RE Sustainability's mega fund to incubate circular economy ideas
5 selected ideas will be taken eventually towards full-scale implementation
image for illustrative purpose
Hyderabad: Re Sustainability Ltd, a KKR-backed company which provides comprehensive environment management services, has announced a mega innovation fund for the best waste management, recycling and circular economy ideas that have the potential to bring about transformative change. The initial entries shall be submitted to the company on or before July 5, 2022.
Following the first round of screening in July, up to 25 shortlisted entries will receive guidance and support from the company towards second-level submissions and further detailing of the ideas. Up to five finally selected ideas will be taken through a structured "Innovation Funnel" approach, from Proof of Concept/ Pilot Scale onwards, eventually towards full-scale implementation.
"Fostering an innovation ecosystem, including partnering with startups and incubating new ideas and technologies, is a significant enabler of environmental and social transformation. We need to significantly accelerate our journey towards innovative environmental solutions that are faster, better and more cost-effective," Masood Mallick, Joint Managing Director, Re Sustainability, said.
"The launch of the Re Sustainability Innovation Fund is a significant step towards tapping into the immense human capital and innovation potential that exists, which can potentially respond to these global-scale challenges. We look forward to working with these eco-innovators and change-agents of tomorrow," he added.
On the occasion of World Environment Day, the company seeks to provide a platform for individuals or organisations that have innovative ideas, technologies, concepts or business models that can create sustainability impact at scale. The initiative seeks entries from around the world across five categories within a 30-day window.
The ideas will then be scrutinised and shortlisted by an Innovation Council made up of sustainability thought leaders and business leaders. The selected ideas will receive a financial support up to Rs 5 crore and a customised incubation programme including 1:1 mentoring, technology validation, go-to-market support, and where relevant, a longer-term partnership opportunity with the company.
This World Environment Day, the company also announced a number of landmark partnerships, including; a partnership with Uflex, a global packaging company towards recycling of Multi-Layer Plastics (MLP) and a partnership with Iris-Mec, an European recycling technology company for its pan-India network of ELV recycling facilities.
