant grocery retailers to strongarm suppliers into accepting lower prices. At the same time, less powerful independent stores paid higher rates for the same goods. Inability to compete with big stores forced local markets to go out of business, leading to a dramatic drop in market share from 53 percent to 22 percent between 1982 26 / LELAND THORPE

and 2017, respectively.6 Low-income and rural communities took the biggest hit as they historically relied on these independent retailers for accessible, healthier options. This issue is especially prevalent in downtown Atlanta, where, according to the non-profit organization Hands On Atlanta, one out of every five children is food insecure.7 As a result, Atlanta residents often rely on businesses like gas stations, convenience stores, and dollar stores that predominantly stock processed foods. For example, none of Atlanta’s Dollar General locations offer produce, despite the chain’s national plans to expand such options.8 As of July 2024, only a quarter of Dollar General stores sell groceries.9 Furthermore, the average combined calories of snacks children consumed from these corner stores was nearly 400 calories, consisting primarily of sugary or salty foods like chips and candy.10 The result is not just food insecurity, but health insecurity—both of which highlight the importance of developing a solution.

A Cooperative Solution A more effective approach to combating food insecurity lies in reimagining grocery store ownership models. Rather than maintaining the conventional corporate hierarchy in which distant executives make decisions that trickle down to store managers and employees, empowering local owners to drive business decisions from the ground up can result in grocery stores that are focused on the communities they serve. This business model is known as a retailer’s cooperative (or retail “co-op”), in which a group of individual small businesses comes together under one brand to increase their market and purchasing power.11 Through this cooperative structure, member stores maintain their independence while gaining access to wholesale prices typically reserved for large chains. This model enables owners to maintain competitive costs while preserving their community focus.

This cooperative model can be implemented through an unexpected partner: Ace Hardware. Founded in 1926 by a small group of hardware stores in the Chicago area, it now operates more than 5,000 stores globally.12 They have remained true to their business model: 96 percent of Ace Hardware stores are privately owned.13 Despite private ownership, these stores unite under one brand, benefiting from shared marketing and collective buying power. Each location contributes to a national branding campaign with an annual budget of $100 million and having featured wellknown figures like Suzanne Somers and John Madden.14 Furthermore, individual store owners have access to Ace’s extensive distribution network and product catalog, with the flexibility to tailor their inventory to local needs. For instance, one location in Austin caters to affluent suburban families by offering wedding registries and highend cookware, while a Florida location stocks fishing gear and locally made fudge to serve its coastal clientele.15 Ace Hardware’s proven cooperative model, which pairs corporatescale efficiency with neighborhood adaptability, presents a ready-made solution to food deserts, uniquely positioning them to become America’s unexpected grocery solution.

Leveraging Ace’s Business Model to Help Food Deserts The avoidance of lower-income areas by large grocery chains, driven by profitability challenges, remains a key factor in the creation of food deserts.16 Ace Hardware’s business model thrives in these exact situations. Its CEO himself stated that one of the three pillars of its business is convenience, citing that “more than 75 percent of U.S. households are within 15 minutes of an Ace store.”17 Ace, as exemplified in their slogan “The Helpful Place,” strives to be the local hardware store for every person. Adding curated grocery sections to Ace locations near food deserts provides immediate access to fresh, affordable

food while remaining consistent with the company’s ethos. Ace’s fundamental alignment with community needs makes its co-op structure especially suited to addressing food insecurity. The store owners, who typically live in the areas they serve, possess both the knowledge and motivation to tailor grocery selections to local cultural preferences. Studies show that doing so promotes a healthy food environment, which is a more effective driver of healthy eating behaviors.18 For instance, in the Blackmajority neighborhoods of downtown Atlanta, an Ace-grocery hybrid might specifically stock items like collard greens, sweet potatoes, and plantains to entice local shoppers to buy healthier foods. Meanwhile, the co-op’s collective buying power would help maintain affordable pricing, addressing both the access and affordability dimensions of food insecurity. Admittedly, not all of Ace’s thousands of locations align perfectly with areas of greatest food need. However, with careful planning, this model could serve as a scalable template for future Ace Hardware

stores. The ethos of this plan coincides perfectly with a two-billion-dollar initiative named “Elevate Ace,” where the company plans to build around 200 new stores and remodel around 350 existing stores annually over the next five years.19 Rather than simply expanding their traditional footprint, this massive investment presents an opportunity to strategically locate new stores in food deserts and begin integrating groceries into the product mix. By creatively pairing Ace’s ubiquitous, convenience-focused infrastructure with essential grocery offerings, communities can transform neighborhood hardware stores into vital hybrid hubs. Ace’s thousands of locally owned stores, existing distribution network, and celebrated “helpful” brand identity position it to become America’s unexpected grocery solution.

How Does Ace Benefit? Ace Hardware could gain a significant competitive advantage by adding grocery sections to its stores. Firstly, groceries align perfectly with Ace’s identity. CEO John Venhuizen

emphasizes that Ace specializes in “home preservation” rather than extensive renovations, positioning itself as the neighborhood destination for quick fixes and routine maintenance.20 Adding groceries extends this idea, transforming Ace locations into true one-stop shops for both home and pantry essentials. Ace can become the local equivalent of a Walmart, but with the community focus and personalized service that big-box retailers lack. This expansion capitalizes on Ace’s greatest strengths: convenience and frequent customer visits. Stores offering a diverse range of product categories significantly increase unplanned purchases: when consumers enter to purchase one item, they often leave with several others.21 A shopper arriving for milk might impulsively grab light bulbs or cleaning supplies, and someone picking up paint could add fresh fruit to their basket. This “cross-category” effect may increase sales per customer and reinforce Ace’s role as a daily necessity provider. Additionally, Grocery store integration can complement Ace’s new e-commerce rollout beyond

FIGHTING FOOD DESERTS WITH... HARDWARE / 27

brick-and-mortar stores, especially in urban areas.22 Offering food delivery alongside hardware items may prove feasible, as 96 percent of people living in food deserts reside in urban areas.23 Grocery delivery in itself is already a proven success; Walmart’s food delivery service tripled in sales from 2021 to 2023.24 Even Ace locations outside food deserts could support these

Ace’s recently launched “Express” stores average under 5,000 square feet, half the size of a normal Ace store.25 This smaller format demonstrates Ace’s ability to condense its product offerings without sacrificing efficiency, effectively leaving the other half of a traditional store’s space available for new uses. By dedicating this unused space to groceries, Ace could

and foot traffic. The possibilities are virtually endless, and that’s precisely what makes the co-op model so powerful: it doesn’t enforce a one-size-fitsall solution. Instead, it encourages problem-solving and innovation. This decentralized experimentation enables Ace to track what works, refine successful strategies, and gradually

“...communities can transform neighborhood hardware stores into vital hybrid hubs.” communities through online grocery delivery services.

A Gradual Implementation To implement this model, Ace Hardware can adopt a phased rollout, beginning with a pilot program in downtown Atlanta, before expanding to other areas. The Grant Park Ace Hardware, located just southeast of downtown Atlanta, is an ideal test case for this innovative model. Ace already has established brand trust, distribution networks, and warehouses, which would be a significant challenge for grocery startups seeking to build infrastructure and consumer recognition from scratch in these underserved markets. Furthermore, Ace’s cooperative business structure provides an excellent platform for testing various methods of grocery incorporation. Each store owner would bring unique solutions to their grocery integration program, tailored to their community’s distinct needs. There are several potential ways to incorporate groceries into Ace stores, each adaptable to the needs of individual locations. The most straightforward method is a shared space. Ace has already been inadvertently preparing for operating alongside a grocery store. 28 / LELAND THORPE

seamlessly adapt its existing Express model into a hybrid format. Others could partner with grocery stores or retailers’ cooperatives, such as Shoprite. There are already Shoprite grocery stores in rural areas that have Ace Hardware in the same building, demonstrating that this concept is not

scale the most effective models nationwide. A critical step in making this model successful is involving the community early in the planning process. Jeff Brown, a retail co-op grocery store owner in the greater Philadelphia area, hosts town hall meetings to hear

only feasible but successful.26 In some cases, a store owner might decide to open a small, standalone grocery shop adjacent to their hardware location, maintaining separate spaces but benefiting from shared infrastructure

directly from the communities before undertaking major renovations or opening a new store.27 These gatherings allow residents to voice their needs, suggest grocery offerings, and influence how services get delivered. He

attributes much of his success to these very meetings. Ace store owners can adopt a similar practice during the pilot phase and beyond. Each store could gain insight into which store format best suits the community’s needs and which grocery items customers prefer. This kind of upfront engagement not only builds trust but also improves the likelihood that the grocery integration will be used, appreciated, and sustainable in the long term. To encourage adoption, Ace could expand its current conversion incentives, which include free labor for store rebranding and product assortment credits to support grocery integration specifically.28 Additional benefits may include subsidized refrigeration units for perishable goods and partnerships with regional food distributors. Since this is uncharted territory, identifying the right incentives for grocery implementation may require a trial-and-error approach. With time, Ace can refine its support to help businesses succeed. Beyond retail, Ace stores could evolve into community hubs by offering services that address systemic barriers to food access. Jeff Brown provides a range of programs in his stores, including nutritionists and information on SNAP/WIC benefits.29 However, his most successful program is in financial services.30 Many lowincome communities have limited financial literacy, and a significant number of residents lack access to traditional banking. An absence of bank accounts forces them to use predatory check-cashing services that take a portion of their income. They’re also more likely to carry large amounts of cash, which increases their risk of theft and financial instability. Brown’s stores offer low-cost checkcashing services and, more importantly, help customers open bank accounts that allow them to pay bills electronically and build savings. Ace stores could adopt a similar model during the pilot phase in Atlanta by partnering with RightPath, a local nonprofit focused

on financial literacy and economic empowerment. Other locations across the country could develop their own partnerships with local organizations that best reflect their communities’ needs. These programs could help address the issues that keep residents trapped in a cycle of poverty.

Potential Drawbacks While the proposed Ace Hardwaregrocery hybrid model presents a promising solution to food deserts, there are fair criticisms, particularly regarding franchising and the costs of revamping distribution networks. An alternative to the cooperative model is franchising, in which independent business owners (franchisees) license the right to operate under a larger brand’s name and follow its established business model in exchange for fees and royalties. However, franchising comes with significant drawbacks. Research indicates that franchising often results in higher operational costs for store owners due to steep initial fees and recurring royalties. Furthermore, franchisees must abide by strict corporate mandates.31 These burdens can be prohibitive for entrepreneurs in low-income areas, where profit margins are already slim. Additionally, franchising often prioritizes standardization over local customization, which may

not meet the unique needs of fooddesert communities.32 For example, franchisees often face lengthy approval processes for minor changes, such as adjusting product assortments or pricing, which could hinder their ability to respond to community demands.33 In contrast, Ace’s cooperative structure allows store owners to retain autonomy while benefiting from collective buying power and shared marketing, making it a more adaptable and cost-effective solution. Another concern is the cost and complexity of incorporating perishable food into Ace’s existing supply chain. Distributing fresh produce and refrigerated goods would require investments in temperaturecontrolled logistics, which could be expensive to implement. However, Ace is already equipped to handle this challenge. For instance, one of Ace’s biggest products is its own-branded paint. It needs to be transported in refrigerated (reefer) trucks to preserve its quality.34 Ace can build upon their existing infrastructure to include food distribution with minimal additional overhead. Moreover, Ace’s distribution partner, Emery Jensen, manages many temperature-sensitive items, such as pet food and chemicals, demonstrating its capability to handle perishable goods.35 Ace stores also have experience sourcing products locally, as evidenced by their partnerships with regional

FIGHTING FOOD DESERTS WITH... HARDWARE / 29

vendors offering unique inventory, such as fishing gear and wedding supplies.36 The store’s flexibility could extend to fresh food, enabling stores to collaborate with local farmers and producers. Sourcing locally would reduce transportation costs while simultaneously supporting other local businesses. While the initial investment in supply chain upgrades would be substantial, Ace’s recent $2 billion commitment to modernizing its logistics suggests the company is prepared to make long-term investments in innovation.37 As noted earlier, the financial benefits of combining food and nonfood items are well documented. Studies show that retailers offering a diverse range of product categories experience a significant increase in average customer spending, with basket value nearly doubling when non-food items are included.38 For Ace, this means grocery sections could drive

higher foot traffic and cross-category sales, offsetting the upfront costs of distribution upgrades. By leveraging its existing reputation for convenience and community focus, Ace can position itself as a one-stop shop for both home essentials and fresh food, creating a sustainable model that benefits both the company and underserved neighborhoods. While franchising and distribution challenges pose valid concerns, Ace’s cooperative structure and existing capabilities provide a strong foundation for overcoming these obstacles. The long-term rewards of increased sales, community impact, and brand enhancement far outweigh the initial hurdles, making this hybrid model a viable and transformative solution for food deserts.

fresh food shouldn’t require multiple bus rides after long work shifts. Ace Hardware’s existing infrastructure, cooperative buying power, and deep community ties uniquely position it to become an unexpected solution to food deserts. For millions of Americans, healthy options could now be just around the corner instead of across town.

