East Ventures and Temasek Foundation launched the second Climate Impact Innovations Challenge.
4East Ventures, in collaboration with Temasek Foundation, is gearing up for the second installment of the Climate Impact Innovations Challenge (CIIC), a pivotal platform for startups and entrepreneurs in Indonesia to present solutions addressing ecological concerns and climate change.
Fostering Climate Innovation
The 2024 CIIC, mirroring its predecessor, boasts a significant prize pool of 10 billion rupiah (US$636,000). However, this year’s competition will introduce three new tracks: energy transition, sustainable agriculture, and circular economy. As outlined in an official statement, these tracks aim to spotlight solutions driving renewable energy adoption, enhancing food production, and revolutionizing waste management processes.
Application Process and Timeline
Applications for the CIIC are open from March to June 2024. Finalists will be unveiled in July, with the program culminating in September, providing ample time for startups to refine their ideas and pitches.
The success of the Previous Instalment
Reflecting on the success of the 2023 CIIC, Avina Sugiarto, Partner at East Ventures, expressed satisfaction with the “abundant enthusiasm and tangible impacts in the climate sector.”
Past Winners and Impact
The winners of the previous edition showcased remarkable innovations. After oil clinched the top spot in the renewable energy category, Qarbotech triumphed in food and agriculture. Baniql and Waste4Change emerged victorious in the mobility and marine resources categories.
Continued Commitment to Climate Initiatives
East Ventures has been actively supporting climate initiatives beyond the CIIC. Earlier this year, the venture capital firm introduced Ecovisea, a greenhouse gas calculator tailored for Indonesian businesses. In October 2023, East Ventures launched a US$100 million fund earmarked for South Korean startups, focusing on sectors like Greentech and future mobility.
Encouraging Innovation and Sustainability
The CIIC is a beacon of hope, encouraging innovation and sustainability in Indonesia’s startup ecosystem. With the introduction of new tracks, the 2024 edition promises to unearth groundbreaking solutions, furthering the nation’s progress toward a greener and more resilient future.
