- The Mega Green Accelerator will be open to startups in the MENA region focusing on circular economy solutions, clean energy transition and climate mitigation technologies, including water and agriculture.
- The Accelerator is a collaboration between PepsiCo, SABIC, AstroLabs and other strategic partners.
Dubai, United Arab Emirates – 09 December 2023 – On the heels of the first week of COP28, PepsiCo, SABIC, AstroLabs and their strategic partners have announced the launch of the Mega Green Accelerator, a new initiative to nurture the next generation of innovators in the region as they develop solutions to both regional and global sustainability challenges.
The Middle East is warming almost two times faster than the global average, yet the support and investment for the sustainability innovation ecosystem in the region does not match this urgency. Since 2010, less than 50 new climate technology startups have been founded in the MENA region, compared to nearly 5,000 in Europe and the US. The Mega Green Accelerator aims to reduce this gap, foster regional collaboration and cultivate a network of MENA-based innovators addressing the most pressing sustainability challenges in the region.
The priority focus areas for the first round of the Accelerator program include circular economy, clean energy transitions, water and agriculture, some of the most pressing issues for the Middle East. In addition to seed funding and mentorship, the partners will provide participating entrepreneurs access to some of the most prominent business leaders in the region.
“Innovators in the MENA region have incredible potential for scaling and are making important strides to develop homegrown solutions to address the unique challenges the region is facing. COP28 is already putting a spotlight on climate innovations coming out of the UAE and the region at large, and PepsiCo is excited to support the next generation of climate leaders through the Mega Green Accelerator. By bridging the gap between entrepreneurs and the networks and resources they need, we are committed to supporting breakthrough start-ups as they scale sustainability solutions, grow their businesses and form critical connections,” said Eugene Willemsen, CEO of PepsiCo, Africa, Middle East, South Asia.
In addition to PepsiCo, SABIC and AstroLabs, the Accelerator will leverage its strategic partners’ unique capabilities and expertise to best support participating entrepreneurs. Investment partners Dubai Future District Fund, Venture Souq and Shurooq Partners will provide platforms for investment opportunities, mentorship in raising capital, and networking opportunities. They will also inform startup criteria and participate in the selection process to maximize investment success.
Ecosystem partners London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, the Sharjah Research Technology and Innovation Park and the Mohammed VI Foundation for Environmental Protection will source applicants through their networks, amplify Accelerator information and communicate progress through their channels. Schneider Electric will support the Accelerator as a prize partner, participating in the final selection of participants.
“SABIC is proud to join with PepsiCo and other fellow partners to provide our business expertise, mentorship, resources and platform to help the brightest minds in the region reach their full potential through the Mega Green Accelerator. We believe that such cross-sector partnerships are crucial in effectively tackling complex, critical issues such as climate change. In supporting this initiative, we are not just bettering local economies, but people and planet at the same time,” said Dr.Bob Maughon, SABIC Chief Technology and Sustainability Officer
“Our partnership with PepsiCo and SABIC comes at an exciting time – it’s a strategic step in accelerating innovation within the GCC, with a strong focus on sustainability. With the influx of international sustainable and climate-conscious companies, the region is rising as a global testbed for innovation – we will double down on creating an environment where these businesses can scale into the local markets. Our aim is to ensure the GCC not only responds to the current demand for green solutions but also pioneers the advancement of sustainable business practices on a global scale,’’ said Roland Daher, CEO, AstroLabs
The priority focus areas of the Mega Green Accelerator align with PepsiCo’s transformation strategy, pep+ (PepsiCo Positive) and the other partners’ sustainability agendas, while further driving collaboration with businesses across the region to catalyze positive impact.
In the coming months, PepsiCo and partners will share additional details and application information for the Mega Green Accelerator. To stay updated, follow PepsiCo Positive (pep+) Middle East LinkedIn page and @PepsiCo on Twitter, Instagram, Facebook, and LinkedIn.
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About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $86 billion in net revenue in 2022, driven by a complementary beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew and Quaker. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com, and follow on Twitter, Instagram, Facebook, and LinkedIn @PepsiCo.
ABOUT SABIC
SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It has more than 31,000 employees worldwide and operates in around 50 countries. It manufactures on a global scale in the Middle East, Americas, Europe and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high-performance plastics, agri-nutrients and metals. Fostering innovation and a spirit of ingenuity, SABIC has 9948 patents and pending applications, and has significant research resources with innovation hubs in key geographies around the world. SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation, and clean energy.
About AstroLabs
AstroLabs is the leading business expansion platform in the Gulf, propelling high-growth companies across strategic industries. With a decade of supporting economic development in emerging markets, AstroLabs is the partner of choice for over 1,500 companies that have expanded across the region, engaging a vibrant community of 10,000+ market leaders in the UAE and KSA. Bridging key gaps in fundamental industries in the Gulf, AstroLabs designs sector-focused and outcome-driven programs in partnership with government entities and the private sector. AstroLabs is committed to building the future of key sectors, driving market access, and contributing to regional visions like Saudi Vision 2030.