If you happen to own an iPhone, you are used to the process of replacing your old one with the latest and greatest. But if you’re like most people, you don’t spend much time trying to get any money for the old version.
Since 2008, a Boston start-up, Gazelle, has been providing a service that buys your old iPhone and other high-end consumer devices, cleans out all its personal data, and then resells it at a profit in an emerging market, such as China, where plenty of people are happy to pay less than the retail price for the latest version to own your old one.
In a January 21 interview with Gazelle CEO, Israel Ganot, I learned that Gazelle springs from his long experience with ecommerce leaders. Ganot co-founded Gazelle in 2006 after he tried to recycle an old Blackberry and the retailer told him it would be happy to take it off his hands for $20.
Two factors spurred his decision to start Gazelle. First, he believed that “individuals should be rewarded for recycling” and second, he saw an opportunity – “many electronics still hold value but yet are wasting away in landfills.”
This “sparked the idea to build a business that would redefine the way we think about buying, owning, selling, and recycling electronics.” In 2008, Ganot became President and CEO of the company.