Looking Ahead For working parents like Yvette, the daily challenge of finding affordable

DISCUSSION QUESTIONS 1. What potential unintended consequences could arise from relying on a national brand like Ace to solve a local food insecurity problem? 2. How might community members be involved before a store changes its model or adds groceries? Seana Diles, “Seana’s Story: A Journey towards Better Health in a Food Desert,” Triad, 21 June 2022, https://wearetriad.com/seanas-story-ajourney-towards-better-health-in-a-food-desert. 2 Diles, “Seana’s Story: A Journey towards Better Health in a Food Desert.” 3 David Nulph et al., “Mapping Food Deserts in the United States,” Economic Research Service, 1 December 2011, https://www.ers.usda. gov/amber-waves/2011/december/data-feature-mapping-food-desertsin-the-u-s. 4 Food Empowerment Project, “Food Deserts,” Food Empowerment Project, n.d., https://foodispower.org/access-health/food-deserts. 5 American Cancer Society, “Living in Food Deserts Is Associated with Shorter Life Expectancy in the US, New Research Shows,” American Cancer Society MediaRoom, 28 June 2023, https://pressroom.cancer.org/ releases?item=1237. 6 S. Mitchell, “The Hidden Cause of Food Deserts,” The Atlantic, 1 December 2024, https://www.theatlantic.com/ideas/archive/2024/12/ food-deserts-robinson-patman/680765. 7 Hands On Atlanta, “End Hunger in Atlanta,” Hands On Atlanta, n.d., https://handsonatlanta.org/food. 8 Rob DiRienzo, “Poor and Black-Majority Neighborhoods of Atlanta Lack Access to Fresh Produce, Study Finds,” FOX 5 Atlanta, 22 September 2023, https://www.fox5atlanta.com/news/food-desert-atlanta-emorystudy. 9 “Dollar General Surpasses Milestone of 5,000 Stores Nationwide Offering Fresh Produce,” Business Wire, 30 January 2024, https://www. businesswire.com/news/home/20240130572693/en/Dollar-General1

30 / LELAND THORPE

Surpasses-Milestone-of-5000-Stores-Nationwide-Offering-FreshProduce. 10 Rebecca Burns, “Mapping the Terrain of Atlanta’s Food Deserts,” Atlanta Magazine, 12 July 2018, https://www.atlantamagazine.com/great-reads/ mapping-the-terrain-of-atlantas-food-deserts. 11 National Cooperative Business Association, “Retail Co-Ops,” NCBA CLUSA, n.d., https://ncbaclusa.coop/resources/co-op-sectors/retail-coops. 12 Co+op, “Hardware Co-Ops Revitalize Neighborhoods,” Co+op, 2 November 2018, https://www.grocery.coop/article/hardware-co-opsrevitalize-neighborhoods. 13 Parija Kavilanz, “How Ace Hardware, America’s Neighborhood Hardware Store for 100 Years, Is Beating Its Big-Box Rivals,” WSIL-TV, 24 May 2024, https://www.wsiltv.com/news/consumer/how-ace-hardwareamerica-s-neighborhood-hardware-store-for-100-years-is-beating-itsbig/article_ccc4954f-52e6-516c-b5d0-42dbb1f0f42b.html. 14 London Nguyen, “ACE Hardware’s Strategy: Navigating the Big-Box Rivalry Without a Fight,” EnvZone, 18 April 2024, https://envzone. com/how-private-label-products-help-ace-hardware-thrive-in-thecompetitive-big-box-space. 15 Kavilanz, “How Ace Hardware, America’s Neighborhood Hardware Store for 100 Years, Is Beating Its Big-Box Rivals.” 16 Ashlie D. Stevens, “Why Supermarkets Have Abandoned Some of America’s Poorest Neighborhoods,” Salon, 24 March 2024, https://www. salon.com/2024/03/24/why-supermarkets-have-abandoned-some-ofamericas-poorest-neighborhoods.

Charlie McGee, “Ace Hardware Makes a Big Bet On E-Commerce,” Wall Street Journal, 9 August 2019, https://www.wsj.com/articles/acehardware-makes-a-big-bet-on-e-commerce-11565350264. 18 S. Jayasinghe, N. M. Byrne, and A. P. Hills, “Cultural Influences on Dietary Choices,” Progress in Cardiovascular Diseases (2025), https:// doi.org/10.1016/j.pcad.2025.02.003. 19 Bruce Horovitz, “ACE Hardware CEO John Venhuizen on the Retailer’s New Experiential Format,” National Retail Federation, 18 September 2024, https://nrf.com/blog/ace-hardware-ceo-john-venhuizen-retailersnew-experiential-format. 20 Nguyen, “ACE Hardware’s Strategy: Navigating the Big-Box Rivalry Without a Fight.” 21 J. Jeffrey Inman, Russell S. Winer, and Rosellina Ferraro, “The Interplay among Category Characteristics, Customer Characteristics, and Customer Activities on In-Store Decision Making,” Journal of Marketing (2009), https://doi.org/10.1509/jmkg.73.5.19. 22 McGee, “Ace Hardware Makes a Big Bet On E-Commerce.” 23 USAFacts, “Which Cities Have the Most People Living in Food Deserts?” USAFacts, 23 June 2021,https://usafacts.org/articles/which-cities-havethe-most-people-living-in-food-deserts. 24 Max Garland, “Walmart’s Store-Fulfilled Delivery Sales Nearly Triple in Two Years,” Retail Dive, 28 February 2023, https://www.retaildive. com/news/walmart-store-fulfilled-delivery-sales-nearly-tripleearnings/643741. 25 HBS Dealer, “Ace Hardware Launches ‘Express’ Store Format for Smaller Spaces,” HBS Dealer, 20 February 2018, https://www.hbsdealer.com/ hardware-stores/ace-hardware-launches-express-store-format-smallerspaces. 26 Jeff Brown, personal interview, 5 May 2025. 27 Jeff Brown, personal interview. 28 Hardware Opportunities With Ace, “Convert Your Store,” MyAce, 10 October 2024, https://myace.com/convert-your-store. 29 Maanvi Singh, “Why a Philadelphia Grocery Chain Is Thriving in Food Deserts,” NPR, 14 May 2015, https://www.npr.org/sections/ thesalt/2015/05/14/406476968/why-one-grocery-chain-is-thriving-inphiladelphias-food-deserts. 30 Brown, personal interview. 31 U.S. Government Accountability Office, “Franchising Is an Attractive Business Opportunity, But Not Without Challenges,” U.S. GAO, 10 April 2025, https://www.gao.gov/blog/franchising-attractive-business17

opportunity-not-without-challenges. U.S. Government Accountability Office, “Franchising Is an Attractive Business Opportunity, But Not Without Challenges.” 33 U.S. Government Accountability Office, “Franchising Is an Attractive Business Opportunity, But Not Without Challenges.” 34 Joe Dickman, “5 Facts about Using Refrigerated Trucks and Vans,” Emerald Transportation Solutions, 2 November 2022, https:// emeraldtransportationsolutions.com/5-facts-about-using-refrigeratedtrucks-and-vans. 35 Emery Jensen Distribution, “Our Skill and Scale Are Your Advantage,” Emery Jensen Distribution, 5 May 2025, https://emeryjensendistribution. com. 36 Kavilanz, “How Ace Hardware, America’s Neighborhood Hardware Store for 100 Years, Is Beating Its Big-Box Rivals.” 37 McGee, “Ace Hardware Makes a Big Bet On E-Commerce.” 38 Tom Duffy, “Unlocking Total Store Growth: A Strategic Look at Food and Nonfoods Categories,” FMI, 30 September 2024, https://www.fmi. org/blog/view/fmi-blog/2024/09/30/unlocking-total-store-growth--astrategic-look-at-food-and-nonfoods-categories. 32

Photo Credits: • Nico Rueda/Unsplash - Page 24 • Karsten Winegeart/Unsplash - Page 27 • goodmanphoto/Adobe Stock - Page 28 • Eduardo Barraza/Adobe Stock - Page 29

“When starting the paper, I knew I wanted to do something that involved food in some way. I had remembered briefly hearing about the term of food deserts on social media and the news, but didn’t understand what they were beyond their definition. As I did more research into the topic, it turned out to be a much bigger, systemic issue than I originally thought.”

LELAND THORPE

CLASS OF 2028, FINANCE AND HISTORY

FIGHTING FOOD DESERTS WITH... HARDWARE / 31

High-Tech Hope: Drones in Insurance

BY SEAN CHEN

Natural disasters are destabilizing homeowners’ insurance in high-risk regions like California, raising costs and limiting coverage. Author Sean Chen suggests that deploying drones for risk assessment and claims processing could shift the industry from reactive payouts to proactive loss prevention.

hen Michael Rothschild learned that his house had been burned down by the Eaton Fire in Los Angeles, his first instinct was to call his insurance company. Despite losing his entire home, he says his family feels very fortunate because they have homeowners’ insurance, a safeguard that offers some peace of mind amid the destruction. However, Mr. Rothschild’s “fortunate” situation does not reflect the reality experienced by all Californians.1 Since 2017, severe wildfires have ravaged the state, and insurers have been increasingly retreating from the California market, leaving property owners scrambling to find viable coverage.2 Even those with coverage face difficulties filing claims and receiving compensation due to the sudden and enormous burden placed upon insurers. As the frequency of natural disasters rises, risks to insured properties rise in tandem. Consequently, insurance companies today face the challenge of balancing financial sustainability with providing adequate coverage and timely support to policyholders in increasingly high-risk areas. As a short-term remedy, insurers have increased premiums and restricted coverage to the extent allowed by law.3 However, property owners have alleged in a lawsuit that California insurers illegally colluded to

34 / SEAN CHEN

limit coverage, violating California’s unfair competition laws. These insurers allegedly forced homeowners in high wildfire-risk areas to accept California’s FAIR plan, which offers only basic coverage at relatively high premiums.4 Insurers, on the other hand, continuously elucidate that they cannot underwrite every risk and can only pay out so much in claims. For instance, State Farm, California’s largest insurer, has requested an emergency 22 percent rate increase for about one million homeowners in wildfire-risk areas to help rebuild its capital after the LA wildfires.5 The constant duel between insurers and property owners only puts the insurance industry into a deeper crisis. Insurers and owners must cooperate, alongside government officials and scientists, for the industry to effectively adapt to Mother Nature’s increasingly unpredictable impacts. The Insurance Market Today From 1980 to 2010, the United States experienced an average of five severe natural catastrophes annually, defined as causing an inflation-adjusted one billion or more in damages. Today, as per McKinsey, that number has tripled to 15, with at least one natural disaster occurring each month.6 Mounting claims from increasingly frequent disasters are putting pressure on underwriting profitability and reserve adequacy. In addition, insurers who rely on reinsurance to limit losses find that their reinsurers continue to increase the retention threshold, the point at which they agree to start reinsuring.7 As a result, insurers face an increasing demand from investors to prepare more effectively and remain resilient in the face of abrupt climate changes, whether through using advanced climate analytics or other risk mitigation technologies. However, progress remains slow, hampered by competing interests between insurers and policyholders. In California, wildfires have impacted all types of owners and businesses. However, homeowners disproportionately bear the brunt,

accounting for approximately 90 percent of property claims.8 The California insurance market has become extremely difficult and nearly impossible to navigate, and regulatory limitations from the California Department of Insurance (DOI) only make the terrain harder to trek for insurers. When insurers face financial instability, policyholders suffer, as higher costs translate into higher premiums. The loss statistics from wildfires in 2025 signify a dire situation for the insurance industry. Travelers, a prominent California insurer, announced it projected a $1.7 billion loss from the wildfires. To put this number into perspective, $1.7 billion roughly covers the cost of rebuilding over 5,000 average U.S. homes from the ground up. It’s also more than the entire annual budget of many small U.S. cities.9 For a single insurance company like Travelers, this scale of loss significantly disrupts its operations. California’s top insurer, State Farm, also reported that it has paid out $2.45 billion in claims as of the end of March, and that losses continue to rise.10 Not only do insurance companies have to manage these huge losses, but they need a viable strategy to mitigate the growing risk of more losses from future wildfires. Without one, the escalating frequency and severity of wildfires could fundamentally undermine the stability of the insurance industry in California’s wildfire-prone regions. Current Approaches To assess a property’s risk, one of the most common approaches today is to schedule an appointment with an insurance inspector. Standard inspections typically cover only exterior components; you must coordinate with the inspector and assist as needed. The inspector will photograph the home’s exterior and then forward the images to the insurance company, which will evaluate them for potential risks.11 However, inspectors may fail to capture every

component of the house, especially the roof. In addition, photographs taken from certain angles can exaggerate or understate the severity of a condition. For instance, a crack on the wall can appear larger from one angle but smaller from another. Lengthy wait times, missed deadlines, and busy schedules pose additional challenges in traditional insurance inspections. For markets without the resources to conduct inspections, another approach is to use government funds to reduce insurance costs. For example, Australia’s warmer climate has exacerbated its bushfire problem. The Australian government responded by providing grants to policyholders not only to repair and rebuild after disasters but also to subsidize insurance premiums for those in high-risk areas.12 Canada implemented a similar program for flood insurance: the Insurance Bureau of Canada (IBC) offers lowcost flood insurance for Canadian households in high-risk flood zones.13 However, government support can introduce long-term sustainability issues. When governments subsidize or guarantee insurance, policyholders and insurers may lose strong incentives to adopt preventive measures, potentially increasing overall risk exposure. Additionally, such programs can place significant financial burdens on public budgets, especially as climate-related

disasters become more frequent and severe. Government regulations constitute another highly regarded solution, as laws mandating preventive measures can be the most straightforward approach to risk mitigation. For instance, in Japan, the devastating 2011 earthquakes and tsunamis led to strict building regulations to mitigate the risk of structural collapse during disasters.14 Although this can result in immediate compliance and action, it can also lead to undesirable increases in property owners’ costs. Such requirements may encounter resistance from those unable to afford retrofitting or to meet new standards. Additionally, regulations must be continually updated to reflect the latest scientific knowledge and lessons from recent disasters, as demonstrated by Japan’s revisions following each major earthquake. Without ongoing enforcement and adaptation, regulations risk becoming outdated or ineffective, while vulnerable populations still struggle to comply without additional support or incentives. There must be a new, innovative solution, and in today’s increasingly technological world, the use of drones could be that. The Drone Solution Drones, or unmanned aerial vehicles (UAVs), are currently used

on a small scale to address two strategic objectives: improved risk management and increased efficiency in claims processing. To improve risk management, drones can conduct aerial site assessments to identify property features that may require maintenance or improvement. For instance, if cracks are present on a house’s roof, the drone would capture an image of the crack and send it to the insurance company. The insurance company would then notify the homeowner that the roof must be replaced because it poses a higher risk of collapse. In another example, a tree branch adjacent to a power line supplying electricity to the home creates a serious hazard—trees conduct electricity and may cause electrocution, fires, or power outages. A drone can capture an image of the distance between the tree branch and the power line and quickly relay it to the insurer and homeowner, thereby expediting risk mitigation efforts. The insurer can then incentivize the homeowner to act immediately by offering lower rates or premium discounts for removing the tree or relocating the power line. Insurers may require the homeowner to address the condition immediately or risk losing coverage.15 This process creates mutual benefits: homeowners de-risk themselves perhaps receiving a lower rate, while insurers gain peace of mind that the property remains wellmaintained and less likely to generate costly claims in the future. The investment in drone technology can go much farther. Today, only 17 percent of commercial drones are used for insurance purposes.16 However, insurers must not only invest in the current ability of drones to photograph rooftop conditions. They should also invest in improving drone capabilities through sensors, including enhancing their ability to detect flammable materials and overgrown vegetation. Companies should conduct significant research and development to enable drones to safely descend to ground level, where they can gain more insight into the property risk. HIGH-TECH HOPE / 35

