Crescent Enterprises Climate Innovation Prize of AED 735,000 Awarded to 4 Global Entrepreneurs
Crescent Enterprises, a leading multinational company with diversified global businesses, announced the winners of its ‘Crescent Enterprises Climate Innovation Prize’ in partnership with MIT Solve, an initiative of the Massachusetts Institute of Technology (MIT) with a mission to drive innovation to solve world challenges. The winners were announced at COP28 Business & Philanthropy Climate Forum, where the entrepreneurs showcased their solutions and received AED 735,000 of non-dilutive funding from Crescent Enterprises.
Over 45 startups from within MIT Solve’s climate portfolio applied to Crescent Enterprises Climate Innovation Prize, and following a collaborative review and qualification process, 4 global entrepreneurs were selected as winners of the ‘Crescent Enterprises Climate Innovation Prize’ for their innovative solutions, with 50% of the winners being women.
Commenting on the prize, Tushar Singhvi, Deputy CEO and Head of Investments, Crescent Enterprises said: “We are proud to partner with MIT Solve on the Crescent Enterprises Climate Innovation Prize, which recognizes the impactful solutions developed by inspiring entrepreneurs from around the world. As an organization, we have long been committed to sustainable development, women empowerment, and supporting global technological innovation – Crescent Enterprises Climate Innovation Prize is an embodiment of these principles.”
Hala Hanna, Executive Director, MIT Solve added: “We are thrilled to be working with Crescent Enterprises for the prestigious Crescent Enterprises Climate Innovation Prize. This collaboration underscores both of our shared commitment to fostering global entrepreneurship and driving impactful solutions towards a sustainable future. By honouring visionary entrepreneurs from the USA, Nepal, Nigeria, and Thailand, the Prize amplifies their innovative contributions in tackling climate challenges, inspiring change, and paving the way for a more resilient, equitable and sustainable world”.
The 4 recipients of the ‘Crescent Enterprises Climate Innovation Prize’ were:
- Rumee Singh, Co-Founder of Rumsan: Based in Nepal, Rumsan has developed ‘Rahat’, a blockchain-powered financial access platform for the un- and under-banked to build resilience against the impact of climate shocks.
- Nnaemeka Ikegwuonu, Founder & CEO of ColdHubs: Based in Nigeria, ColdHubs addresses the problem of food spoilage due to lack of cold storage by designing, installing, and operating 100% solar-powered walk-in cold rooms, branded as ‘ColdHubs’, in outdoor food markets, horticultural produce collection centres and farm clusters that extend shelf life of perishable items.
- Patipat Susumpao, Managing Director, OpenDream: Based in Thailand, OpenDream has a solution named One Health Toolkit (OHTK), which is a software and eLearning series that trains farmers in identifying diseases sooner and allows for a faster response to early outbreaks in backyard farming.
- Alexia Akbay, CEO & Founder, Symbrosia: Based in USA, Symbrosia has a product named SeaGraze™ which reduces the carbon footprint by reducing methane output by ~85% and improves the productivity of ruminant livestock agriculture.
Rumee Singh, Co-founder of Rumsan, shared “We are deeply honoured to receive the Climate Innovation Prize for the work we are driving with Rahat. This recognition not only fuels our commitment to creating impactful change but also highlights the promising impact of blockchain technology on climate-focused interventions. We are grateful to Crescent Enterprises for this acknowledgment, and we remain committed to advancing sustainable and innovative solutions in Nepal and beyond”.
Alexia Akbay, CEO & Founder, Symbrosia, commented “This prize is a game changer for climate startups — the combination of catalytic non-dilutive capital and a platform at COP to engage with stakeholders has met us precisely where we need resources the most. Our team is grateful for the opportunities that have already emerged as part of this prize.”
COP28 Business & Philanthropy Climate Forum, in collaboration with global partners, including strategic partners, Crescent Enterprises and the Sustainable Markets Initiative, and delivery partners, Africa Finance Corporation, Asian Development Bank, BEEAH Group, Bill & Melinda Gates Foundation, IDB Invest, International Finance Corporation, the Organisation for Economic and Co-operation and Development, World Economic Forum, World Business Council for Sustainable Development, and XPRIZE, convened over 1,300 business and philanthropy leaders, alongside policymakers, to foster co-creation and collaboration and accelerate cross-sectoral progress around net zero and nature positive goals. Underpinned by the COP28 Action Agenda, the Forum addressed key climate priorities which, include fast-tracking a just and orderly energy transition; fixing climate finance; putting nature, lives and livelihoods at the heart of climate action; and underpinning everything with inclusivity.