Singapore UOB innovation accelerator The FinLab unveiled Thursday The Greentech Accelerator, a new, global program aimed at supporting innovative greentech solution providers regionally and globally to drive their company’s sustainable mission forward.
As part of the first cohort, the program will focus on greentech solutions including energy efficiency; zero-waste supply chain; carbon management and reporting, UOB The FinLab said in a statement.
To help these greentech startups and small and medium-sized enterprises (SMEs) grow and expand their business, the three month-long program will include: total funding of up to S$150,000 ($108,837) to tackle real-world challenge statements; valuable insights through educational environmental, social, and governance (ESG) and business masterclasses, talks and webinars; mentorship and peer-to-peer learning facilitated by UOB, the industry and institutes of higher learning and, a strong network of partnerships to build an ecosystem of industry leaders
“According to the 2022 UOB SME Outlook Study, 45 percent of SMEs surveyed believe having a sustainable core will benefit their business with multinational
companies that are now working towards their own sustainability goals. However, many small businesses have raised concerns about a lack of knowledge and limited resources,
“The Greentech Accelerator aims to respond to this challenge by mentoring innovative greentech solutions from around the world to offer relevant, deployable and cutting-edge solutions to meet the ESG needs of SMEs and businesses locally and overseas,” said Shannon Lung, Head of The FinLab.
The Greentech Accelerator builds upon The FinLab’s Sustainability Innovation Programme (SIP) which launched last year and matched over 80 SMEs to tech solutions and partners, offering them the opportunity to transform their sustainability efforts. It will fast-track the development of sustainable technology solutions through providing access to masterclasses, industry networks and world-class mentors.
The program will help solution-providers tackle real-world pain points from SIP participants and other SMEs to co-create solutions for partnerships and pilot projects, helping them kickstart their journey to a more sustainable business model.
“The Greentech Accelerator program is a testament to UOB’s long-term commitment to forging a sustainable future with our customers and helping SMEs advance responsibly. As expectations from regulators, investors and consumers of businesses’ ESG practices and performance continue to increase, innovative greentech solutions, in-depth insights and access to funding will be key to SMEs’ sustainability journey,” said Eric Lim, Chief Sustainability Officer of UOB.
The Greentech Accelerator is open to all innovative greentech startups and SMEs with a Technology Readiness Level (TRL) of six and above, focusing on the themes of energy efficiency, zero-waste supply chain, carbon management and reporting. The first program will accept ten companies for its pioneer cohort, with the goal of commercializing their solutions in order to help SMEs adopt green practices and technology.
“The Greentech Accelerator showcases UOB’s commitment to driving real world sustainability solutions and aligns closely with MAS’ vision to harness the power of technology and finance to drive a just and sustainable transition to a low carbon economy. We look forward to collaborating with UOB on this initiative under the ambit of Project Greenprint, and foresee the Greentech Accelerator’s solutions empowering firms and SMEs on their sustainability journeys,” said Dr Darian McBain, Chief Sustainability Officer, Monetary Authority of Singapore.
The FinLab is UOB’s innovation accelerator that brings the ecosystem together to catalyze business growth and transformation. With a regional presence in Singapore, Malaysia and Thailand, The FinLab provides access to a range of business and technology experts, tools and content through The FinLab online and in-person programs.
These programs range from supporting the FinTech and start-up community in developing solutions, to assisting the SME community in going digital and innovating for sustainability. Founded in 2015, The FinLab has supported and connected with more than 14,000 businesses globally.