ScrapAd has managed to be one of the beneficiary companies of the NEOTEC programme. This programme comes from the CDTI, the public business entity that depends on the Ministry of Science and Innovation, which promotes innovation and technological development of Spanish companies. This entity channels applications for aid and support for R&D&I projects from Spanish companies at national and international level. In short, the CDTI's objective is to contribute to improving the technological level of Spanish companies.
Thus, following the CDTI's guiding thread, the aim of the NEOTEC programme is to finance the start-up of new business projects that require the use of technologies or knowledge developed from research activity and in which the business strategy is based on the development of technology. NEOTEC is aimed at innovative technology-based companies where innovation and technology are determining and unique factors that contribute to the differentiation of the company.
The beneficiaries of this aid are all those small innovative technology-based companies where innovation and technology are determining factors that contribute to the differentiation of the company. ScrapAd has been one of the chosen ones.
Why ScrapAd is a beneficiary of the NEOTEC programme
ScrapAd has become one of the beneficiaries of the NEOTEC programme because the aim of the project is to facilitate the purchase, shipment, management and control of scrap materials through our platform. This allows us to become the first B2B marketplace for recyclable materials, with the aim of helping participating agents in their businesses in the most sustainable way possible.
ScrapAd provides tools that facilitate and enable online buying and selling in an end-to-end environment. Therefore, an enhancement of the existing platform is being developed which will include artificial intelligence. Thanks to AI, the system will be capable of the following actions:
- Manage the best offers autonomously.
- Suggest prices based on the updated value of materials.
- Assign the best routes to minimise transport costs.
- Launch alerts to buyers under a system of filtering by tags.
- Streamline negotiations between users by being able to formalise a sales contract securely and remotely.
- Allow payments in different visas.
This improved platform with AI and intelligent algorithms will improve the user experience and automate the process of scrap metal trading and recyclable materials. It will incorporate an automated model with intelligent functionalities that encourage interactions with users. In this way, it will make decisions autonomously based on the interests of users, and with the capacity to manage possible negotiations that may occur during the process.
ScrapAd is a platform that is currently helping to promote the circular economy, scrap metal recycling and the reduction of the carbon footprint, as well as digitising a very traditional sector in the way it trades. Thanks to these developments and the services that will be added thanks to AI, ScrapAd will position itself as the global benchmark company in the sector.