Global beverage and food mogul PepsiCo are inviting the Middle East and North African-based entrepreneurs to seamlessly join the firm’s sustainability-centric seed accelerator program.
PepsiCo sets up seed accelerator program in MENA
The seed accelerator program, which was first released in 2017, will install up to AED 1.1 million (USD 300,000) to startup firms who meet the essential criteria established by the firm, stated CEO of PepsiCo Africa, Middle East, and South Asia, Eugene Willemsen, at a press meeting on 21st November 2021.
The PepsiCo startup accelerator program revealed its collaboration with the UAE Ministry of Climate Change and Environment, which has been a dynamic entity in facilitating partnerships with the private sector to accomplish its sustainability goals.
The seed accelerator program by PepsiCo arrives as governments and big corporates internationally witness surging pressures to inculcate more environmentally-friendly ingenuities to omit carbon emissions based on the standards that are internationally accepted.
The PepsiCo initiative dubbed the Greenhouse Accelerator Program, deals with the unsettling capabilities of startups, especially by financing them and providing other resources necessary to upscale their ideologies.
The half-yearly program will divulge ten startups in the MENA region, which will each receive USD 20,000 to birth new business enterprises concentrated on recycling, reducing, and reinventing the packaging supply chain.
One firm will ultimately identify a winner and will obtain USD 100,000, the snack and beverage corporation stated.
The Greenhouse Accelerator Program also taps into MENA’s vigorous startup ecosystem, which data platform MAGNiTT stated magnetized investments of around USD 1.03 billion in 2020. This was a 13% increase from the previous year.
President and General Manager at PepsiCo MENA and Pakistan, Aamer Sheikh, told the Dubai press that the firm was striving to birth an environment that amalgamated funding and leadership to help startups fast track their ideas into reality.