Deadline: February 04, 2023
The European Union has launched application for the second edition of its Circular Economy Competition. 20 shortlisted contestants will be selected to participate in the 2023 circular economy competition. The circular economy competition is a contest that aims at supporting small businesses and start-ups operating in the circular economy ecosystem in Ghana. The competition which is in line with EU’s support to Ghana to meet SDG Goal 12: “Responsible consumption and production” that will result in reduction in waste and prevention of pollution and degradation, envisages solutions that should clearly aim at delivering impact, pursue sustainability and be scalable or replicable post-competition, at the local and national level.
A circular economy aims to maintain the value of products, materials and resources for as long as possible by returning them into the product cycle at the end of their use, while minimising the generation of waste. The fewer products we discard, the less materials we extract, the better for our environment. This process starts at the very beginning of a product’s lifecycle. Smart product design and production processes can help save resources, avoid inefficient waste management and create new business opportunities.
After a keen contest which was aired on the EU’s official Youtube Channel and GhOne TV, Ento Farms emerged winners of the first edition and won Ghc 65,000 in seed funding to expand their business. Other contestants were Makola Gh, Tiger House Ltd., Kasi Coal, Ecocent Recycling Ltd., Mending Banana & Plantain Stem Papers, amongst other startups.
Benefits
- Ghc 100,000 seed funding
- Technical support
- Opportunity to have intense training from venture capitalists, marketing gurus and circular economy experts.
Eligibility Criteria
Entries must consist of work that is original. Competitors must hold the Intellectual Property for their submissions and have the right to their model.
- Applicants must be residing in Ghana at the time of the application, be more than 15 years old and demonstrate ownership over the technology that forms part of their application.
- Applicants must be willing to take part in a TV series airing footage associated with the Circular Economy Competition
- Television production will take place between 15th February – March 30th
- Contestants are expected to showcase ideas and projects that cut across various sectors with clear focus on the circular economic impact in any of the sectors.
- Business models must reflect the circular economy. Business should be in line with Sustainable Development Goal 12: Responsible consumption and production that will result in reduction in waste and prevention of pollution and degradation.
- Initiative does not have to be specific to a particular sector of the economy. However, we encourage solutions from the following sectors considered the 5 Big Bets to drive a circular economy in Africa: food systems, packaging, built environment, electronics, fashion & textiles.
- Applicants can either be a registered business or a start-up/informal business which might still need to be formally registered.
Contestants’ products, services and systems required are expected to have the following attributes and observe the following guidelines:
- Must have a compelling concept/idea that clearly captures a solution related to the concept of a circular economy space with a clear value addition and impact to the Ghanaian economy.
- All eligible mid-stage scale contestants must be able to show proof of concept and provide financial/management accounts of years in operation.
- All micro and conception stage applicants should demonstrate pre-revenue or post revenue business model innovations related to the circular economy in Ghana.
- All contestants must have a financially sustainable business model.
- All contestants must demonstrate strong and direct linkage between their solution/product/service and the achievement of Ghana’s sustainable development goals especially SDG 12.
- Successful applicants will undergo scrutiny to determine that they have the technical and management capacity or can develop capacity to manage a circular economy business.
- Uncompleted fields or missing documents requested by the contestants may lead to disqualification and this applies to any stage of submission.
- Late entries may not be accepted.
- All references to currency in the competition should be made in Ghana Cedis.
- Contestants must show a good understanding of market dynamics including a marketing plan/strategy.