Ground-level drones can collect information on the materials used on the property, including walls, fences, and roofs. Assessing structural vulnerabilities on the ground can be more effective and help insurers predict a property’s resilience in the event of a fire. For example, if a house’s exterior features brick walls rather than a wood frame, insurers may be more confident in offering lower premiums because brick presents a lower fire risk than wood. Insurers can also integrate artificial intelligence into their drones to enhance inspection processes and expedite operations. This deeper, data-driven, and potentially automated

insurance companies to notify property owners before conducting drone inspections.19 With the implementation of advanced ground-level drone inspections, privacy concerns increase, as drones could conduct inspections within feet of a property, such as in a backyard. The drone’s detection mechanisms may need to sense specific materials to accurately determine the risk associated with each material. This situation places significant pressure on property owners, as drones can detect a wide range of defects at ground level, which can lead to higher premiums and even policy cancellations. Although a more detailed inspection can

of drone technology. The lack of understanding among property owners, along with insurers’ one-sided perspectives, can create a barrier that may not be easy to overcome but is certainly possible to circumvent. When all parties work together to establish clear guidelines and shared goals, they can leverage drone technology to create a more resilient, transparent, and equitable insurance market. Noting Milton Friedman’s perspective that the social responsibility of business involves increasing profits, insurers must still profit from underwriting in risky regions.21 Even more critical, insurers must secure

“...automated insight would enable insurers to more accurately underwrite policies...” insight would enable insurers to underwrite policies more accurately, set fairer rates, and proactively recommend risk-mitigation strategies to homeowners. Some Obstacles and Risks Despite a promising solution enabled by new drone technology, several obstacles and risks must be addressed before a full rollout. The first—and arguably the most critical— involves safety. Although drone inspections can eliminate the need for inspectors to navigate dangerous equipment or heights, ground-level drones can interfere with everyday human activities. In addition, numerous Federal Aviation Administration (FAA) regulations govern drone operations, including requirements for remote pilot licenses and airspace restrictions.17 Therefore, drones must possess advanced capabilities that allow them to avoid obstacles on the ground, especially in crowded areas.18 In addition to safety concerns, privacy and security are significant obstacles to the widespread implementation of drone technology. In California, laws exist that require 36 / SEAN CHEN

provide crucial insights into property risk mitigation, homeowners may become frustrated by the number of maintenance alerts they might receive from insurers. As a result, they may count on privacy regulations to prevent such a detailed inspection. Even with the widespread adoption of drone technology, government regulations can limit the impact of drone-generated insights in underwriting decisions. For example, the Delaware Department of Insurance recently issued regulatory guidance on how insurers must balance drone innovation with fair treatment of consumers.20 Furthermore, with the possible integration of artificial intelligence, the lack of transparency in how AI algorithms evaluate risk can raise ethical concerns and reduce consumer trust. This issue may limit an insurer’s ability to justify higher premiums based on drone data. Stakeholder Analysis and Takeaways Insurers can effectively overcome these obstacles if all stakeholders, including the government, collaborate and discuss the industry-wide benefits

returns on investments in drone technology if it undergoes widespread implementation. For policyholders, cooperation with insurers can lead to lower long-term costs. Not only do premiums decrease when policyholders take action based on insurer requests, but they can also limit or avoid the hassle of rebuilding costs by keeping their property well-maintained and proactively de-risked. This mutual understanding of benefits, along with governmental support and approval of drone technology, can jumpstart effective adaptation to today’s ever-changing insurance landscape. Insurers and policyholders can move beyond merely reacting to wildfires and actively prevent all types of natural disasters. Families like Mr. Rothschild’s can sleep soundly, knowing that improved technology better protects their homes. With drones soaring above and below to spot danger before it strikes, the anxiety of potential loss will be replaced by the steady confidence of better protection.

DISCUSSION QUESTIONS

1. What companies could be ideal partners for insurance companies looking to conduct effective modeling research using drones? Why? 2. How might the regulatory environment around drones be adjusted to promote innovation without sacrificing safety?

Willis Ryder Arnold, Meghna Chakrabarti, and Tim Skoog, “The Broken Home Insurance Market – in California and Beyond,” On Point, WBUR, 24 January 2025, https://www.wbur.org/onpoint/2025/01/24/brokenhome-insurance-market-california. 2 Zhiyun Li and William Yu, “Economic Impact of Los Angeles Wildfires,” UCLA Anderson Forecast, 3 March 2025, https://www.anderson.ucla. edu/about/centers/ucla-anderson-forecast/economic-impact-los-angeleswildfires. 3 PwC, “Insurance Industry Trends,” PwC, 2025, https://www.pwc.com/us/ en/industries/financial-services/library/insurance-industry-trends.html. 4 “Insurers Colluded to Limit Coverage in California Areas at High Risk for Wildfires, Lawsuits Allege,” CBS News, 22 April 2025, https://www. cbsnews.com/news/insurers-california-wildfires-collude-limit-coveragelawsuits-allege. 5 “How Insurers Are Responding to California’s Crisis,” Claims Journal, 3 February 2025, https://www.claimsjournal.com/news/ national/2025/02/03/328765.htm. 6 Erwann Michel-Kerjan and Lorenzo Serino, “Navigating Shifting Risks in the Insurance Industry,” McKinsey & Company, 1 July 2024, https:// www.mckinsey.com/capabilities/risk-and-resilience/our-insights/ navigating-shifting-risks-in-the-insurance-industry. 7 Michel-Kerjan and Serino, “Navigating Shifting Risks in the Insurance Industry.” 8 Marshall Heron and Jeff Clinkscales, “California Wildfire Risk and Insurance: What Homeowners and Businesses Need to Know,” Risk Strategies, 11 February 2025, https://risk-strategies.com/blog/californiawildfire-risk-and-insurance-what-homeowners-and-businesses-need-toknow. 9 “Travelers Expecting $1.7 Billion in Catastrophe Losses from LA Wildfires,” Insurance Journal, 11 February 2025, https://www. insurancejournal.com/news/west/2025/02/11/811601.htm. 10 Kenneth Araullo, “State Farm Confirms $2.45 Billion Claims Payout After LA Wildfires,” Insurance Business, 28 March 2025, https://www. insurancebusinessmag.com/us/news/catastrophe/state-farm-confirms-245-billion-claims-payout-after-la-wildfires-530237.aspx. 1

“Home Insurance Inspection Tips,” Grange Insurance, n.d., https://www. grangeinsurance.com/tips/home-insurance-inspection. 12 Elizabeth Guevara, “How Other Natural Disaster-Prone Countries Deal with Home Insurance,” Investopedia, 24 February 2025, https://www. investopedia.com/how-other-natural-disaster-prone-countries-deal-withhome-insurance-8780085. 13 Guevara, “How Other Natural Disaster-Prone Countries Deal with Home Insurance.” 14 Ibid. 15 “The Ruthless Insurance Companies Using Drones to Stiff Homeowners,” UP Help, 21 May 2024, https://uphelp.org/the-ruthless-insurancecompanies-using-drones-to-stiff-homeowners 16 Deloitte, “InFocus: Drone Use by the Insurance Industry – Flying Higher, Farther,” Deloitte, n.d., https://www2.deloitte.com/us/en/pages/financialservices/articles/infocus-drone-use-by-insurance-industry-flying-higherfarther.html. 17 “New Drone Laws in the USA,” The Drone U, 24 April 2025, https:// www.thedroneu.com/blog/usa-drone-laws-regulations-by-state. 18 “Top 5 Dangers of Drones in Crowded Spaces,” OSL Technology, 9 March 2023, https://osltechnology.com/resources/exploring-the-risks-ofdrones-in-crowded-spaces. 19 “Drone Inspections: What California Homeowners Need to Know,” NH&C Insurance, 18 April 2024, https://nhcinsurance.com/droneinspections-what-california-homeowners-need-to-know. 20 “Navarro Issues Bulletin on Insurers’ Drone Usage,” Delaware.gov, 24 March 2025, https://news.delaware.gov/2025/03/24/navarro-issuesbulletin-on-insurers-drone-usage. 21 Milton Friedman, “The Social Responsibility of Business Is to Increase Its Profits,” The New York Times Magazine, 13 September 1970, https:// www.nytimes.com/1970/09/13/archives/a-friedman-doctrine-the-socialresponsibility-of-business-is-to.html. 11

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“In November 2024, I had the honor of attending and speaking at the New York Insurance Association’s Annual Meeting in Albany. Panels were set up to discuss mitigation efforts, which culminated in a discussion of how to leverage technology to prevent and limit risk. Although not explicitly mentioned, my intuition was that drone technology encompasses most of the ideas discussed.”

SEAN CHEN

CLASS OF 2028, MAJOR IN BUSINESS WITH A CONCENTRATION IN FINANCE HIGH-TECH HOPE / 37

Banking the Unbanked: Creating Shared Value in Rasabeda

By Maanya Ailawadi In this paper, author Maanya Ailawadi examines how fintech models such as PayNearby can provide meaningful financial access to Rasabeda, a village excluded from formal banking, by leveraging community trust and shared value creation.

hen I first visited Rasabeda in the summer of 2023, I remember the silence more than the noise. Rasabeda, a small village located in the tail part of the Chota Nagpur plateau, seemed suspended, unmoved by time or infrastructure.1 There were no paved roads, only winding trails etched by habit. Electricity flickered unreliably, and mobile reception was decent but arrived only in bursts. There was no formal access to money as most of us know it—no banks, no ATMs. The nearest town, Jonha, was hours away— reachable only by hitching rides or walking for miles. Rasabeda is home to 124 people spread across approximately 25 households. Most families survive by practicing agriculture, rearing livestock, primarily pigs, selling forest wood in Ranchi, the nearest city, or working odd jobs as seasonal laborers in distant cities. The wage level in the village is very low; the average monthly income is 5,850 rupees (~$68), which, on an international scale, falls within the extreme poverty range. The highest monthly household income in the village is approximately 13,000 rupees (~$152), and the lowest is approximately 1,700 rupees (~$20).2 When money arrives, it disappears just as quickly, not due to recklessness, but because the financial system does not accommodate formalized banking for people living in such areas. There are no nearby bank branches with working ATMs or agents who are credible.3 A few people have bank accounts through the government’s Jan Dhan Yojana program (PMJDY), but they often lie dormant, untouched by transactions or trust.4 In multiple conversations with Mayur Sonawane, a student at the Indian Institute of Management in Ranchi who has long worked with Rasabeda’s community, I learned that financial exclusion here is not merely logistical but existential.5 “It’s not just that they don’t have accounts,” Mayur told me, “it’s that they don’t know what banking is supposed to do for them.”6

PayNearby, a startup certified and backed by the Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry in India, operates on a B2B2C model, where it partners with neighborhood retail stores and enables them with the tools to provide digital and financial services to local communities. Currently, PayNearby’s financial program serves 12,000+ retail partners and 1,500+ members of Digital Naaris, a microentrepreneur and financial agent program designated for women, and uses 20,000+ PIN codes to assist over 500 million customers nationwide, facilitating 250 million transactions annually.7 These business models, when paired with cooperative infrastructure and community trust, can transform financial exclusion into empowerment.

What Financial Exclusion Feels Like Most policy papers describe financial exclusion using statistics showing low rural banking penetration and the underrepresentation of women. But in Rasabeda, exclusion feels different. It feels like walking eight kilometers to a closed bank. It feels like having no safe place to save your daughter’s school fees or like hiding cash under your mattress and hoping it’s still there the following week. The 2021-22 All-India Financial Inclusion Survey by the National Bank for Agriculture and Rural Development (NABARD) found that more than 47 percent of account holders in rural areas did not use their accounts at least once a month.8 Many had never even withdrawn cash. In Rasabeda, people like Miwa Devi, who owns a smartphone and has an Aadhaar-linked account, have never used a financial app. “What if the money disappears?” she once asked Mayur, “...at least here I can see the notes.”9 The problem is not financial access alone. It’s the lack of functional access—meaningful use, not just technical availability.10 Behavioral economics shows that when people live

with scarcity, they prioritize immediate needs over abstract planning.11 As Mullainathan and Shafir explain in their book, Scarcity, the poor are not irrational; their behavior is a result of the structures around them.12

The Banker in the Grocery Store Backed by the Indian government’s DPIIT startup recognition and taxexemption scheme, PayNearby is a privately owned startup based in Mumbai that benefits from incentives such as tax relief and eligibility for government tenders, thereby expanding access to a vast market for its products and services.13 In addition to these financial incentives, PayNearby enjoys the strategic advantage of being a first mover in rural fintech. Its mission aligns closely with national priorities, particularly the “Digital India” initiative led by Prime Minister Narendra Modi, which aims to create a digitally empowered economy through Unified Payments Interface (UPI) and widespread digital banking.14 However, this vision remains incomplete unless digital services reach the country’s most remote and underserved areas. PayNearby converts local kirana (grocery) shops into mini-banking hubs. The shopkeeper becomes a certified Business Correspondent (BC) and offers basic banking services, including deposits and withdrawals, through Aadhaar-based biometric authentication.15 Having an Aadhaar card serves as proof of identity and address for all residents of India and enables access to various government and non-government systems. PayNearby’s model, in conjunction with government incentives, is effective because it brings the bank to the villagers rather than the other way around. Agents operate in familiar spaces. There are no lines, very little paperwork, and most of all, no fear of being scolded for not knowing how a PIN works. The model has shown great success across India, particularly in rural Jharkhand. In 2022, Unified Payments BANKING THE UNBANKED / 39

Interface (UPI) transactions at rural kirana stores served by PayNearby increased by 650 percent, reflecting a dramatic rise in trust and usage.16 Villages like Dumri and Khunti now see regular digital banking activity, thanks to local and trusted agents who operated without fail during COVID-19 lockdowns.17

Why PayNearby’s Model Hasn’t Reached Rasabeda, Yet While PayNearby’s inclusive fintech model has demonstrated success in other parts of India, it hasn’t yet taken root in many underserved villages due to the need for upfront investment and limited early-stage profitability. For businesses, the costs of training agents, deploying biometric devices, developing localized user interfaces, and building long-term customer engagement are considerably high. A McKinsey report estimates that launching rural fintech services can cost between ₹ 20,000 (~$234) and ₹30,000 (~$251) per agent, which can amount to several crores for a state-level rollout.18 However, these costs are not sunk; they are investments. The opportunity for businesses lies in unlocking an entirely new customer segment. In areas with limited competition and growing smartphone penetration, early movers like PayNearby stand to build

lasting brand loyalty. Furthermore, government incentives such as DPIIT startup recognition reduce risk and improve return on investment.19 Ministries have identified fintech as a critical pillar of inclusive growth, aligning private innovation with national development goals.20 More importantly, this model strengthens all stakeholder groups. Villagers gain secure access to savings and government transfers. Shopkeepers diversify their income while elevating their standing in the community. The government enhances the efficiency of welfare delivery and meets financial inclusion targets. At the same time, companies such as PayNearby expand their user base and embed their brand in the everyday lives of underserved customers. When implemented strategically, the costs of inclusion can serve as a pathway to market expansion and shared value. Michael Porter and Mark Kramer’s Creating Shared Value framework argues that businesses can enhance competitiveness by addressing social issues that intersect with their operations.21 By investing in financial inclusion, PayNearby is not engaging in charity; it is entering underserved markets with long-term growth potential while building trust and economic resilience in the communities

it serves. Shared value emerges when profit and social progress are pursued not separately, but simultaneously.

