While not exactly a new concept, using earthworms to process food waste quickly and efficiently was taken to the next level by an Arizona-based start-up: http://seedstock.com/2012/04/18/in-feat-of-alchemy-phoenix-az-based-startup-transforms-food-waste-into-organic-produce-and-profit/
I have a few doubts about generating $1 million in annual profits, but if that’s really the case, VermiSoks is doing something right. I especially like their business approach of employing beneficiaries of food banks and homeless shelters and partnering with large hotels in the area. However, one of the unique points with VermiSoks’s method is using their fermented “worm wine” in combination with their earthworm-filled soil packets (the Soks), which may be an obstacle for people trying to do this in apartments and small houses (or in developing countries, for that matter), who don’t necessarily have the resources to pay for repeated shipments of the “wine,” which seems to act like a growth catalyst by supplying nutrients. (Though this would explain high profits from partnering with hotels and large grocery stores like Whole Foods, which can afford to pay for the “wine.”) At any rate, it’s a promising start, and a company (and business model) to watch out for.