infoDev announces ...

infoDev announces the winners of the first competition for clean-tech SMEs in Vietnam

Hanoi, Vietnam, Oct. 1 - infoDev has announced the 24 winners of the first Proof of Concept (PoC) competition in the country specifically designed for climate tech entrepreneurs. The successful applicants will now receive mentorship and training to further develop, test, and commercialize their innovative and locally relevant climate solutions.

Vietnam has already suffered the effects of climate change in increasing toll from typhoons, floods and saline intrusion due to the rise of seal level. To help the country mitigate and adapt to these effects, infoDev’s Climate Technology Program (CTP) is working to support the profitable development and commercialization of local climate solutions and businesses.

To identify the most promising and innovative climate technology ideas in the region, infoDev’s CTP in partnership with the Asia Development Bank (ADB) launched in April the first Proof of Concept competition in the country specifically designed for climate tech entrepreneurs. Thanks to a successful outreach campaign, the competition received more than 150 applications. A high-profile panel of 12 experts selected 24 entrepreneurs with innovative business concepts for energy efficiency and sustainable agribusiness, as well as adaptation technologies in the transportation, biofuels, and water management sectors.

Among others, winning entries include a project for a biomass gasifier for low-income households, an innovative water filtration equipment, low-emission hybrid passenger vehicles, and an energy efficient LED system for fishing vessels that can attract fish in a completely eco-friendly way. 

The winners will now participate in an upcoming bootcamp that will be held between the 10th and 13th of October in Saigon. The bootcamp has been designed by CTP and ADB to guide and accelerate the progress of this first group of high-growth entrepreneurs. A four-day program of lectures and hands on workshops will provide participants with an opportunity to refine their product strategies, business models and marketing pitches, sharpen their negotiating skills and network with investors and peers.

After the conclusion of the bootcamp, through the institution of a Climate Innovation Center (Vietnam CIC), the CTP will continue to support the entrepreneurs by providing a targeted suite of services, including early-stage financing, technology commercialization, business development and capacity building support.

Supported by the Department for International Development (DFID) and the Australian Department of Foreign Affairs and Trade (DFAT), the Vietnam CIC will deliver technology commercialization funding to up to 40 climate technology entrepreneurs and equity investments to 25 companies. The VCIC-supported technologies will also deliver social, economic and environmental impacts, including carbon mitigation, access to renewable energy and clean water, and increased agricultural efficiency. For more information on the center, please go to the dedicated infoDev's web page or visit the VCIC’s website.

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