The Proof of Possibility The power of PayNearby’s model lies in its track record. Although it has not yet entered Rasabeda, its impact in other parts of Jharkhand is well documented. During the COVID-19 lockdown, kirana stores serving as banking agents experienced a 96 percent surge in AePS (Aadhaar-enabled Payment System) transaction volumes, particularly in rural and semi-urban regions.22 PayNearby-enabled agents helped villagers access essential services such as cash withdrawals and government subsidies when formal banks were closed. This crisis highlighted the resilience of community-based financial delivery models, particularly in underserved states such as Jharkhand and Bihar. In Jharkhand, PayNearby’s initiatives have significantly empowered women entrepreneurs. According to the 2023 PayNearby Women Financial Index (PWFI), more than 10,000 women agents dispensed more than ₹900 crore (~100 Million USD) in financial services across India in one year. Notably, female customers spent 66 percent more when transacting with women Business Correspondents (BCs) than with male counterparts, indicating greater trust and stronger engagement.23 These case studies are not outliers; they are blueprints. They prove that, with the right agents and the right balance between local and central support, fintech can thrive even in the most resource-constrained settings. The Dignity of Saving In Rasabeda, saving money is not just a financial act; it is a gesture of aspiration. It means you believe in a future worth preparing for. But without secure and reliable options, saving remains a luxury. The research of behavioral economists Petra E. Todd

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and Kenneth I. Wolpin shows that residents of underserved communities, such as Rasabeda, are perfectly capable of saving, but only when systems are designed around their needs.24 When savings tools are complex, inaccessible, or mistrusted, they fail. The design of financial systems must reflect the rhythms of life in rural areas, rather than the assumptions of urban banks. During a conversation with student Mayur Sonawane, he described how villagers prefer to lend or borrow among themselves rather than use formal financial systems. “If you save with a person you know, there’s social accountability. With a bank, you’re a number,” he said.25 That social dimension of trust is precisely what PayNearby taps into: the agent is a familiar face, not a distant bureaucracy. Programs such as the Digital Naari initiative, launched by PayNearby in 2024, train rural women to become Business Correspondents, thereby enhancing both financial literacy and gender inclusion.26 Women like Lata Devi in neighboring Dumka district now run banking operations from their homes, empowering other women to open accounts, save regularly, and apply for micro-insurance.27 When villagers see someone like them operating financial tools, belief and trust grow. This model also aligns with author Amartya Sen’s idea of development as freedom.28 Financial services should not merely be about transactions; they should expand people’s choices. When a woman saves ₹50 (~$0.56) per week at her neighbor’s shop, she is not simply growing capital; she is building self-reliance and a future to look forward to.

Women as Financial Architects In many rural Indian households, women manage budgets. They allocate for food, tuition, weddings, and emergencies—often from cash kept in steel boxes. But they are also the most excluded from formal finance. PayNearby’s Digital Naari initiative

directly addresses this exclusion. Training 100,000 rural women to become agents by 2025 not only expands access but also transforms gender roles.29 A 2023 report from Grameen Foundation indicated that women BCs processed more than ₹1,000 crore

“The current financial system was never built with villages like Rasabeda in mind.” (~USD 112 million) in transactions in the previous year.30 Importantly, female customers were more likely to approach female agents, especially for first-time banking. This ripple effect boosts financial literacy, household planning, and community cohesion. In Jharkhand, where Self-Help Groups (SHGs) are already popular, the Digital Naari model scales naturally. SHGs can identify credible women leaders and help set up micro-branches. The potential for partnership between

PayNearby and state livelihood missions is substantial.

Cooperative Ecosystems: Why Businesses Can’t Do It Alone While PayNearby’s model is effective, it cannot solve financial exclusion in isolation. Sustainable success in Rasabeda or similar villages requires a multi-actor ecosystem where businesses, governments, NGOs, and communities each play a complementary role. The Government of India’s JAM trinity—Jan Dhan (accounts), Aadhaar (identity), and Mobile (connectivity)— offers a digital foundation.31 But the infrastructure is uneven. Many villages, such as Rasabeda, still lack reliable mobile signal coverage or consistent electricity. Without this backbone, fintech tools cannot operate. NGOs like the Grameen Foundation play a vital role in addressing these gaps. In 2023, PayNearby partnered with Grameen and the Bill & Melinda Gates Foundation to train 150,000 rural BCs across India, with a strong focus on women and youth.32 These partnerships provide not just funding, but localized training, monitoring, and trust-building. Health is another frontier. PayNearby’s Health Correspondent BANKING THE UNBANKED / 41

model, piloted in 2023, brings basic health services (e.g., telemedicine, subsidized medicines) to the same kirana shops that provide financial services.33 In villages like Rasabeda, where healthcare is even scarcer than banking, this dual model could be revolutionary. Cross-sectoral integration is not just efficient; it reflects realworld conditions. Villagers do not compartmentalize finance, health, and

education. Their daily struggles are holistic; our systems should be too.

Conclusion: Banking on Trust Banking the unbanked is not about deploying an app. It is about enabling access and promoting financial inclusion. Rasabeda’s challenge is not that it lacks potential; it’s that the current system was never built with it in mind. Philosopher John Rawls argues

that justice depends on how we treat the least advantaged. In villages like Rasabeda, people are denied not only access to banks but also the opportunity to participate in economic life on equal terms. Rawls’ concept of the “veil of ignorance” asks us to imagine designing society without knowing where we would be born in it.34 Would we accept a model that offers digital finance to cities but leaves villagers having to walk miles to get to the nearest bank? Would we be satisfied with a system that allows subsidies to go unclaimed, savings to disappear, and futures to stall, just because we were born beyond the map? Justice, in this case, demands not generosity but redesign. The people of Rasabeda are not resistant to change; they are content, yet confined within a world they’ve never been invited beyond. It is time we stop asking why the financially underserved don’t use banks, and start asking why banks weren’t usable by them in the first place.

DISCUSSION QUESTIONS 1. How does the author shift our understanding of financial exclusion from a technical challenge to a social and psychological one? 2. PayNearby relies on local shopkeepers as trusted intermediaries. What are the strengths and potential risks of embedding financial services within existing social networks? Ashu Katiyar and Sreeja Kura, “A Socio-Economic Exploration of Bediya Community of Rasabeda Village in Pursuit of Sustainable Development,” International Journal of Innovative Science and Research Technology 9, no. 3 (March 2024), https://ijisrt.com/assets/upload/files IJISRT24MAR504.pdf. 2 Katiyar and Kura, “A Socio-Economic Exploration of Bediya Community of Rasabeda Village in Pursuit of Sustainable Development.” 3 Mayur Sonawane, interview by author, 18 April 2025. 4 Ministry of Finance, “PMJDY Progress Report,” Government of India, 23 April 2025, https://www.pmjdy.gov.in/default.aspx?aspxerrorpath=/ hi-account. 5 Sonawane, interview by author, 18 April 2025. 6 Sonawane, interview by author, 18 April 2025. 7 PayNearby, “Overview,” LinkedIn, n.d, https://www.linkedin.com/ company/paynearby/?originalSubdomain=in. 8 NABARD, “All India Financial Inclusion Survey 2021–22 (NAFIS),” 9 October 2024, https://www.nabard.org/auth/writereaddata/tender/ pub_0910240156351156.pdf. 9 Sonawane, interview by author, 18 April 2025. 1

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Edoardo Totolo and Nataša Goronja, “2025: Financial Inclusion Entering a New Era,” Center for Financial Inclusion at Accion, 24 December 2024, https://www.centerforfinancialinclusion.org/2025-financialinclusion-entering-a-new-era/ 11 Sendhil Mullainathan and Eldar Shafir, Scarcity: Why Having Too Little Means So Much (New York: Penguin Books, 2013). 12 Mullainathan and Shafir, Scarcity: Why Having Too Little Means So Much. 13 Ministry of Commerce and Industry, “Startup India DPIIT Recognition,” Government of India, n.d, https://www.startupindia.gov.in. 14 Government of India, “Digital India,” n.d, https://www.digitalindia.gov.in/ about-us/. 15 PayNearby, “Retail-O-Nomics Report,” LinkedIn, 2023, https://www.linkedin.com/posts/paynearby_retail-onomics-2023-infographics-activity-7145309672235872256m5_j?utm_source=share&utm_medium=member_ desktop&rcm=ACoAADTNDkMBriiB8pPdCx4YbsW5DFCtFkrA9vc. 16 “UPI Transactions Surge 650% in Semi-Urban, Rural Stores: PayNearby,” Livemint, 6 December 2022, https://www.livemint.com/money/ 10

personal-finance/upi-transactions-surge-650-in-semi-urban-rural-storespaynearby-11670311587769.html. 17 “UPI Transactions Surge 650% in Semi-Urban, Rural Stores: PayNearby.” 18 Rebecca Doherty et al., “The Triple Play: Growth, Profit, and Sustainability,” McKinsey & Company, 9 August 2023, https://www. mckinsey.com/capabilities/sustainability/our-insights/the-triple-playgrowth-profit-and-sustainability. 19 Ministry of Commerce and Industry, “Startup India DPIIT Recognition,” https://www.startupindia.gov.in. 20 PIB Delhi, “Fintech Sector,” Ministry of Commerce and Industry, 15 December 2021, https://pib.gov.in/PressReleaseIframePage. aspx?PRID=1781857. 21 Mark Kramer and Michael Porter, “Creating Shared Value,” Harvard Business Review (January–February 2011), https://drive.google.com/ file/d/1xICVXDsTOjEz8zxsMm9MAn23Y7eiDTYZ/view. 22 Prabhjeet Bhatla, “Kiranas Witness 96% Rise in AePS Transaction Volumes Amid COVID-19,” Entrepreneur India, 12 January 2021, https://www.entrepreneur.com/en-in/news-and-trends/kiranas-witness96-rise-in-aeps-transaction-volumes-amid/363166. 23 PayNearby, “Retail-O-Nomics Report,” https://www. linkedin.com/posts/paynearby_retail-o-nomics2023-infographics-activity-7145309672235872256m5_j?utm_source=share&utm_medium=member_ desktop&rcm=ACoAADTNDkMBriiB8pPdCx4YbsW5DFCtFkrA9vc. 24 Petra E. Todd and Kenneth I. Wolpin, “Structural Estimation and Policy Evaluation in Developing Countries,” Annual Review of Economics 2 (September 2010), https://www.annualreviews.org/content/ journals/10.1146/annurev.economics.102308.124345. 25 Sonawane, interview by author, 18 April 2025. 26 Rica Bhattacharyya, “PayNearby Launches Platform Digital Naari to Generate Self-Employment for Women,” The Economic Times, 17 February 2024, https://economictimes.indiatimes.com/jobs/fresher/

paynearby-launches-platform-digital-naari-to-generate-self-employmentfor-women/articleshow/107775583.cms?from=mdr. 27 Grameen Foundation and Wells Fargo, “Digital Financial Inclusion through Female Agents,” WomenLink II, 9 June 2021, https:// grameenfoundation.org/documents/WomenLink-Phase-II-Final-Report_ final-2021-1.pdf. 28 Amartya Sen, Development as Freedom (New York: Anchor Books, 1999), https://drive.google.com/file/d/1OV-75yI3VSDSbpyUHlmQ8U4VHR_NC03/view?usp=sharing. 29 Bhattacharyya, “PayNearby Launches Platform Digital Naari to Generate Self-Employment for Women,” https://economictimes.indiatimes.com/ jobs/fresher/paynearby-launches-platform-digital-naari-to-generate-selfemployment-for-women/articleshow/107775583.cms?from=mdr. 30 Grameen Foundation and Wells Fargo, “Digital Financial Inclusion through Female Agents,” https://grameenfoundation.org/documents/ WomenLink-Phase-II-Final-Report_final-2021-1.pdf. 31 Ministry of Finance, “PMJDY Progress Report.” 32 Grameen Foundation and Wells Fargo, “Digital Financial Inclusion through Female Agents,” https://grameenfoundation.org/documents/ WomenLink-Phase-II-Final-Report_final-2021-1.pdf. 33 ET Pharma, “PayNearby Launches Health Correspondents Programme,” The Economic Times, 25 July 2023, https://health.economictimes. indiatimes.com/news/pharma/policy-regulations/paynearby-launcheeshealth-correspondents-programme/102084055. 34 John Rawls, A Theory of Justice (Cambridge, MA: Harvard University Press, 1971), https://drive.google.com/file/ d/12YqfNdNhsLyP3eO7EqoAzR4SN_I4kHv6/view. Photo Credits: • Mayur Sonawane - Pages 40, 41, 42 • Maanya Ailawadi - Pages 40, 41, 42

“The most surprising part of my research was realizing just how severe the financial gap truly was. Although I had witnessed the living conditions in Rasabeda firsthand, seeing the actual figures made the disparity far more tangible and alarming. The most rewarding part was discovering PayNearby, a company whose mission to expand financial access aligned perfectly with the solutions I was hoping to explore.”

