Applications open for Mega Green Accelerator, to support climate solutions by regional start-ups
The Mega Green Accelerator is now open for applications from startups in the Middle East and North Africa (MENA) region that focus on circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture. The initiative will nurture the next generation of innovators as they develop solutions to address both regional and global sustainability challenges. PepsiCo and SABIC have partnered with AstroLabs, as well as with other strategic partners to create the program, which was announced at COP28.
For the first round of the Mega Green Accelerator program, the priorities will focus on innovation in the circular economy, as well as transitions in clean energy, water, and agriculture. Entrepreneurs in the program will receive six-months of mentorship with industry experts, access to networks and business opportunities, provided by the program partners and some of the most prominent business leaders in the region. At the end of the program, one winning company will be awarded seed funding to continue its expansion.
Established and revenue-generating start-ups that are developing business models related to processes, products, and/or technologies and support the program’s key focus areas are invited to apply. Applications for the six-month mentorship program are open until March 15th at https://astrolabs.com/themegagreenaccelerator/.
“The Mega Green Accelerator is a testament to the power of collaboration and innovation. We’re witnessing a growing number of young entrepreneurs in the region venturing into disruptive ideas. Research indicates their need for more holistic infrastructure, resources, funding, and mentorship to scale these initiatives. We already know that innovative climate technologies are necessary to slow down and adapt to the impact of climate change and extreme weather. The potential for cultivating a network of MENA-based innovators addressing the most pressing sustainability challenges in the region is phenomenal and this has all the makings of a story that can scale further wins on multiple fronts and for multiple stakeholders – but most importantly, for our shared planet,” said Eugene Willemsen, CEO, Africa, Middle East, and South Asia, PepsiCo and CEO of International Beverages.
“As the Gulf addresses climate change, the region is increasingly becoming a global testbed for innovative solutions that meet the current demand for sustainability. We have partnered with PepsiCo, SABIC, and other strategic partners to drive an influx of regional and global businesses; this collaboration is dedicated to accelerating the development of these businesses within the Gulf’s sustainability sector, supporting them to expand, operate and grow across the region. In line with our vision to build sectors, we are excited to steer development in the region’s climate tech sector by connecting diverse businesses that can drive innovation in this strategic industry – helping these companies capitalize on the right opportunities, with the right people, and at the right time in this sector,” said Roland Daher, Chief Executive Officer of AstroLabs.
Strategic investment partners like Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities. They will also inform startup criteria and participate in the selection process to maximize investment success.
Ecosystem partners London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, SOSV, Clyde & Co, Intersect Hub, SEE Institute, the Sharjah Research Technology and Innovation Park and the Mohammed VI Foundation for Environmental Protection will source applicants through their networks, amplify Accelerator knowledge and communicate progress through their channels. Schneider Electric will support the Accelerator as a prize partner, participating in the final selection of participants.
Investment into climate change mitigation solutions is critical in the MENA region, where temperatures are warming almost two times faster than the global average. That elevates the importance of private sector initiatives that support the Kingdom’s bold sustainability goals.
