Kenya and India are set to benefit from a $700,000 grant from the Aspen Network of Development Entrepreneurs(ANDE) and the IKEA Foundation to support green entrepreneurship.

This project, which is a part of the Access to Green Finance Project, targets small and emerging businesses in the waste management and circular economy sectors.

Access to funding is one of the main issues that Small and Growing Businesses (SGBs) must deal with. A $300,000 Investment Innovation Fund is part of the project to enable entrepreneur support organisations to create initiatives to boost investment in waste and circularity firms in order to address this. A Kenya Action Lab will also bring stakeholders together to create cooperative solutions to the sector’s systemic problems.

Potential market prospects in these industries are estimated to be worth $53.9 billion in Kenya and $823.2 billion in India. However, a number of investment-ready green companies and poor investor confidence are among the reasons why investors are now underserving these industries.

Reimagining Waste: The Power of Circular Economy

A circular economy is envisioned as a place where resources are constantly reused, waste is reduced, and both environmental and economic well-being are promoted.

The intention is to empower those who possess the drive, understanding of the entrepreneurial spirit, and familiarity with the business ecosystem to help bring that promise closer to reality in Kenya and India.

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Meet the Changemakers

Out of almost 100 applications, six organisations that assist entrepreneurs have been chosen to receive money from the Waste & Circularity Investment Innovation Fund, a cornerstone of the Access to Green Finance project.

Not only are these six entrepreneur support organisations (ESOs) leaders in their industries, but they also act as change agents, putting forward endless effort to provide funding and assistance to the companies that will create the future green economy.

Kenya

Circle Innovation and KOIS will jointly establish the “Circularity LaunchPad” in order to actively co-create cutting-edge financing options for seed and early-stage investors. They will also assist circularity and waste SGBs in gaining ground that will draw in investments.

Kenya Climate Ventures (KCV) and Smart Regional Consultants (SRC) will operate a comprehensive program to help Small and Growing Businesses (SGBs) in the waste and circularity sector get ready for investment, including helping to arrange investor matchmaking.

Agri Frontier: The Agri Frontier Growth Hub accelerator will begin an 18-month program to assist small and growing businesses (SGBs) in Kenya that are focused on waste and circularity. The program’s main goals are to increase the number of SGBs in Kenya that are ready for investment and to stimulate $10 million in funding.

Sote Hub: They’re transforming marine plastic waste management in coastal Kenya by utilising digital technology, setting an example that other communities can pursue.

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India

Upaya Social Ventures, Global Business Inroads (GBI), and rePurpose Global: Will operate an accelerator program driven by the market and investors to increase capital allocated to waste and circularity SGBs, providing a blend of high-touch and low-touch support.

A group headed by IIM Calcutta Innovation Park will expedite the expansion of particular SGBs and obtain investor seed money.

These organisations will put in place a number of initiatives to help waste and circular economy enterprises, such as creative financing methods, initiatives to prepare businesses for investment, and digital waste management solutions.