MAANYA AILAWADI

CLASS OF 2028, MAJORING IN FINANCE AND MANAGEMENT BANKING THE UNBANKED / 43

WASTE INTO SOCIAL VALUE: CIRCULAR STARTUP

BY DANNY KONOVALOV

Author Danny Konovalov identified a startup in Bangladesh that proposes transforming textile sludge into valuable building materials such as bricks and cement, thereby addressing pollution while offering economic benefits to factories and construction companies. This circular solution aims to improve environmental sustainability and create shared value for multiple stakeholders.

n Bangladesh, contaminated water is not just filthy—it is lethal. Industrial chemicals like arsenic and PFAS have polluted water sources, causing cancer, organ damage, and long-term illness—most noticeably among children. This toxic exposure results in over 8.5 percent of deaths nationwide.1 The clothing industry is among the largest contributors, utilizing more than 1,500 billion litres of water annually, for dyeing and treating clothing destined for Western markets.2 Even factories outfitted with Effluent Treatment Plants (ETPs) discharge huge amounts of toxic sludge—a semisolid waste product that is full of heavy metals and microplastics. Due to weak enforcement and the high costs of legal disposal, factory owners often illegally dump this sludge, thereby further contaminating rivers and communities. Yet, this waste holds untapped potential. When properly dried and treated, textile sludge can be transformed into durable building materials, such as bricks and cement, that meet Bangladesh’s high construction standards.3 An enterprise that collects, processes, and repurposes this sludge for the construction industry can do more than just make a profit—it can protect public health, enhance environmental sustainability, and align the interests of multiple stakeholders, from textile manufacturers to construction companies. This business model not only addresses the urgent pollution crisis—a clear market failure driven by negative externalities, asymmetric information, and inadequate regulatory enforcement— but also creates long-term social value by fostering a circular economy within the textile sector, demonstrating how shared value can drive sustainable business practices. How the System Incentivizes Pollution The primary concern with textile sludge in Bangladesh is its highly toxic composition, which poses significant environmental and public health 46 / DANNY KONOVALOV

risks. Sludge generated during textile factory dyeing and finishing processes contains substances such as chromium, cadmium, lead, and arsenic, as well as persistent organic pollutants (POPs) such as PFAS and microplastics. These pollutants are not confined to factory walls; they spread into rivers, aquifers, and soil, affecting ecosystems and surrounding communities.4 Even when factories use Effluent Treatment Plants to treat wastewater, the semi-solid sludge remaining is still contaminated and requires drying and additional processing to mitigate its harmful effects.5 However, proper treatment is expensive, and without it, the sludge remains dangerous and continues to contribute to the widespread pollution of Bangladesh’s water systems.6 Converting this waste into a resource could address both pollution and public health concerns. The sludge problem in Bangladesh’s textile industry is not merely a technical challenge; it is rooted in economic pressures and conflicting stakeholder interests. Factories that produce sludge fall into two categories: those that cannot afford to install Effluent Treatment Plants and those that cannot afford to process sludge after ETP operation. Building an ETP for small and medium-sized enterprises can cost more than $296,000, with annual operating expenses exceeding $164,000.7 As a result, these factories often discharge untreated wastewater

into rivers. On the other hand, large factories with ETPs have their own set of problems. Treating and drying sludge for legal disposal or reuse requires additional investment and logistics. When authorities enforce regulations weakly and impose minimal fines, factory owners find it economically rational to discharge waste illegally rather than bear the high costs of responsible waste management.8 The pressure from Western brands only worsens the situation. These brands demand rapid, lowcost production to meet consumer demand, yet they rarely consider the environmental damage that occurs upstream in the supply chain.9 Brands often focus their efforts on downstream sustainability measures—e.g., reducing packaging waste—but ignore the upstream imperative to address water pollution from textile processing.10 This misalignment allows brands to maintain a sustainable image while factories remain trapped between maintaining production efficiency and managing costly sludge. Meanwhile, local governments, already understaffed and underfunded, cannot adequately monitor compliance, and fines remain lower than the cost of responsible disposal.11 In this tangled web of conflicting incentives, pollution becomes the cheapest option. Addressing this issue means creating a system in which proper

sludge management aligns with financial viability, breaks the cycle of contamination, and paves the way for shared value through circular practices. The Solution: Circular Sludge Processing The proposed solution tackles the sludge problem by transforming it into a valuable resource rather than allowing it to harm the environment and public health. The core idea is to collect raw sludge exclusively from textile factories that already operate effluent treatment plants and to process it into construction materials.12 The first step is to collect the sludge from these factories and transport it to a processing facility, where rotary drum dryers remove moisture from the material. This drying process reduces moisture content, making the sludge suitable for use in brick and cement production.13 Drying is essential because wet sludge increases transportation costs and is unsuitable for manufacturing. Rotary drum dryers are relatively affordable in Bangladesh, costing approximately $36,800, with infrastructure expenses for drying beds and shelters totaling roughly $99,000.14 Additionally, the startup estimates ongoing costs for manpower, logistics, and maintenance at about $50,000 per year. After drying, workers can mix the sludge with clay to produce bricks or with coal to produce cement. Studies indicate that using sludge to replace up to 10 percent of traditional materials preserves brick quality and meets Bangladesh’s Grade A construction standards.15 The partnership between LafargeHolcim and Urmi Group has already demonstrated the model’s success by co-processing treated sludge to produce cement.16 By leveraging proven techniques and affordable equipment, the solution not only addresses the sludge disposal problem but also aligns with circular economy principles, turning hazardous waste into a marketable commodity.

Business Model and Financials The business model addresses the financial challenges faced by textile factories and brickmakers by creating a cost-efficient system that leverages sludge as a resource. Currently, textile factories pay between $45 and $90 per ton for legal disposal of sludge.17 By partnering with the startup, factories will pay lower fees for sludge collection and processing, thereby cutting disposal costs. The startup facilitates this transaction by selling dried sludge to brickmakers at approximately $20 per ton as a lowercost alternative to clay or coal.18 As a result, the startup charges textile factories around $30 per ton for removal, reducing their disposal costs compared to current rates. The economic advantage becomes clear when considering that a factory producing 500 tons of sludge annually could save between $7,500 and $30,000 by using this more cost-effective, lawful disposal system.19 On the other hand, brick and cement manufacturers benefit by purchasing dried sludge as a cost-effective alternative to raw materials. Replacing just 10 percent of these inputs with sludge can maintain brick quality while significantly reducing material expenses.20 For example, using 500 tons of sludge annually can save more than $10,000 in raw material costs. Charging both parties is crucial for financial sustainability: textile manufacturers cover part of the cost because they gain compliance benefits

and reduce environmental risks, while brickmakers pay for the sludge because it reduces their production costs.21 This balanced cost-sharing model not only makes the system economically viable but also ensures that both stakeholders save compared to conventional practices. By creating economic incentives on both ends, the model demonstrates that sustainable business can address environmental issues while delivering shared value to the textile and construction industries. Stakeholders and Partnerships The proposed startup offers compelling reasons for businesses to partner up, driven by both economic and social incentives.22 For textile factories, collaborating with the startup means not only cutting disposal costs but also improving environmental performance, which is increasingly crucial as Western brands push for more sustainable supply chains.23 By responsibly managing sludge, factories enhance their compliance profiles, reduce the risk of penalties, and gain a competitive edge as buyers increasingly prefer environmentally responsible suppliers.24 This boost to sustainability scores aligns with global fashion companies’ demands, making the partnership attractive from a business perspective.25 Additionally, brick and cement manufacturers benefit from access to a lower-cost raw material that maintains product quality while reducing production costs, particularly as traditional inputs such as clay and

WASTE INTO SOCIAL VALUE / 47

“... turning toxic waste into a valuable resource....” coal become more expensive.26 Beyond economic advantages, local communities benefit directly from reduced pollution, as fewer toxins leach into water sources, thereby decreasing health risks such as cancer and organ damage.27 To further encourage participation, the startup will establish a board with sustainability experts, industry representatives, and community leaders. Sustainability experts will guide environmental compliance, industry representatives from textile and construction will ensure economic viability, and community leaders will advocate for public health. Overall, government support will be crucial—by strengthening environmental regulations and increasing enforcement, authorities can make the cost of illegal dumping outweigh the savings, incentivizing

factories to adopt the startup’s solution.28 By aligning business interests with public health and sustainability goals, the startup not only addresses the sludge problem but also fosters long-term social value through a circular economy approach. Tackling Non-Compliance The biggest challenge for the proposed startup is the reluctance of illegal dumpers to participate. Factories that have long avoided compliance may continue to prefer cheaper, illicit dumping to adopting sustainable practices.29 However, the startup targets factories that already take some environmental responsibility by operating Effluent Treatment Plants. These businesses are most likely to engage because they already incur disposal costs and are under pressure

to improve sustainability metrics.30 Even if only a fraction of the conscious factories adopt the solution, it would still make a meaningful difference by reducing sludge pollution and demonstrating a practical model for sustainable industrial waste management.31 Additionally, by significantly lowering the cost of legal disposal compared to existing methods, the startup indirectly incentivizes even non-compliant factories to reconsider their dumping practices.32 When responsible waste management becomes more affordable than illegal dumping, even previously reluctant factories may choose to participate to avoid legal risks and potential penalties.33 This incremental approach can inspire broader changes within the sector, proving that tackling environmental issues does not always require massive, upfront transformations.34 Sometimes, starting small and building partnerships with early adopters can catalyze significant progress over time.35 By focusing on realistic, actionable change, the startup aims to create tangible social value while setting a precedent for how small initiatives can eventually address big, systemic problems.36 In a landscape where massive challenges often seem insurmountable, demonstrating success even on a small scale is crucial for proving that sustainable business models can make a real difference.37

DISCUSSION QUESTIONS

1. How can circular economy models, like the one proposed for textile sludge in Bangladesh, reshape industries traditionally seen as environmentally harmful? 2. What additional challenges might arise from alternative uses of outputs from a manufacturer’s value chain? 3. How might a value chain itself be reengineered to accommodate further reuses of “waste”?

Md Khalid Hasan, Abrar Shahriar, and Kudrat Ullah Jim, “Water Pollution in Bangladesh and Its Impact on Public Health,” Environmental Health Perspectives 27, no. 4 (2019), https://www.ncbi.nlm.nih.gov/pmc/ articles/PMC6684462.

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International Finance Corporation, “Bangladesh’s Textile Sector Weaves a Clean, Sustainable Future,” 29 January 2018, https://www.ifc.org/en/ stories/2010/clean-sustainable-bangladesh-textile.

Mohammad Abbas Uddin and Shoeb Ahmed, “Technical Report on Textile Sludge Management in Bangladesh,” Reed Consulting Bangladesh Ltd., 29 June 2016, https://www.sia-toolbox.net/sites/default/files/2023-09/ Technical%20Report%20Textile%20Sludge%20Management%20in%20 Bangladesh%20.pdf. 4 Uddin and Ahmed, “Technical Report on Textile Sludge Management in Bangladesh.” 5 Touhid Bin Anwar, Bushra Behrose, and Shoeb Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh: A Case Study,” Sustainable Environment Research 27, no. 3 (2017), https://www.sciencedirect.com/science/article/pii/S2468203917303709. 6 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh.” 7 Sayeda Ummeh Masrura and Kazi Shafayet Haider, “Case Study on Effluent Treatment Plant of ACS Textiles (Bangladesh) Limited,” UITS Journal of Science & Engineering 6, no. 1 (June 2017), https://www. research.uits.edu.bd/wp-content/uploads/2020/03/07-CASE-STUDYON-EFFLUENT-95-106.pdf. 8 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019, Ministry of Labour and Employment, Bangladesh, 2019, https://dife.portal.gov.bd/sites/ default/files/files/dife.portal.gov.bd/publications/46ab7b45_ c682_4a31_94eb_18fe80b00f7c/2021-09-01-10-43-e4a7360819e89e25f 7c5c21349945906.pdf. 9 Changing Markets Foundation, Licence to Greenwash: How Certification Schemes and Voluntary Initiatives Are Fuelling Fossil Fashion (2022), https://www.changingmarkets.org/report/licence-to-greenwash-howcertification-schemes-and-voluntary-initiatives-are-fuelling-fossilfashion. 10 David Suzuki Foundation, “The Environmental Cost of Fast Fashion,” 2023, https://www.davidsuzuki.org/living-green/the-environmental-costof-fast-fashion. 11 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 12 Uddin and Ahmed, “Technical Report on Textile Sludge Management in Bangladesh.” 13 BDStall, “Screw Type Sludge Dewatering Machine for ETP,” accessed April 2025, https://www.bdstall.com/details/screw-type-sludgedewatering-machine-for-etp-50288. 14 BDStall, “Screw Type Sludge Dewatering Machine for ETP.” 15 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh.” 16 Textile Focus, “Urmi Group and LafargeHolcim Signed for Sludge CoProcessing & Fabric Waste Recycling,” 15 January 2025, https://www. textilefocus.com/urmi-group-andlafargeholcim-signed-for-sludge-coprocesssing-fabric-waste-recycling. 17 Uddin and Ahmed, “Technical Report on Textile Sludge Management in Bangladesh.” 18 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public 3

Health Risk Assessment in Bangladesh.” Uddin and Ahmed, “Technical Report on Textile Sludge Management in Bangladesh.” 20 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh.” 21 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh.” 22 International Apparel Federation (IAF), Bangladesh Knowledge Paper (2023) https://www.iafnet.com/2016_01_22/wp-content/ uploads/2023/12/Bangladesh-Knowledge-Paper.pdf. 23 Changing Markets Foundation, Licence to Greenwash: How Certification Schemes and Voluntary Initiatives Are Fuelling Fossil Fashion. 24 Fashion Revolution, Fashion Transparency Index 2023 (2023), https:// www.issuu.com/fashionrevolution/docs/fashion_transparency_ index_2023_pages. 25 Kantar, Sustainability Sector Index 2023 (2023), https://www.scribd.com/ document/742757421/Sustainability-Sector-Index-2023-FINAL. 26 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh.” 27 Hasan, Shahriar, and Jim, “Water Pollution in Bangladesh and Its Impact on Public Health.” 28 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 29 Department of Inspection for Factories and Establishments (DIFE),Labour Inspection Report 2018–2019. 30 Masrura and Haider, “Case Study on Effluent Treatment Plant of ACS Textiles (Bangladesh) Limited.” 31 Anwar, Behrose, and Ahmed, “Utilization of Textile Sludge and Public Health Risk Assessment in Bangladesh.” 32 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 33 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 34 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 35 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 36 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 37 Department of Inspection for Factories and Establishments (DIFE), Labour Inspection Report 2018–2019. 19

Photo Credits: • Sasha/Adobe Stock - Page 44 • aboutmomentsimages/Adober Stock - Page 46 • boophuket/Adobe Stock - Page 47 • PellissierJP/Pixabay - Page 48

“Honestly, I never thought I would be researching toxic factory sludge at all. So the most rewarding part was realizing that in the issues that no one wants to touch, there’s always a solution - all it takes is just time, effort, and a bit of enthusiasm.”

