Greenr Sustainability Accelerator Program
The Opportunity
Climate change and rapid environmental degradation are among the greatest threats of our times. If unchecked, climate change can push 132 million people globally into poverty in the next 10 years. Ranked as the seventh most climate change-affected country in the world, India is likely to face unprecedented adverse development outcomes. To mitigate this threat, it is crucial to move away from the prevailing ‘take-make-waste’ (linear economy) model of economic growth, and towards a ‘circular economy’ that preserves and restores natural resources by sharing, reusing, repairing, and recycling materials.
Green small and growing businesses (SGBs) can spearhead this transition to a green economy. Evidence suggests that green startups, if supported, can bring about both economic and ecological sustainability. However, green SGBs face several constraints above and beyond those faced by ‘conventional startups’. These include nascent or underdeveloped markets, the gap between the intention to purchase eco-friendly products and the actual purchase of them, inadequate access to finance, and inability to quantify environmental impact, to name a few.
The Strategy
The potential for Green SGBs in India is an exciting one: the Aspen Network for Development Entrepreneurs estimates that there is a $3.46 trillion market opportunity.
TechnoServe, in association with IKEA Foundation and Visa Foundation, launched the Greenr Sustainability Accelerator program for green businesses in 2023. The program aims to unlock the potential of more than 350 Green SGBs in sectors such as waste management, textile, food & agriculture, clean tech, renewable energy, green construction, and feminine hygiene. The program will do this through capacity-building, business-acceleration support, providing access to finance and fundraising, and facilitating market linkages.
The program empowers entrepreneurs to scale up and achieve greater environmental impact from their products and services, simultaneously boosting the economy and creating new jobs. The equity-free accelerator provides tailored business advice and mentoring to high-growth businesses with products and services that positively impact the environment.
Some key components of the program :
- The support of dedicated business advisors to help entrepreneurs develop and execute a business plan.
- Collaboration with more than 50 partner investors
- Support for entrepreneurs in accessing new customer segments and markets, both domestic and international, building relevant networks within and outside of the program for value-building and revenue-driving conversations.
- Partnership with the Indian Business School to help build the capacity of entrepreneurs in three foundational areas: finance, sales and marketing.
- Networking among like-minded entrepreneurs working to build a brand of conscious capitalism.
Results
Greenr’s first cohort launched in June 2023 and comprised 130 startups from 53 cities across India. Sector representation includes waste management (64%), textile (13%), food & agriculture (13%), clean tech, renewable energy, green construction, and feminine hygiene. 54% are women-led businesses. So far, the program has unlocked $5 million in financing for participating businesses.
Targets
- Support to 350+ green startups
- Scale up revenues and livelihoods: Greater than 30% increase in revenue and 20% growth in jobs for relevant SGBs
- Capacity building: More than 90% of SGBs complete training in business & management skills and develop business plans
- Enhance networks, influence the ecosystem, measure & learn
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