Global Freshwater Innovation Challenge launched by World Economic Forum

Hyderabad, Sept 21 (KNN) World Economic Forum has called for applications for the Global Freshwater Innovation Challenge.

The last date to apply is November 8, 2022 and this is the first out of five Challenges of the HCL and UpLink’s Aquapreneur Innovation Initiative, said a press release.

It is a programme to source innovative solutions to conserve and restore freshwater ecosystems, from ‘aquapreneurs’ (water focused entrepreneurs).

The Initiative was launched during the Forum’s Annual Meeting in Davos in May 2022 with an aim to create a first-of-its-kind innovation ecosystem for the global freshwater sector.

HCL has committed USD 15 million over five years to support the water focused entrepreneurs.

Roshni Nadar Malhotra, Chairperson of HCL Technologies said, “There are entrepreneurs and startups that have the potential to provide contextualized solutions to conserve freshwater and have been trying to create impact in small ways within small ecosystems. Out of these, many struggle to secure financing and lack the operational capacity to scale their solutions. HCL, through its large network and partnership with the World Economic Forum’s UpLink, is keen to ensure that these entrepreneurs are identified and supported.”

The first year’s challenge, called the Global Freshwater Challenge, will focus on improved decision-making, water quality restoration and ecosystem resilience.

Gim Huay Neo, Managing Director of the Centre for Nature and Climate at the World Economic Forum said, “The Aquapreneur Innovation Initiative invites all entrepreneurs to participate to scale and accelerate their solutions and impact. Through this initiative, we seek to enhance freshwater resilience and better protect our water resource. The collaboration with HCL and Uplink will provide a platform for the top innovators to connect with public and private partners, as well as gain access to venture funds, to jointly transform our sustainable management and use of freshwater systems.”

HCL and UpLink are looking for impact-oriented startups that are at pilot, growth or scale-up phase, with demonstrated success towards scale (i.e., a proven track record with measurable results and impact). Solutions that represent an “idea” or “prototype” phase will not be considered.

In view of business model the challenge is ideally seeking for-profit startup companies or social enterprises with a sustainable, and ideally hybrid, funding model.

Startups which demonstrate the potential to scale, particularly for communities most impacted, alongside a vision for achieving long-term financial viability and sustainability are encouraged to apply.

Selected entrepreneurs will have the opportunity to work closely with industry experts, investors, and ecosystem partners to further develop their innovative solution, to scale and drive further impact.  (KNN Bureau)