DANNY KONOVALOV

CLASS OF 2028, BUSINESS, TECHNOLOGY, AND ENTREPRENEURSHIP (BTE)

WASTE INTO SOCIAL VALUE / 49

OLD GROWTH FOREST

By Will Wu Will Wu’s paper makes the case that forest “waste” in British Columbia can anchor a sustainable textile system, transforming residues into highperformance fibers for companies like Arc’teryx while redefining value and responsibility in the forest economy.

n 2021, a young Indigenous woman in Fairy Creek climbed a Douglas fir in protest. She had been living in a treehouse 30 meters above ground for nearly a week, refusing to let loggers cut through one of the last intact old-growth forests on Vancouver Island. Below, Royal Canadian Mounted Police officers waited to remove her. Above, the forest canopy swayed—a quiet reminder of what might be lost. Her protest became a symbol of something much larger: a system that calculates profit in cubic meters of lumber but fails to account for centuries of ecological complexity.1 The woman from Fairy Creek represents a systemic failure in how

British Columbia produces over 4.6 million tonnes of wood residue, including branches, stumps, bark, and sawdust. Much of this biomass is burned in slash piles, emitting vast quantities of carbon dioxide and contributing nothing to long-term economic development.2 However, this so-called waste could serve as a raw material for renewable textiles, creating value without additional environmental degradation. Redirecting this biomass into high-performance fibers offers a way to capture economic value while relieving pressure on old-growth ecosystems. Arc’teryx, a British Columbia-based outdoor apparel company, is uniquely

we define value. Despite widespread recognition of their ecological importance, British Columbia’s oldgrowth forests continue to be logged at alarming rates. These ecosystems act as carbon sinks, biodiversity reserves, and cultural landmarks, yet the market reduces them to mere raw material. To address this disconnect, businesses need to stop equating value solely with what can be extracted from nature and instead focus on models that work with—not against—existing ecosystems. A more sustainable definition of value starts with what we often overlook: forest waste. Each year,

positioned to lead this transformation. Known for high-performance gear used in mountaineering and backcountry skiing, the company already prioritizes sustainability in its design. By turning local forest residues into durable textile fibers, Arc’teryx can further reduce its environmental impact, shorten its supply chain, and create a new market for regenerative materials. What might seem like an ambitious idea is already becoming a reality elsewhere. In Finland, the textile startup Spinnova has demonstrated that a circular fiber economy can succeed at scale. Instead of breaking wood down with harsh chemicals

52 / WILL WU

as done to create viscose or rayon, Spinnova grinds it into a smooth, gel-like pulp that can be spun directly into fabric. This process omits toxic solvents entirely and produces a strong, biodegradable material that does not shed microplastics. It also uses 99.5 percent less water than cotton and emits 65 percent less carbon dioxide.3 Partnerships with PUMA and The North Face have already tested the fiber in real performance contexts, signaling that it can meet the demands of technical apparel.4 What once looked like a lab-bound idea now has a credible industrial footing. A commercial plant named Woodspin —a joint venture between Spinnova and partner, Suzano—runs on renewable electricity and represents the first industrial-scale, zero-emission textile fiber facility.5 On the product side, Spinnova’s fibers can be mixed with cotton or lyocell to make fabrics that are durable, breathable, and moisture-wicking—suitable for gear used in climbing, skiing, and mountaineering.6 For a company like Arc’teryx—defined by extreme performance and a willingness to innovate—the technology aligns with both sustainability targets and brand DNA. Given its success in Finland, the model is well-positioned to operate in British Columbia. Forest residues across the province share the same cellulose backbone that Spinnova’s process relies on. Beetle-killed pine, fire-damaged timber, and sawmill byproducts can all be converted into fiber with appropriate pretreatment. Existing industrial footprints in small BC suburbs, such as Prince George, could be adapted to handle collection, preprocessing, and fiber conversion, lowering the upfront cost of a regional circular fiber network. A practical starting point would be a pilot centered on a regional processing hub co-developed with FPInnovations and the University of British Columbia’s BioProducts Institute.7 CleanBC’s Industry Fund and Natural Resources Canada’s IFIT

program are designed to de-risk exactly this type of low-carbon manufacturing, offering a path to accelerate timelines and reduce capital risk.8 Collectively, these supports make it possible to move from trials to production runs rather than from report to report. Beyond infrastructure, Arc’teryx would benefit from building longterm supplier relationships with regional forestry operations. Most mills in British Columbia generate residual biomass that currently has no commercial use. By establishing material purchase agreements that

forest product enterprises.9 Arc’teryx could partner with Indigenous-owned mills and forestry operators to source materials, invest in training programs, and co-develop local infrastructure to be kept under community control. Some critics argue that a market for forest residues could unintentionally incentivize more logging. Others worry that characterizing waste as a new resource may blur the distinction between sustainable use and exploitation, particularly if demand for biomass grows faster than its supply. To prevent this, Arc’teryx should

production does not come at the expense of forest integrity. Given the risk of exploitation and the importance of responsible sourcing, information disclosure is essential for addressing concerns and building public trust. Transparency gives credibility to sustainability efforts, allowing people to see real progress rather than promises. According to WRAP, a global environmental action NGO dedicated to circular living, over 70 percent of consumers now expect brands to disclose environmental impact metrics.10 Brands that provide

“Beetle-killed pine, fire-damaged timber, and sawmill byproducts can all be converted into fiber.” guarantee offtake volumes, Arc’teryx could help stabilize revenues for smaller sawmills and reduce waste disposal costs. To ensure reliability and quality, the company could work with forestry suppliers to develop specifications for acceptable biomass inputs, including moisture levels, wood species, and particle uniformity. These contracts would provide predictability for both parties, building a stable foundation for scaling fiber production. Still, a truly sustainable model must begin with those who have stewarded these lands for generations. British Columbia’s forest economy intersects with more than 200 First Nations, many of whom maintain unceded territories. Any attempt to derive value from forest biomass must involve these communities not only as suppliers but as partners in governance, ownership, and benefit-sharing. The Indigenous Forest Bioeconomy Program provides a platform for such collaboration, offering funding and technical assistance to develop Indigenous-led

implement strict sourcing guidelines: no use of old-growth trees, only certified second-growth or damaged wood, and full transparency from forest to garment. Traceability tools like QR codes, satellite monitoring, and blockchain verification can provide consumers with detailed information on emissions reductions and source locations. Transparent reporting and third-party audits would further reassure stakeholders that circular

clear, verified data on sourcing, emissions, and labor practices tend to experience stronger customer retention and greater pricing power. Patagonia’s NetPlus line, which transforms recycled fishing nets into technical fabric, has become one of its most recognizable sustainability initiatives, not only for its material innovation but for the clarity of its narrative.11 As transparency becomes the new standard for responsible brands, it is

OLD GROWTH FOREST / 53

also emerging as a key factor in how investors assess risk and opportunity. ESG reporting frameworks now emphasize supply chain transparency, material innovation, and climate resilience. Institutions managing trillions in assets are tightening portfolio criteria, particularly for companies in the apparel and manufacturing sectors. By developing a closed-loop fiber system, Arc’teryx can strengthen its ESG performance, attract sustainability-focused investors, and preempt future regulatory requirements. Localizing fiber sourcing would also reduce Arc’teryx’s Scope 3 emissions, which account for the majority of its carbon footprint. Its 2022 Climate Report identifies raw material sourcing—especially petroleum-based fibers like nylon—as a key problem.12 Using regional wood-based fibers could significantly reduce the company’s climate impact. A domestic supply chain would also buffer against global shocks and improve resilience. For this model to thrive, institutional

support must grow in parallel. Forest policy in British Columbia continues to reward volume-based logging. Policymakers could shift toward valuebased management by offering tax credits for biomass reuse, penalizing slash-and-burn practices, or creating carbon offset markets that reward lowemission materials. To ensure widespread participation, the education system must also evolve alongside industry. Colleges and universities should offer new programs in bio-based materials engineering, sustainable supply chain design, and Indigenous governance. Crossdisciplinary initiatives connecting forestry, materials science, and apparel design would prepare the next generation of innovators. Public research labs could offer shared infrastructure for fiber testing, pilot production, and lifecycle analysis, reducing entry barriers for small and medium-sized enterprises. These institutional shifts would support not only Arc’teryx, but a broader ecosystem

of regenerative businesses. A forest does not announce its utility. It does not label its carbon sinks or brand its biodiversity. It simply exists. For years, society has tried to force it into the cadence of markets, to strip it of its timing, its patience, its mess. But change can happen. Waste can become a resource. Extraction can become stewardship. Arc’teryx, with its roots in the forests of British Columbia, is uniquely positioned to lead this movement. Doing so will require new kinds of partnerships, new standards for accountability, and new definitions of value. This is not a leap of faith; it is a choice to organize what already exists into a transparent and accountable system. Start with one collection, one mill, one community. The protester at Fairy Creek climbed to keep a canopy from falling; the work now is to build a supply chain that keeps it standing.

DISCUSSION QUESTIONS 1. How do we balance economic growth with the protection of ecosystems that take centuries to regenerate? 2. What kinds of transparency do consumers truly care about, and would they be willing to pay more for it? 54 / WILL WU

Kieran Oudshoorn, “The Fallout of Fairy Creek,” CBC Radio Interactives, 21 June 2023, https://www.cbc.ca/radiointeractives/features/the-falloutof-fairy-creek. 2 BC Chamber of Commerce, “Unlocking the Potential of Forest Residual Biomass,” 2022, https://bcchamber.org/sites/default/files/content-files/ Policies%20and%20Positions%20Manuals/2022-2023%20BCCC%20 Policy%20and%20Positions%20Manual%20FINAL.pdf. 3 Spinnova, “Our Technology,” 2025, https://spinnova.com/technology/. 4 Scandinavian Mind, “The Spinnova Revolution: Sustainable Fibres from Wood,” 2025, https://scandinavianmind.com/material-innovatorspinnova-shahriare-mahmood-water-is-the-new-carbon/. 5 PUMA, “PUMA and Spinnova Launch Collection Made from Sustainable Textile Innovation,” 12 October 2024, https://about.puma.com/en/ newsroom/corporate-news/2024/10-12-2024-puma-unveils-partnershiptextile-material-innovation. 6 Bureo, “How It Works,” 2025, https://bureo.co/how-it-works. 7 Government of British Columbia, “Indigenous Forest Bioeconomy Program,” 2025, https://www2.gov.bc.ca/assets/gov/farming-naturalresources-and-industry/forestry/supporting-innovation/ibio_ifbp_ report_2023_24.pdf. 8 Natural Resources Canada, “Investments in Forest Industry Transformation (IFIT),” 2025, https://natural-resources.canada.ca/forest-forestry/forestprograms/investments-forest-industry-transformation-ifit. 9 Government of British Columbia, “CleanBC Industry Fund,” 2025, https:// 1

www2.gov.bc.ca/gov/content/environment/climate-change/industry/ cleanbc-industry-fund. 10 WRAP, “Changing Behaviours in Fashion Consumers,” 2025, https:// www.wrap.ngo/media-centre/press-releases/fast-fashion-could-be-leftpeg-preloved-and-repair-displace-new-sales. 11 Patagonia Burlington, “Patagonia’s NetPlus Fabric: How Discarded Fishing Nets Are Getting a New Life,” 2022, https://www. patagoniaburlington.com/blogs/news/patagonia-netplus?srsltid=AfmBO opLLrOqdhgS9N9GTOz8kewJEn_EpnUQFQhow56GLa7VlXANg2QI. 12 Arc’teryx, 2022 Climate Report (2022), https://images.arcteryx.com/ pdf/2022_Climate_Report_EN.pdf. Photo Credits • ПЕтро Лизогубець/Adobe Stock - Page 50 • Robert/Adobe Stock - Page 52 • Lnunes/Adobe Stock - Page 53 • Nicola Pavan/Adobe Stock - Page 54

“Having grown up in Vancouver, I saw first-hand the vast, dense forests that defined much of the region’s landscape and identity... This perspective inspired me to think about how the forestry industry could become more self-sustaining by finding value in what it usually discards.”

WILL WU

CLASS OF 2028, FINANCE AND DATA SCIENCE

OLD GROWTH FOREST / 55

GOOD NIGHT BLINDS

BY CHENGZHI WANG

Author Chengzhi Wang investigates Good Night Blinds, which combines blackout blinds with luminescent solar concentrator technology to reduce light pollution while generating usable energy. The project shows how an innovative consumer product can address a growing global environmental issue through both technological efficiency and shared social value.

Number 43 in 2012, had little effect. According to Miguel Sanchez of Phys. org, a science news organization, “the deterioration of the skies has increased by up to 30 percent compared to the end of the last decade.” 6 Light pollution has continued to rise even after the Chilean government implemented regulations.

ood Night Blinds, a product that combines luminescent solar concentrators and blackout blinds to absorb and reuse energy, helps reduce light pollution worldwide. The Escalation of Global Light Pollution Light pollution is a global issue that has escalated over time. Using satellite data, researcher Christopher Kyba found that from 2012 to 2016, the brightness and size of lit-up areas increased by 2.2 percent annually.1 At this time, compounding effects, involving this growing brightness across new areas, made this number alarming. Yet in 2023, when Kyba used new data from civilian scientists, he revised his figure to 9.6 percent annual growth in light pollution from 2011 to 2022.2 This sharp rise signals a markedly accelerating trend in light pollution. Worsening light pollution makes seeing the stars increasingly difficult and significantly impacts astronomical research. The Royal Astronomical Society found that only one-quarter of major observatories remain under the lowest light pollution level; however, even these “can still be heavily polluted at a few degrees above the horizon.” 3 Given that 75 percent of observatories are somewhat lightpolluted and that even the remaining state-of-the-art observatories are also impacted, even if slightly, this situation poses a challenge for astronomical research. Even a small amount of light pollution makes it harder to see 58 / CHENGZHI WANG

astronomical objects, especially at the level of detail required to observe groundbreaking discoveries. The issue is not limited to astronomers; the global economy also benefits from our ability to see the stars. Consultants from McKinsey, estimating the value of the space industry, found that “the global space economy will be worth $1.8 trillion by 2035 … [and] for comparison [they state], the value estimates for space are similar to those for semiconductors.” 4 In other words, astronomy, the space industry, and their related scientific innovations, are understood to hold a value similar to that of the semiconductor industry -- an industry which is currently experiencing rapid growth driven by advances in artificial intelligence and machine learning. McKinsey’s decision to equate the valuation of these two industries suggests a strong confidence in the business value of space. Yet light pollution from the night sky presents a growing problem. Most solutions so far have involved government intervention, including direct regulation and the creation of dark sky reserves. For example, over the past few decades, Chile has enacted three increasingly restrictive laws to protect dark-sky areas, particularly in the vicinity of the Atacama Desert. The most recent law, Supreme Decree Number 1 of 2022, tightens regulation on the brightness of emitting sources.5 Due to its recent implementation, it’s difficult to assess the decree’s impact, but its predecessor, Supreme Decree

A Market-Based Alternative: Good Night Blinds An alternative to government intervention is Good Night Blinds, a product that combines blackout blinds with luminescent solar concentrator technology (LSC) to reduce light pollution and increase energy savings. It will include a blackout blind in the middle, with two LSCs on either side to absorb light. The product will also feature a control system that allows the user to roll the blind up after use and down during use, without physical contact. The first component of the solution is the blackout blind. Blackout blinds are window coverings specifically designed to block out all light. They are often used in residential and commercial applications.7 Given that significant amounts of light pollution come from building windows in urban areas, installing blackout blinds to block light from those windows reduces light pollution. Measuring light from Tokyo office windows, for example, researchers at the Illuminating Engineering Institute of Japan estimated an upward-pointing lux value of 10.2 lumens per square meter.8 Comparatively, the maximum possible lux emitted by the moon under nearideal astronomical conditions is 0.32 lux.9 That makes the outside window light almost 32 times brighter than the surrounding natural light. Furthermore, the researchers published this paper in 2005, and light pollution has increased globally since then. Blackout blinds that block light from these outside windows would help reduce overall light pollution. One current limitation and inefficiency of blackout blinds is that

