A European competition is giving away a prize of up to €500,000 for clean energy and low carbon start-ups and entrepreneurs.
The application deadline for the Postcode Lotteries Green Challenge, one of the world’s largest competitions in sustainable entrepreneurship, is 1 April.
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”.
In the UK, players of People’s Postcode Lottery have raised over £500m for more than 7500 good causes.
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.
The competition awards €500,000 to the overall winner while the runner-up receives €200,000 and the three other finalists receive €100,000 each.
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.
People’s Postcode Lottery managing director Clara Govier said: said: “If you believe you have a solution to one of the biggest problems facing the planet and would like to join world-class alumni, I urge you to enter this year’s Postcode Lotteries Green Challenge.
“We recognise the time constraints that many entrepreneurs face and so we have made the application process quick and free to enter. I also encourage you to sign up to our webinar to ask any questions you have and to ensure your application has the strongest chance of succeeding.”
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, chief executive and founder of Swedish Algae Factory, which cultivates algae that can be used to enhance solar panel efficiency.
Applicants must submit a short business plan, outlining the description of the environmental problem their business is tackling, their solution to the problem, the business’ unique selling point and financial projections alongside a short video pitch.
The jury will assess the pitch and proposal, team competencies, market strategy and business model, financial status and the impact of prize money. Former jury members include Dame Ellen MacArthur, founder and chair of trustees at the Ellen MacArthur Foundation, and Sir Richard Branson, founder and chair of Virgin.