2023: A Pivotal Year for Advancing the Circular Economy

The year 2023 has marked a significant milestone for the Circular Economy Catalyst, as it remains dedicated to promoting an eco-friendly circular approach to entrepreneurship in India and Kenya. Our team has made substantial strides in supporting green small and medium enterprises (SMEs) in both countries, contributing to the establishment of a more sustainable ecosystem. As the year draws to a close, we celebrate the accomplishments of the project, from celebrating the recipients of Green Entrepreneurship Awards to hosting various impactful trainings and events. We are excited to share some of the key highlights of our work in 2023.

2023 Green Entrepreneurship Awards and Recipients

This year, the Circular Economy Catalyst, in collaboration with the IKEA Foundation, recognised enterprises leading the way in the transition to a circular and inclusive economy through the Circular Economy Awards. The winners and runners-up included 24 enterprises from India and Kenya, representing sustainable practices in diverse fields such as housing and infrastructure, textile, electronics, water, food, and energy.

Two winners from India and two from Kenya received the Green Entrepreneurship Awards under the Circular Economy category. These awardees were granted one-year Accelerator support and a grant of up to 15,000 EUR to facilitate necessary investments for scaling up their efforts. Additionally, ten runners-up from each country were awarded six-month Catalyser business development support and a grant of up to 5,000 EUR to aid in their growth. Learn more about the winners here.

In an effort to facilitate the access of SMEs to global debates on circular economy, the Circular Economy Catalyst in collaboration with SEED hosted a side event as part of the World Resources Forum 2023. The event put the spotlight on successful circular business models from Award winning SMEs. These innovative entrepreneurs not only showcased their innovative solutions but also demonstrated how they are actively contributing to the global transition towards a more inclusive and circular economy, with a strong focus on job creation. Learn more about it in this article.

Training of Trainers for Accelerator Workshops in India

Just as important as the teams behind putting products and services on the market are the stakeholders who have programmes to support them in their entrepreneurial journeys. They help small SMEs to develop their circular business models, which are bound to become a significant part of the global green economy in the years ahead.

Recognising the importance of such stakeholders, this year Circular Economy Catalyst in collaboration with Deshpande Startups trained 30 Business Advisors on our Circular Enterprise Accelerator toolkits in Hubli, India. This initiative aimed to equip business development service providers from various start-up incubation and acceleration centres with Circular Economy Accelerator toolkits and terminologies. This will eventually strengthen their business portfolio, while also providing more instrument to promote circular economy approach among enterprises collaborating with business advisors. You find more information about the training here.

We have also spotlighted our esteemed business advisors in a series of insightful “Meet CEC Business Advisors” interviews, which you may find here.

Developing Tailored Green Financial Instruments in Kenya

The Green Finance Academy: Focus Circular Economy held by adelphi in collaboration with the Kenyan Bankers Association with support from the IKEA Foundation and supported 13 commercial banks and 1 development bank in Kenya to assess their small and medium enterprise portfolios and develop new instruments to channel climate finance to circular enterprises.

The Green Financial Academy aimed at addressing 3 main challenges: the lack of a clear pipeline of bankable projects in the circular economy, the complexity of green projects, and a low awareness on the part of the banking sector to select and support circular economy enterprises.

As a result, 13 new instruments were developed to enable financing of circular economy enterprises, and ranged from revolving funds in the construction sector to concessional loans for enterprises managing and valorising agricultural waste. Participants identified 3 key levers in their instruments that were determined crucial: capacity building for circular enterprises to increase bankability, financing from development finance institutions and/or the bank’s own balance sheet to provide loans at concessional prices, and technical assistance to the banks to de-complexify green technologies and business models. Read more about the training and its achievements here.

IKEA Foundation Visiting Circular Economy Leaders in India and Kenya

The IKEA Foundation team had productive visits to India and Kenya in 2023, fostering connections with local entrepreneurs and business advisors actively involved in the CEC incubation programme. 

Early this year IKEA foundation spent some time in discussions with teams of Karo Sambhav and EKonnect in India, which help them get a deeper insight into the situation in the country, as well as an approach to supporting entrepreneurs in their transition to the circular economy.

IKEA Foundation also had an informative meeting with Zihanga Ltd, 2023 Circular Economy Award Winner in Kenya. Entrepreneurs had the opportunity to reveal their investment plans to the IKEA Foundation team during their visit, as well as to showcase their premises and innovative approach in action. Such initiative serves as a fundament for establishing an effective dialogue between actual green enterprises and influential donors in commitment to continuous improvement and our common goal of establishing circular economy.

More to come from the Circular Economy Catalyst

As 2023 comes to an end, we look back at the achievements in supporting enterprises to drive the circular economy transition in India and Kenya. We have built strong partnerships this year, enabling these enterprises to initiate and expand their sustainable ideas. Looking ahead to 2024, we remain committed to supporting sustainable enterprises on the path to driving green innovation and local resilience in the transition to a sustainable, low-energy circular economy.