- The Center provides incubation services to companies that focus on solutions to climate challenges
- It aims to create an economic impact of $28.6 million through the work of 100 green businesses
- The Center also looks to generate — directly and indirectly— about 10,000 jobs over ten years
The Ghana Climate Innovation Center (GCIC) was founded in 2016 to provide incubation services to entrepreneurs and small and medium-sized businesses that focus on creating innovative solutions to climate change challenges in Ghana. It’s hosted at Ashesi University College in partnership with SNV Ghana, PwC Ghana, and UNU-INRA Ghana.
Within five years, the Center aims to create an economic impact of $28.6 million through the work of 100 innovative green businesses that it will incubate and help grow. Over ten years, the Center looks to generate — directly and indirectly— about 10,000 jobs, mitigate over 600,000 tons of CO2e, and increase the climate resilience for some 300,000 Ghanaians.
The GCIC was initiated by the World Bank – infoDev with the support of the governments of Denmark and the Netherlands.
More from Ghana CIC
- The Ghana Climate Venture Facility (GCVF) aims to fill a financing gap for early stage firms
- Over time, the GCVF will raise capital from investors in the range of $15–20 million
The Ghana Climate Venture Facility (GCVF) aims to fill a financing gap for early stage clean technology firms in Ghana, including high-potential, investable start-ups and firms emerging from the Ghana Climate Innovation Center.
The GCVF borrows components from the ongoing Kenya Climate Ventures project and builds on the proof-of-concept grants provided by the GCIC by offering an option for larger financing amounts for green and climate technology ventures.
The Facility will leverage private and public capital and is being established with a $3.5 million World Bank grant as well as $2.5m in private funding. Over time, the GCVF will raise capital from additional investors in the range of $15–20 million.
- infoDev modified a Silicon Valley-style accelerator model and piloted it in Ghana
- The lessons learned are being applied in other Climate Innovation Centers
Can the accelerator model, invented to help software and web-based firms in highly developed economies, work in developing countries in lines of business focused on hardware in the green technology sphere? infoDev modified the Silicon Valley-style accelerator model to better fit in a developing country and piloted it in Ghana in the buildup to the launch of the Ghana Climate Innovation Center. An initial solicitation for participants in a two-day green tech business innovation boot camp drew some 90 applicants, from which seven companies were selected for participation in the accelerator.
The goal of accelerators is twofold: for participating firms, it is to speed their entry into markets with innovative and profitable products; for investors, it is to make available a carefully vetted set of firms with the potential for high return on investment with reduced risk of outright business failure. The lessons learned and the progress achieved in the pilot are being applied in CTP accelerators across the Climate Innovation Centers.