Climate startup competition launched by Temasek Foundation, Touchstone in Vietnam
A global climate innovations competition has been co-launched by Touchstone Partners, a Vietnam-based venture capital firm, and Temasek Foundation in collaboration with the Ho Chi Minh City Institute for Development Studies.
According to a joint statement, the program, known as Net Zero Challenge 2023, aims to support climate solutions in Vietnam, which have gotten less funding than other tech sectors.
The competition addresses three key climate-related issues: waste management, food systems, and sustainable agriculture as well as renewable energy and carbon removal. Among its investor partners are companies like Indonesia-focused East Ventures and Singapore’s Pavilion Capital.
To test their solutions in Vietnam, competing teams will compete for equity-free grants totaling about US $630,000. Additionally, they will gain access to financiers, business partners, decision-makers, and climate alliances as well as global exposure.
Startups, research teams, corporate initiatives, and nonprofits that are prepared for a large-scale pilot are all eligible to enter the competition. International teams can also apply if they have already commercialized their products elsewhere but want to extend their reach to Vietnam.
Temasek Foundation and East Ventures earlier this year introduced a comparable competition in Indonesia. The Climate Impact Innovations Challenge has a prize pool of about $650,000 and aims to give a platform for startups with sustainable solutions.
