Circular Economy Businesses Gets Digital Economy Help
- By CDOTrends editors
- October 11, 2022
The circular economy is based on eliminating waste and ensuring that resources are used efficiently. From food to fashion, there are several industries where a circular economy approach can be adopted in recycling, sharing, repairing, reusing, and leasing resources.
Google recently announced a new accelerator program designed to help startups and non-profits working on projects promoting the circular economy. For example, companies working on developing new ways to recycle materials or working on improving the efficiency of resource use may be eligible for the program.
“Every year, humanity consumes far more than what the planet can naturally replenish. In 2022, global demand for resources is projected to be 1.75 times what the earth’s ecosystems can regenerate in a year. And most of the resources that we extract and use eventually become waste — adding to the more than two billion tonnes of solid waste created each year,” Thye Yeow Bok, head of the startup ecosystem, SEA, SAF, and Greater China at Google, said.
During the three-month virtual program, participants will receive mentoring and technical support from Google engineers and external experts. There will be 1-to-1 and 1-to-many learning sessions where startups can learn more about machine learning, artificial intelligence, and geospatial technologies.
“We will select organizations that use technology to solve circularity challenges, including reuse, refill, recycling, composting, fashion, food, safe and circular materials, and the built environment,” the company said.
Other critical benefits mentioned by Google are:
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Ten weeks of equity-free support
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Training in design, marketing, and leadership
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Support on company and product strategy
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Google product credits for the organization's tech stack
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Early access to new products and tools
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Access to Google's network of industry experts
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Partnership on advanced technology projects
The accelerator is open to Asia-Pacific and North America organizations, and the application process will run until November 14. Google expects to onboard 10-15 organizations in the first cohort.
“Asia-Pacific (APAC) is a good starting point to innovate and create circular economy solutions. It is the world's most vulnerable region to climate change’s impact. Ninety percent of all river-borne plastic in the ocean comes from just 10 rivers, eight of which are in APAC. And by 2040, Asia is expected to drive 40 percent of the world’s consumption," Thye added.