Postcode Lotteries Green Challenge is now open for entries. Green start-ups and entrepreneurs based in Britain can apply online until 1st April for the chance to win €500,000 (approximately £434,000).
Postcode Lotteries Green Challenge rewards British, Dutch, German, Norwegian and Swedish start-ups that successfully combine sustainability, entrepreneurship and creativity to help tackle some of the world’s most pressing environmental challenges.
The competition awards €500,000 (approximately £434,000) to the overall winner while the runner-up receives €200,000 (approximately £173,500) and the three other finalists receive €100,000 each (£86,700). All the finalists have the chance to participate in a bespoke accelerator programme to identify the biggest challenges they face and provide mentorship and valuable connections to tackle them.
Since the competition began in 2007, it has rewarded a variety of businesses, including bio-bean, a British company that recycles coffee for consumer and industrial markets, which won the top prize in 2014.
George May, Director and Chief Commercial Officer at bio-bean, said: “Winning Postcode Lotteries Green Challenge was a springboard for bio-bean. The funds and business coaching helped us to expand our team and industrial facilities, not to mention the media attention and further investment interest we received off the back of winning the competition. Postcode Lotteries Green Challenge is a fantastic opportunity for green start-ups looking to scale up their operations.”
The jury will look for innovative, exciting business plans that contribute to a sustainable planet and are close to a market release.
Last year’s winner was Sofie Allert, CEO and founder of Swedish Algae Factory. Swedish Algae Factory, founded in 2014, cultivates algae that enhances solar panel efficiency and can be used as an ingredient in sustainable personal care products.
Applicants are open until noon 1st April 2020.