“Even the smallest amount of light pollution makes it harder to see space objects....” they simply block external light rather than use or absorb it. The second component, the luminescent solar concentrator technology, solves this lack of absorption. LSCs use a highrefractive-index host to trap light with approximately 75 percent efficiency and direct it toward the edges of a panel using total internal reflection, where it’s then converted into electrical energy.10 In other words, instead of absorbing light directly at every single point, LSC traps and moves the light to the edges for energy conversion. The movement of light to the edges results in a 75 percent trapping efficiency, meaning some light and energy are lost, but it also gives LSCs many advantages. It offers greater flexibility for Good Night Blinds by requiring solar cells only on the edges, allowing more design choices for the blind. It also reduces cost, since LSC’s solar design does not need to generate energy at every single point. Luminescent solar concentrators offer technological advantages for Good Night Blinds that solar panels and other traditional concentrators do not. In particular, LSCs can concentrate diffused light, do not require solar tracking to function, and can reshape the solar spectrum to maximize solar cell efficiency.11 Diffused light is not directly from the sun, but rather is reflected or passes through other surfaces, such as windows. Concentrating such light is vital for Good Night Blinds, as most light reaching the blinds is diffuse. This ability means that LSCs do not require solar tracking to achieve maximum efficiency, unlike traditional solar panels, which depend on the sun’s angle to maximize energy output. It also allows for flexible placement, as LSCs can properly guide the light from any direction. Furthermore, LSCs can reshape

the solar spectrum. In other words, they absorb many wavelengths of light and then reemit them as certain types of energy. Traditional photovoltaic and solar cells achieve their highest efficiencies at specific wavelengths; therefore, LSCs optimize their solar cells by converting a wide range of light into the most efficient wavelengths for their particular devices. As such, LSCs are useful in nighttime settings, as artificial light spans a wide range of wavelengths and spectra. By closing blinds at night to gather a variety of light emissions, users can convert errant light into power while reducing light pollution reaching the outside. While the technology’s newness may be a concern, Good Night Blinds is feasible given LSCs’ existing use cases in creating solar windows, a similar concept. For example, in 2017, Michigan State University made a transparent LSC window that generated energy. Professor Richard Lunt, who helped pioneer the technology, said, “We analyzed their potential and showed that by harvesting only invisible light, these devices can provide a similar electricity-generation potential as rooftop solar.”12 If it can be used as a window and deliver similar

efficiency to “rooftop solar,” that implies significant promise for its use in blinds. In the video accompanying the article, artificial room lighting powered the LSC, demonstrating that it is feasible to generate power from indoor and outdoor lighting. To develop this solution, the next step is to contact companies that already manufacture blackout blinds and LSCs, as they have the necessary technologies and facilities. The blackout blinds will be purchased wholesale from a company such as Ningbo Mysure Home Products Co., Ltd. If one were to purchase over 5,000 Blinds, each blind would cost $2, making it an affordable solution. A minor issue may arise depending on tariffs, but given how inexpensive the products are, even doubling the price would still be more reasonable than prices charged by American wholesalers. The LSCs might also be purchased wholesale from Applied Quantum Materials. They advertise a Silicon Quantum Dot LSC as a use case in solar windows.13 If it’s usable in windows, there should be a similarly applicable use in Good Night Blinds. Likewise, they offer a wide selection of nanomaterial products on their website, suggesting they can produce

GOOD NIGHT BLINDS / 59

nanomaterials for LSCs in large quantities. Cost Structure and Market Barriers While feasible, using LSCs in Good Night Blinds could entail high upfront costs. The blackout roller blinds would cost only $2 per blind at high volume. However, retail prices for Luminescent Solar Concentrators are unavailable; some papers discuss the costs of manufacturing LSCs. Researchers at Los Alamos National Laboratory estimated the cost of their quantumdot-based LSCs to be $5.01 per square meter.14 Considering that a window could be about 2 meters on each side, the costs for a company producing the LSC should be around $20. At wholesale prices, the LSCs might be $35 to $45, resulting in approximately $50 for the entire blackout blind. Over time, technological innovation should continue to reduce the cost of LSCs, thereby lowering the product’s price. Looking at historical patterns, Solar Panels, a parallel product, experienced an 85 percent price decline from 2010 to 2020 without sacrificing durability or quality.15 Given that solar panels were able to drop considerably in price within a period of ten years, LSCs, a similar product, will likely also experience significant cost reductions over time. Creating Shared Value Through Energy Recovery While there are some cost risks, Good Night Blinds offer many more benefits, helping with sleep like traditional blackout blinds, saving energy costs through the energy produced by the LSCs, and reducing light pollution. Michael Porter and Mark Kramer, when considering how capitalism will evolve, focus on creating shared value, asserting that companies are best off seeking ways to create economic value while also generating social value.16 Good Night Blinds creates social value through its creation of energy efficiency, creates societal value by reducing light pollution, and creates economic value 60 /CHENGZHI WANG

by adding a feature that makes it unique in the blackout blind market. These added benefits also create a positive cycle: consumers who want to use blackout blinds tend to prefer less light pollution, and when they use them, they both save and generate energy. Measuring Environmental Impact: Pilot Program Lux, a unit of light intensity, will be used to measure the solution’s effectiveness. Specifically, a luminance meter can measure luminance (lux) at a point and simulate the human eye’s response.17 Luminance defines the light emitted, and it’s essential to determine how much light actually affects the telescopes by measuring how much falls on them. Therefore, a luminance meter should be used to quantify light pollution. Considering the risks, a pilot test would help determine whether the benefits are practical and whether the risks are not unduly significant. This pilot program would take place in Hawaii, near the Mauna Kea Observatory. The observatory is located on the Big Island of Hawaii, where the relatively small population results in lower initial light pollution. The nearest large city is Hilo, 25 miles away, with a population of 40,000. In Hilo, a few significant buildings account for much of the city’s light. One large building in particular is the University of Hawaii at Hilo, which has over 2,000 students. Given that the University has a Center for Mauna Kea Stewardship that seeks to protect the observatory and stargazing, and that students would be interested in using blackout blinds, the University is the ideal partner.18 To establish a baseline, the current lux level at the base of the Mauna Kea Observatory will be measured using a luminance meter, representing the existing level of light pollution. In the first phase of the experiment, the university would install Good Night blinds on half of the dorm windows, and lux levels would be recorded over the following month to assess their impact. In the second phase, the

university will install blackout blinds on the remaining dorm windows, and lux levels will again be monitored for a month. If there is a statistically significant reduction in lux at the observatory, that suggests the blinds are a practical solution and potentially worth broader implementation. The next step would be to examine implementing them in hotels, which also account for a large share of the light emitted on the Big Island. It would help hotels save energy, and a shared stargazing floor, on the roof or elsewhere, could also encourage a more social stargazing environment. Conclusion Good Night Blinds combine blackout blinds and luminescent solar concentrator technology to save energy costs, improve sleep, and reduce light pollution. In doing so, it demonstrates the potential for a business solution to address the public externality of light pollution.

DISCUSSION QUESTIONS 1. Why do you think light pollution may receive less attention than other environmental problems? 2. What role should everyday people play in reducing light pollution, and what responsibilities should fall on governments or companies? 3. How should we think about balancing technological progress, urban development, and the preservation of natural darkness? Christopher C. M. Kyba, Andrej Mohar, and Thomas Posch, “How Bright Is Moonlight?” Astronomy & Geophysics 58, no. 1 (1 February 2017), https://academic.oup.com/astrogeo/article/58/1/1.31/2938119. 2 Christopher C. M. Kyba, Yığit Öner Altıntaş, Constance E. Walker, and Mark Newhouse, “Citizen Scientists Report Global Rapid Reductions in the Visibility of Stars from 2011 to 2022,” Science, 20 January 2023, https://www.science.org/doi/10.1126/science.abq7781. 3 Fabio Falchi et al., “Light Pollution Indicators for All the Major Astronomical Observatories,” Monthly Notices of the Royal Astronomical Society 519, no. 1 (16 December 2022), https://doi. org/10.1093/mnras/stac2929. 4 Alizee Acket-Goemaere et al., “Space: The $1.8 Trillion Opportunity for Global Economic Growth,” McKinsey & Company, 8 April 2024, https://www.mckinsey.com/industries/aerospace-and-defense/ourinsights/space-the-1-point-8-trillion-dollar-opportunity-for-globaleconomic-growth. 5 NoirLAB, “New Lighting Standard in Chile Will Preserve the Night Skies Across the Entire Country,” NoirLAB, 30 October 2023, https://www. noirlab.edu/public/announcements/ann23034. 6 Miguel Sanchez, “Light Pollution Threatens Chile’s Pristine Night Skies,” Phys.org, 26 February 2018, https://phys.org/news/2018-02-pollutionthreatens-chile-dark.html. 7 Rebecca Harrell, “Understanding Blackout Blinds: Benefits and When You Need Them,” San Antonio Home Remodeling Services, 23 January 2025, https://www.southwestexteriors.com/blog/2023/august/ understanding-blackout-blinds-benefits-and-when-needed. 8 Naoko Oba et al., “Sky Glow Caused by the Spill Light from Office Buildings,” Journal of Light & Visual Environment 29, no. 1 (2005): 19–24, https://doi.org/10.2150/jlve.29.19. 9 Kyba, Mohar, and Posch, “How Bright Is Moonlight?” 10 Stefania Castelletto and Alberto Boretti, “Luminescence Solar Concentrators: A Technology Update,” Nano Energy, 10 February 2023,https://doi.org/10.1016/j.nanoen.2023.108269. 1

Tomi K. Baikie et al., “Revealing the Potential of Luminescent Solar Concentrators in Real-World Environments,” Joule 8, no. 3 (20 March 2024), https://www.sciencedirect.com/science/article/pii/ S254243512400045X. 12 Richard Lunt et al., “Transparent Solar Technology Represents ‘Wave of the Future,’” MSUToday, 23 October 2017,https://msutoday.msu.edu/ news/2017/10/transparent-solar-technology-represents-wave-of-thefuture. 13 AQMaterials, “Luminescent Solar Concentrators,” 7 May 2025,https:// www.aqmaterials.com/aqm-luminescent-solar-concentrators. 14 Carissa N. Eisler et al., “Photonic Luminescent Solar Concentrator Design for High Efficiency, Low Cost Multijunction Photovoltaics,” Frontiers in Photonics, 7 May 2025, https://www.frontiersin.org/journals/photonics/ articles/10.3389/fphot.2022.932913/full. 15 Yale Climate Connections Team, “Research: Solar Panel Prices Are Dropping without Sacrificing Quality,” Yale Climate Connections, 18 October 2023, https://www.yaleclimateconnections.org/2023/10/ research-solar-panel-prices-are-dropping-without-sacrificing-quality. 16 Michael Porter and Mark Kramer, “Creating Shared Value,” Harvard Business Review (January–February 2011). 17 Susan Mander et al., “How to Measure Light Pollution—A Systematic Review of Methods and Applications,” Sustainable Cities and Societies, 17 February 2023, https://www.sciencedirect.com/science/article/pii/ S2210670723000768. 18 “Nightly Stargazing Activities,” Hilo University, 17 June 2025, https:// www.hilo.hawaii.edu/maunakea/visitor-information/stargazing.php. 11

Photo Credits: • Marko Duca/Adobe Stock - Page 56 • blackday/Adobe Stock - Page 58 • Fabian/Adobe Stock - Page 59 • Gleyvison Anselmo/Unsplash - Page 60

“I wanted to show that a private solution to light pollution was feasible. Many current efforts to address light pollution depend on government policies, such as dark sky reserves or laws limiting light emissions. The blinds demonstrate that there are ways to limit light pollution through a solution that does not impose additional limits on usage. They combine the benefits and popularity of blackout blinds with energy-saving technology.”

CHENGZHI WANG

CLASS OF 2028, CONCENTRATION IN FINANCE AND COMPUTING & DATA SCIENCE GOOD NIGHT BLINDS / 61

REINVENTING CARE: HOW BUSINESS CAN REVIVE SIERRA LEONE’S HEALTHCARE SYSTEM

By Maggie Yuan

Amid Sierra Leone’s deeply broken healthcare system, author Maggie Yuan proposes mobile clinics as a scalable, business-driven alternative that circumvents corruption and infrastructure gaps. Leveraging lessons from Namibia and Uganda, it demonstrates how hybrid financing and publicprivate partnerships can expand access and rebuild trust.

ierra Leone’s healthcare system is a stark example of institutional failure. Rural populations, which make up over half the country, face extreme difficulty accessing care due to geographical isolation, lack of infrastructure, and corruption. Traditional public hospitals are inaccessible, underfunded, and often exploitative. Countless doctors engage in acts of bribery or charge for unnecessary services because they know that patients, in desperate need, have no alternatives. This creates a vicious cycle in which trust deteriorates and overall well-being declines. Rather than attempting to fix these systems through political reform, a business-led approach using mobile healthcare offers a more feasible solution that can quickly help reshape the medical field. This model bypasses many existing infrastructure bottlenecks and delivers essential care directly to the populations that need it most. Drawing inspiration from Uganda’s CURE clinics, a mobile clinic envisions an adaptable healthcare model that is both sustainable and feasible, given Sierra Leone’s unique demographic characteristics. Financing Considerations When considering mobile clinics serving the rural populations of Sierra Leone, it’s essential to recognize that, although they operate with lower overhead than traditional hospitals, they still incur substantial fixed costs, including vehicles, staffing, and medical supplies. To be sustainable, they must adopt innovative financial structures. For example, a global public health study from PLOS, the Public Library of Science, an organization dedicated to advancing science, found that a hybrid financing model, which blends small, subscription-based community payments with NGO or government subsidies, could distribute financial responsibility more equitably, particularly in critical areas such as maternal health care.1 Communitybased microinsurance or bundled care plans may reduce risk and ensure 64 / MAGGIE YUAN

continuity of care, particularly for maternal and child health services, which are among the most urgent needs. Critics may argue that subscription payments risk excluding the poorest patients. However, a tiered payment structure, backed by cross-subsidization from NGOs or social enterprises, could strike a balance between affordability and sustainability. Moreover, the involvement of local microfinance institutions or village savings groups may integrate the model into a larger economic ecosystem. A Lesson From the Neighbors Given these considerations, exploring the space of public-private partnerships (PPPs) could benefit all stakeholders, as policy will continue to play a role in the health sector and more patients will benefit from

increased access to care. Looking into a case study in Namibia, Mister Sister, a PPP between PharmAccess Namibia and the Namibia Ministry of Health and Social Services, saw booming success with their business model. With the government subsidizing some of the costs of drugs and treatments, and local businesses and farms covering their employees’ checkups, the mobile clinic was able to travel across Namibia’s rural terrain and treat more than 15,000 patients.2 Seeing this sort of success in a neighboring country, Sierra Leone could adopt some of these practices and apply them to its own context. Moreover, another example of regional feasibility is CURE’s mobile clinic, which operates across Uganda. In an interview, Collin Olsson, donor care manager at CURE, elaborated on their hybrid business model,

established in 2001, which has enabled CURE Uganda to treat many children with neurological disorders. “With help from national charities, insurance groups, and CURE donors, we can treat all children and their conditions free of charge,” Olsson explained.3 He went on to describe CURE’s Neuro Fellows Program, which attracts talent and trains new medical professionals in the region. “Not only are we able to treat underserved children, but we can build a meaningful educational foundation for aspiring medical professionals to continue the cycle of quality health care.”4 CURE Uganda offers a glimpse of a potentially profitable business model that could benefit a wide range of the population. The mobility of a clinicon-wheels is advantageous in countries such as Sierra Leone, where more than half of the population resides in rural areas. With fewer resources than a

full-blown hospital, mobile clinics can operate on a smaller budget, potentially providing individuals with access to more affordable care.5 Overall, the success of two of Sierra Leone’s neighbors with alternative healthcare solutions offers insight into a possible new system for the country. Lessons from both Mister Sister and CURE Uganda demonstrate that a blended business model combining the private and public sectors is a viable solution to address the unique demographic factors that confound Sierra Leone’s healthcare system today. Navigating Political and Institutional Barriers Sierra Leone’s political landscape presents significant challenges, including corruption stemming from bureaucratic inefficiencies and limited

