Getting to know the startups in the Alabama Launchpad Social Impact Competition: Reboot Reforestation and OMNIS
Forests and finance are the focus of these Alabama Launchpad startups. (contributed)
On Dec. 8, the Economic Development Partnership of Alabama and the Alabama Power Foundation will host the finale for the latest Alabama Launchpad competition for startup companies. This round of the Launchpad is focused on companies’ intent on making a positive impact in the community. Ten finalists are competing for a combined $75,000 in funding.
Today’s article highlights two of the Alabama-based finalists: Reboot Reforestation and OMNIS.
Reboot Reforestation
Reboot Reforestation CEO Dalton Morris (contributed)
Reboot Reforestation wants to plant a seed, or more accurately, thousands of acres of seeds, across Alabama and the Southeast.
The Tuscaloosa-based startup seeks to help restore longleaf pine forests across the Southeastern United States.
The longleaf pine, Alabama’s state tree, once sprawled across an estimated 90 million acres from Virginia to Texas, but less than 5 percent of its original acreage remains, according to the National Fish and Wildlife Foundation.
Restoring longleaf pine forests has become a top conservation priority in recent years. More than 30 endangered and threatened species, including the red-cockaded woodpecker and gopher tortoise, rely on the pines for their habitat.
Enter Reboot Reforestation, which said it can “solve the degradation of longleaf pine forests in the Southeast United States and … do so in the most environmentally friendly way possible.”
Reboot Reforestation uses drones to plant trees, deliver herbicide and fertilizer. “By using drones, Reboot estimates it is able to reduce reforestation costs by up to 30%, eliminate soil compaction and erosion, and use up to 50% less herbicide, pesticide and fertilizer than helicopter spraying,” CEO and co-founder Dalton Morris said.
That reduces environmental impacts, as do the trees themselves, which Morris said sequester 2.5 tons of carbon each year for each acre of new growth forest.
The drones plant innovative seedballs that protect seeds “from predators, lock in moisture and provide nutrients that increase germination and survival.” Drones are highly efficient, allowing for mass-scale planting at lower cost than machine or hand planting, according to the company.
Learn more at rebootreforestation.com.
OMNIS
OMNIS CEO Zakariya Veasy. (contributed)
OMNIS is seeking to fill the gap between banks that won’t lend money to people and payday lenders and “loan sharks” that will but at astronomical interest rates.
“The underserved and unbanked have never had an alternative to getting the funds they need aside from exploitative services with an average of 400% interest per loan,” said Zakariya Veasy, CEO and founder of OMNIS.
OMNIS is a financial service app that helps people get access to capital and build credit, Veasy said. He describes OMNIS as “a crowdsourced social platform that allows individuals to earn money through their community with peer-to-peer short-term micro-loans and where others can borrow money to meet their immediate needs.”
Lenders receive requests for loans on their feeds, and if they choose to fulfill the loan either partly or in full, they select the interest rate for payback. Borrowers post a request for a loan to their community and can accept or deny the terms of the loans they are offered.
Veasy envisions OMNIS increasing financial literacy and helping those with limited or no credit history “to build a solid reputation with major bureaus.”
OMNIS has partnered with several banks, including First Independence Bank, Greenwood, Regions, Wells Fargo and Bank of America, so those people turned away by banks have a chance to get what they need from OMNIS. The company also will partner with nonprofits and hospitals.
“The real-world impact of our solution, OMNIS, is a reality where immigrants, students and other marginalized people groups are able to fulfill their American dream,” Veasy said.
Learn more at omnisapp.org.
Leading OMNIS are, from left, COO Amaan Haque, CEO Zakariya Veasy and CTO Evan Henley. (contributed)
The finale for the Alabama Launchpad Social Impact Competition takes place at 5 p.m. Dec. 8 in the Pearl River Room at Regions Field, 1401 First Ave. S. in downtown Birmingham. The event is open to the public but attendance is limited. To secure a seat, please register here.
To learn more about Alabama Launchpad, click here. To learn more about the Alabama Power Foundation, visit powerofgood.com.
