Innovators and entrepreneurs with “economically viable" green economy innovation business ideas have been invited by nonprofit organisation GreenCape, to enter and participate in the Invest Cape Town Business Hub GreenPitch Challenge 2021.

Entries are open from November 4 and will close on November 27, and green economy innovation business ideas have to be positioned within at least one of the green economies.

Entrants stand a change of pitching to a panel of judges at a “shark tank-style” hybrid networking event hosted in Cape Town in February 2021. The event will provide entrants with an opportunity to network with potential investors, business incubators, local government decision-makers and green economy experts.

“The green economy has massive potential to attract investment that leads to job creation. This is why the City is proud to partner with and, through my Enterprise and Investment Department, fund GreenCape. Sustainability innovation reflects the next generation of economic development thinking,” Economic Opportunities and Asset Management MMC  Alderman James Vos comments.

He explains that it “combines environmentalism's protection of natural systems with the notion of business innovation while delivering essential goods and services that serve the social and economic goals of the City of Cape Town”.

The winner of the challenge will be awarded with R60 000 in business development support through GreenCape, and will receive marketing assistance, 20 hours of business plan development with tailored market intelligence insight from GreenCape’s sector desk, as well as five hours of finance facilitation to assist in identifying suitable financing for the winner's business case.

The winner will also receive access to business mentorship, skills training and financial grants through GreenCape and City of Cape Town networks.

The support will start in 2021.