“Instead of patients fighting their way into the system, the system meets them where they are.” resources for public goods. With Sierra Leone’s Ministry of Health and Sanitation (MoHS) allocating only a minimal share of the country’s GDP to the healthcare system (<6 percent), the country’s medical professionals have had no choice but to resort to rent-seeking (i.e., bribery) to make ends meet.6 However, these unique conditions also create a vacuum where non-state actors, especially non-governmental organizations (NGOs), can be valuable partners. Rather than competing with public systems, businesses can integrate with existing NGO networks to gain local legitimacy and scale more effectively. The role of business is not to replace the public sector but to reimagine how value can be created when institutional alignment is weak. Moreover, given political inefficiencies, the government will have an incentive to participate in this public-private partnership if it wants to maintain some degree of authority over its citizens. Without their presence, any public health policy is meaningless if the system implementing it is not government-affiliated. Therefore, Sierra Leone’s MoHS should draw lessons from Namibia’s Mister Sister and perhaps investigate subsidizing some fixed costs, such as medical equipment and medicine. Ultimately, despite a poorly structured government hierarchy that has led to a failed healthcare system, there remains considerable room for Sierra Leone’s health department to play a transformative role through public-private partnerships, with an eye toward mobile clinics. Stakeholder Value Creation A well-designed mobile clinic model creates value for multiple stakeholders, while also addressing deeper structural issues in Sierra Leone’s healthcare ecosystem. In a country where maternal

and infant mortality rates are critically high and are constantly plagued by endemics (malaria, yellow fever, Lassa fever, etc.), access to quality healthcare would revolutionize life for the Sierra Leonean people.7 First, the patients, namely the underserved citizens of Sierra Leone, benefit most directly from this business model. For many rural families, traditional care options are either geographically inaccessible or financially unaffordable. A mobile clinic inverts this reality; instead of patients having to navigate the system, the system meets them where they are. Establishing a routine not only emphasizes the importance of maintaining good health but also fosters a consistent, reliable system that, for maternal health and routine pediatric services, can be lifesaving. Second, healthcare workers, often underpaid and overlooked in public hospitals, can receive more equitable compensation through mobile clinics funded by a blend of revenue streams. Moreover, with clearer incentive structures and accountability protocols, rather than the bribe-riddled systems that dominate many state-run hospitals, medical professionals are empowered to do their jobs rather than exploit patients or circumvent dysfunctional bureaucracies. In the current context, more than 50 percent of medical professionals are unpaid, and medical schools have a 45 percent dropout rate, largely because these young students lack the financial means to support themselves.8 It is clear that while practices of bribery and rent-seeking may not stem from intense greed, the current system in place in Sierra Leone is neither sustainable nor equitable for the people who desperately seek life-saving care but are unable to receive it. Moreover, governments also indirectly benefit. While the state

may not fully fund or manage these mobile clinics, the downstream impact is significant. Fewer overcrowded hospitals and reduced pressure on limited infrastructure will bolster national development goals. From a political perspective, supporting these models is a low-risk, high-reward approach, as governments can claim progress without addressing entrenched institutional decay. Lastly, NGOs and charitable donors also see a higher return on impact. Unlike traditional aid models that pour money into underperforming, vague, and confusing systems, mobile clinics offer transparent, measurable health outcomes. When donors can track how many patients were treated, which services were delivered, and the resulting health improvements, it’s easier to justify long-term funding and expansion. In fact, a Harvard study exemplifies this: an impact tracker found that mobile clinics in the U.S. have saved over 3,200 life-years and generated over $235 million in return on initial investment (or donation).9 Ultimately, most importantly, these models subtly shift power dynamics within healthcare. When care is delivered directly to the community, unmediated by corrupt state-owned health facilities, patients gain greater control over their health. Healthcare becomes something accessible and navigable, rather than something feared as a financial burden. In this way, mobile clinics don’t just treat diseases; they challenge the idea that quality care is a privilege for the urban elite. They decentralize healthcare access and restore agency to the people who’ve historically had the least. Social and Economic Spillover Mobile clinics don’t just improve health; they catalyze economic activity. Each mobile unit employs a small REINVENTING CARE / 65

but effective workforce comprising nurses, drivers, community health workers, data-entry specialists, and logistics staff. In a country where youth unemployment hovers above 60 percent, even modest employment can help stabilize rural economies.10 Beyond direct hiring, mobile clinics also engage with adjacent industries, such as local medical equipment supply chains, food vendors near clinic sites, and partnerships with local transportation services to enhance the mobility of their operations. More importantly, mobile clinics can serve as localized hubs for other critical services. Vaccination campaigns, maternal health education, nutrition workshops, and even microfinance initiatives can all be layered into a mobile healthcare model. According to a UNICEF pilot in Liberia, mobile clinics also boost attendance at vaccination drives and education programs by up to 40 percent.11 This clustering of development interventions increases the reach and efficiency of each service while lowering marginal delivery costs. In a system plagued by fragmentation and waste, this kind of coordination is game-changing. It’s the difference between isolated aid efforts and a self-reinforcing ecosystem of services that uplift entire communities. Aligning with Business Theories The business model of a mobile clinic is not unprecedented, as it’s rooted in established business frameworks that push beyond traditional boundaries between profit and purpose. Friedman’s classic stance has been widely discussed and reflects the idea that the sole responsibility of business is to increase profits. This school of thought has shaped decades of economic thinking. Under that framework, a mobile clinic offering subsidized maternal care in a remote village might seem like a charity or a distraction from the bottom line. But that narrow view ignores the structural realities of fragile markets. In places 66 / MAGGIE YUAN

such as Sierra Leone, where institutions fail to provide even the most basic public services, adhering strictly to Friedman’s doctrine not only limits impact; it leaves substantial market gaps untouched. Freeman’s stakeholder theory, by contrast, argues that businesses create the greatest long-term value when they serve not only shareholders but also all stakeholders, including customers, employees, suppliers, communities, and governments. In this light, a mobile clinic’s audience isn’t limited to the companies and organizations that support it. It creates jobs, strengthens communities, improves population health (which boosts economic productivity), and reduces systemic risks, ultimately benefiting patients, physicians, communities, local businesses, and the government. In unstable environments, stakeholder alignment isn’t merely a matter of ethical responsibility; it’s also a sound business model designed to foster resilience and growth. This approach also reflects another concept known as Elkington’s triple bottom line: people, planet, and profit. This proposed business model for Sierra Leone’s healthcare system meets all three objectives. Socially, it improves population health and empowers communities. Environmentally, mobile clinics reduce the need for sprawling, energy-

intensive hospitals, especially critical in areas with weak energy infrastructure. Financially, they operate on lower cost structures and attract mixed financing from different sectors, making them more efficient than legacy systems. In short, the idea that a mobile clinic would benefit all stakeholders isn’t mutually exclusive with maintaining profitability. It redefines sustainable value creation in a system where conventional rules don’t apply, thereby maximizing the greatest good for the greatest number of people. Concluding Remarks At the end of the day, businesses don’t have to choose between profit and purpose. Especially in fragile, underdeveloped systems like Sierra Leone’s healthcare sector, the binary between public and private solutions is outdated. Mobile healthcare is a hybrid approach that works with, around, and beyond existing institutions to deliver meaningful impact. Mobile clinics are not the perfect solution to a broken system. They won’t replace hospitals or overhaul decades of public neglect overnight. However, they offer a viable, scalable step forward that gives the people of Sierra Leone an opportunity to transform their social, economic, and political landscape. They redistribute power in ways that matter, shifting control from corrupt government-

owned entities to communities in need of care while attracting capital more effectively. Overall, the success of a publicly and privately backed mobile clinic lies

in the idea that it creates a measurable impact, not just in terms of patient outcomes, but in building the broader social and economic infrastructure that underpins lasting development. In

countries such as Sierra Leone, where the healthcare system has long been a site of failure, this new business isn’t merely innovation; it’s reinvention.

DISCUSSION QUESTIONS

1. How does the paper challenge traditional assumptions about the role of government in providing essential public services like healthcare? 2. What metrics would be most important for evaluating the success of mobile clinics from the perspective of donors, governments, and communities? 3. Are mobile clinics a stopgap solution, or could they become a permanent fixture of Sierra Leone’s healthcare landscape?

Lama Bou-Karroum et al., “Financing for Equity for Women’s, Children’s and Adolescents’ Health in Low- and Middle-Income Countries: A Scoping Review,” PLOS Global Public Health 4, no. 9 (2024): e0003573, https://journals.plos.org/globalpublichealth/ article?id=10.1371/journal.pgph.0003573. 2 PharmAccess Foundation, “Mister Sister Clinics: A Public-Private Innovation,” PharmAccess, 2023. 3 Collin Olsson, personal interview, 2025. 4 Olsson, personal interview, 2025. 5 Maggie Yuan, Profits Over Patients: How Sierra Leone’s Looming Health Care Crisis Is Compounded by Market Failures, Business and Society, New York University, 6 April 2025, unpublished undergraduate paper. 6 World Bank, “Sierra Leone: Youth Unemployment Report,” World Bank Briefs, 2023. 7 National Institutes of Health, “Maternal and Infant Mortality in West Africa,” NIH Global Health Report, 2024. 8 National Institutes of Health, “Strengthening Health Workforce in Sierra Leone,” NIH, 2018. 9 William Zhuo-Ming Li, “Advancing Health Equity and Value-Based Care: A Mobile Approach,” Perspectives in Primary Care, 13 April 2023,https://info.primarycare.hms.harvard.edu/perspectives/articles/ 1

mobile-clinics-in-the-us-health-system. World Bank, “Sierra Leone: Youth Unemployment Report.” 11 UNICEF, “Mobile Outreach Pilot Report – Liberia,” UNICEF, 2022. 10

Photo Credits: • JAMES/Adobe Stock - Page 62 • CURE International/Wikipedia Commons • David Hawgood/Wikipedia Commons - Page 66

“It was surprising to see Sierra Leone put so little emphasis on the backbone of what keeps a country physically alive and healthy, but it was rewarding in the end to introduce new actors (NGOs, private actors, etc.) who could potentially change the trajectory of Sierra Leone’s healthcare system for the better.”

MAGGIE YUAN

CLASS OF 2028, FINANCE (MINOR IN PSYCHOLOGY)

REINVENTING CARE / 67

EDITORIAL TEAM

Left to Right: Talia Lerner, Miranda Womack, Janet Chang, Christine Neubert, Alix Yoon, Professor Jeffrey J. Younger, Jocelyn Chen Not pictured: Zachary Li and Aryan Luniya Lead Editor: Miranda Womack Editors: Talia Lerner, Zachary Li, Aryan Luniya, Christine Neubert, and, Alix Yoon Designers: Jocelyn Chen and Janet Chang

68 / EDITORIAL TEAM

ACKNOWLEDGMENTS

hope you enjoyed this edition of The Call for Corporate Action, NYU Stern Student Voices. It’s my pleasure to celebrate this year’s published authors and extend heartfelt thanks to all the contributors who made this 13th edition possible. From over 650 student essays submitted for the Spring 2025 Business and Society course, our team reviewed 75 semifinalists and ultimately published 10 standout pieces. These essays represent the heart and soul of this issue, embodying creativity and critical thinking alongside powerful ideas. We hope the high caliber of their thinking and writing inspires current and future writers to push boundaries and explore the complex connections between business, society, and government. Our student selection team—most of whom are past Call authors—evaluated the essays with an eye for compelling content, fluid composition, and thought-provoking “calls for corporate action.” The team sought originality, feasibility, and Faculty Editor, The Call passion while curating a mix of perspectives and topics. Their Clinical Professor goal was to showcase the best of current Stern student thought throughout this issue. I thank them for their dedication. Senior Editor Miranda Womack and her incredible editorial team—Alix Yoon, Aryan Luniya, Talia Lerner, Christine Neubert, and Zachary Li—ensured every essay was polished to perfection. Thanks to Art Designers Jocelyn Chen and Janet Chang, the visual presentation matches the excellence of the writing. Additional support comes from Management Communication Assistant Sara El Houzaly as well. I deeply appreciate all of you for your hard work, creativity, and passion. Special thanks go to NYU Stern Undergraduate Vice Dean Rohit Deo for his thoughtful opening letter, Professor Matt Statler for his introduction to the Business & Society course, and Erin K. Potter and Sangeeta Bhojwani for their invaluable assistance. The core of this publication lies in the unwavering commitment of the instructors who guide our students through weekly critical thinking and writing sessions in the Business & Society course. Their expertise is evident in every essay. My sincere appreciation to the following Spring 2025 instructors: A.J. Fuentes, Alex Puutio, Amaya Rivera, Aya Tanaka, Bob DiYanni, Bruce Meyerson, Carol Newell, Claudia Caruana, Ellen Pluta, Fadia Nordveit, Haider Fancy, Irv Schenkler, Jessy Hsieh, Kate Brideau, Keith Meatto, Kevin Barrow, Kim Bhasin, Larry Menna, Mark Brennan, Matt Statler, Nicole Jones, Petria May, Robert Wosnitzer, Tim Gilman, Tim Glencross, Vivian Giang, and Wei Shi. Your dedication to nurturing Stern students is inspiring and transformative. Finally, I am deeply grateful to Batia Wiesenfeld, Brian Hanssen, Matt Statler, Mara Van Loggerenberg, Christopher Lee, and Janeece Lewis for their guidance and support. Your leadership ensures the continued success of this publication. Thank you for contributing to this 13th volume of The Call for Corporate Action, NYU Stern Student Voices. Warmly, Jeffrey J. Younger

JEFFREY J. YOUNGER

ACKNOWLEDGEMENTS / 69

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