As the challenge of global warming is posing a serious threat to the environment, many tech entrepreneurs are coming up with concepts focused on sustainability. Especially, millennials are inclined towards minimalism, zero waste, and other initiatives that will bring about sustainability in the tech ecosystem.
It is encouraging to see a number of ambitious game-changers taking up the eco-friendly and green way of doing business seriously. To motivate these green-minded entrepreneurs and sustainable startups, Postcode Lottery Green Challenge, which is one of the world’s largest annual competitions which takes place in Amsterdam and awards the leaders in the sustainable entrepreneurship sector.
Earlier this year, green startups from across the world submitted their promising sustainable business plans to take part in this competition. Now, Postcode Lottery Green Challenge’s international jury has announced the winner and runner-up of the competition. Without further ado, here we take a look at the 5 winners in the challenge and also why they are so important right now.
Field Factors (Netherlands)
CEO: Karina Peña
Founded year: 2016
Field Factors is one of the finalists of the competition and received €100k. Based in Delft, the company is a supplier of water technology solutions. It operates with the vision to restore the natural water cycle. Working in collaboration with manufacturers, contractors, and researchers, Field Factors has developed the first generation modular system, Bluebloq, which purifies rainwater for reuse instead of flushing the same via the sewer. It is termed a circular system for rainwater management. This is the best solution for cities that suffer from heavy rainfall and need extra water during dry seasons.
Swedish Algae Factory (Sweden)
Founders: Sofie Allert
Total Funding: €2.8 million
Valuation: SEK12 million – SEK18 million
Founded year: 2014
Swedish Algae Factory was founded in 2014 to use the unique traits of diatom in the industry. It operates in real-time and in harmony with nature. The company cultivates its own algae based on a circular economic mindset, wherein nitrogen, carbon dioxide, and phosphorus emissions are transformed into valuable products. There is a controlled algae bloom in the factory to prevent phosphorous and nitrogen from over fertilising the water bodies. The company aims to have many factories run worldwide by 2030 to contribute to a more sustainable industry. Swedish Algae Factory received the grand prize of €500k as it won the Postcode Lottery Green Challenge 2019.