Scaling Up Nutrition (SUN) Business Network (SBN) Bangladesh, co-convened by Global Alliance for Improved Nutrition (GAIN) and the UN World Food Programme (WFP), has launched an innovation challenge for rising youth entrepreneurs to bring disruptive innovation in the urban food system.
Application submission for the competition, titled 'Food Frontiers 2021: Urban Food System Innovation Challenge, will end on 3 June, said a press release.
The winners will get pre-seed funding of a maximum of US $15000 to implement their business ideas through grant and infrastructure support.
The objective of Food Frontiers is to identify disruptive innovations in the urban food system of Bangladesh, build the capacity of youth entrepreneurs on the sustainable food systems approach, develop business skills, co-design business models for transitioning to sustainable food systems and build a pipeline of pre-seed investments for disruptive innovative ideas.
The idea or business solution applying to the program should fall under three broad thematic areas concerning the urban food system. The thematic areas are circular food flow economy, disruptive technological innovation, and innovative marketing campaigns.
Under the innovative marketing campaign, thematic area entrepreneurs and aspiring marketers are expected to build smart marketing campaigns to promote healthy food consumption or reducing food waste, or increasing energy efficiency in food systems. Applications are expected to be coming from early-stage ideas, start-ups, SMEs, or social enterprises in consortiums/alliances or in partnerships to develop a full cycle of food production, recycling, and reusing renewable and nonrenewable resources in a closed-loop system.
"We expect innovations in reducing/recycling plastic wastes emanating from food packaging to productive utilization of organic food wastes."
The 10 short-listed enterprises will go through a seven days virtual boot camp session for customized investment readiness training, industry specific business building guidance, investor connection, one to one consultancy from seasoned mentors and successful foodpreneurs, ongoing support from SBN and GAIN and access to national food service business resources.
National Association of Small & Cottage Industries of Bangladesh (NASCIB) and Bangladesh Youth Environmental Initiative (BYEI) are strategic partners supporting the outreach and knowledge mobilization., The accelerator partner of this event is Stellar Value Partners (SVP Limited) and Turtle Ventures. Golpo is working as a communication partner of the program.