Applications for the Mega Green Accelerator are now open for startups in the Middle East and North Africa (MENA) region, it has been announced. The program targets those focused on circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture.
PepsiCo and SABIC have partnered with AstroLabs, alongside other strategic partners, to create the program, which was announced at COP28 in the UAE late last year.
The first round of the Mega Green Accelerator program is set to focus on innovation in the circular economy, as well as transitions in clean energy, water, and agriculture.
Entrepreneurs who gain entry into the program will receive six months of mentorship with industry experts.
Further, they will also receive access to networks and business opportunities provided by the program partners and 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 startups developing business models related to processes, products, and/or technologies and supporting the program’s key focus areas are invited to apply.
Strategic investment partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities, it was shared, and feature the likes of Dubai Future District Fund, and Venture Souq and Shurooq Partners.
These partners will also inform startup criteria and participate in the selection process.
Ecosystem partners, meanwhile, will source applicants through their networks, amplify Accelerator knowledge and communicate progress through their channels.
Here, partners include the 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.
Schneider Electric will support the accelerator as a prize partner, participating in the final selection of participants.
Applications are open until March 15th.
Speaking about the accelerator, Eugene Willemsen, CEO, Africa, Middle East, and South Asia, PepsiCo and CEO of International Beverages, said: “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.
Adding: “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.”