In a bid to tackle the climate crisis through technology and innovation, the Nasscom Foundation and Cadence have announced the Climate Tech Challenge. This initiative aims to support startups developing solutions that address pressing environmental issues.
The Climate Tech Challenge encourages startups to leverage cutting-edge technology for sustainable practices. Participants will benefit from expert mentorship, pilot testing opportunities, and valuable feedback to enhance their climate-focused innovations. Two standout startups will be awarded a CSR (Corporate Social responsibility) grant of ₹10 lakhs (INR 1M) each, along with ongoing support to connect with stakeholders and implement their solutions effectively.
A CSR (Corporate Social Responsibility) grant is a financial resource that a company provides to support a CSR initiative. Corporate social responsibility (CSR) is the idea that businesses should operate according to principles and policies that make a positive impact on society and the environment.
Eligibility Criteria for Startups
- Age of the Enterprise: The entity must be a private limited company, partnership firm, or LLP and not older than 10 years from its incorporation or registration date.
- Annual Turnover: The startup’s annual turnover must not have exceeded ₹100 Cr in any financial year since its incorporation.
- Innovation and Scalability: The startup should be developing new or significantly improved products, processes, or services with high growth and scalability potential, particularly in employment or wealth creation.
- Independent Business Entity: The enterprise must not be a split or reconstruction of an existing business.
- Certificate of Recognition: The startup must have a recognition certificate from DPIIT to be officially recognized under the Startup India scheme.
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How the Climate Tech Challenge Works?
Startups interested in participating can apply through an online portal. Deadline for the online application submission is 25 October 2024. The selection process will narrow down applicants to the top 10, who will then pitch their ideas to a jury for final assessment. Ultimately, two startups will be awarded.
Focus Areas for Innovation
The Climate Tech Challenge is looking for innovative solutions across several key focus areas to address pressing environmental issues.
- Renewable Energy: Innovations that promote the generation and use of renewable energy sources.
- Energy Savings from Products: Technologies that enhance energy efficiency and reduce consumption.
- Waste Removed/Recycled/Up-cycled: Solutions that tackle waste management through recycling or up-cycling.
- Lifetime GHG Emissions Avoided: Innovations that prevent significant greenhouse gas emissions throughout their lifecycle.
- GHG Emissions Reduced: Technologies directly focused on reducing greenhouse gas emissions.
The Climate Tech Challenge seeks to support startups focused on impactful solutions for sustainability. By empowering social entrepreneurs and fostering a committed community, the Nasscom Foundation and Cadence encourage startups to apply and contribute to a greener future.