PepsiCo launches MENA edition of $300K startup accelerator

DUBAI: International meals and beverage large PepsiCo is looking Center East and North Africa-based entrepreneurs to affix its sustainability-focused accelerator programme, Arab Information reported.

The programme, which was first launched in 2017, will deploy as much as 1.1 million dirhams ($300,000) to startups who will meet the factors, Eugene Willemsen, chief govt officer of PepsiCo Africa, Center East, and South Asia revealed at a press convention.

It was launched in partnership with the UAE Ministry of Local weather Change and Setting, which has been energetic in forging partnerships with the personal sector to attain its sustainability targets.

The programme comes as governments and large corporates globally face mounting stress to undertake extra environmentally-friendly initiatives, extra significantly to scale back carbon emissions based mostly on internationally-agreed requirements.

Known as the Greenhouse Accelerator Programme, the PepsiCo initiative faucets into the “disruptive” capacities of startups, particularly giving them funding and different sources to scale their concepts.

The six-month programme will admit 10 startups who will every get $20,000 “to create new enterprise initiatives targeted on lowering, recycling, and reinventing the packaging provide chain.”

One firm will finally be named a winner and can obtain $100,000, PepsiCo introduced.

The initiative additionally performs into the area’s hyperactive startup scene, which information platform MAGNiTT stated attracted investments value $1.03 billion ion 2020, a 13 per cent year-on-year enhance.

“We’re creating an ecosystem the place we deliver funding and mentorship that may assist them quick observe initiatives,” Aamer Sheikh, president and basic supervisor at PepsiCo MENA and Pakistan, informed the Dubai press occasion.

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