Indian climate-tech startups most welcome to share innovative ideas: Samsung

Samsung revealed it is seeking innovative ideas from startups in the field, including the bustling Indian climate-tech startup community, to invest in and develop innovative technologies capable of helping the planet

SEOUL — As achieving sustainability becomes a daunting task for governments globally, Samsung on Wednesday said it is seeking innovative ideas from startups in the field, including the bustling Indian climate-tech startup community, to invest in and develop innovative technologies capable of helping the planet.

Samsung has partnered with Extreme Tech Challenge (XTC), the world’s largest startup competition and ecosystem for entrepreneurs addressing global challenges, to launch its own startup competition: the Samsung Climate & Circularity Tech Challenge.

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Inhee Chung, Vice President, Corporate Sustainability Center at Samsung, told IANS that there are no boundaries in seeking good ideas and Indian climate-tech startups are most welcome to join the global challenge.

“The challenge is global and anyone can apply. There are no boundaries in terms of geography and Indian startups should come forward and help play a vital role in our global effort to build a sustainable future,” she said during an interaction here

India has a thriving climate-tech startup community.

Climate-tech startups collectively raised $2.7 billion in funding last year, higher than the $855 million they received in 2021, according to data from market research firm Tracxn.

In the January-June period this year, climate-tech startups have already received around $1 billion from investors.

Tech startups are expected to continue increasing innovation and deep-tech adoption, particularly in areas related to SDGs (Sustainable Development Goals) that require complex solutions, according to the latest Nasscom report.

Following the announcement of its New Environmental Strategy in September 2022, Samsung has been working closely with startups to invest in and develop innovative technologies capable of helping the planet.

The Samsung Climate and Circularity Tech Challenge is focused on circular economy and climate change, seeking to identify new leading solutions.

The Samsung Climate & Circularity Tech Challenge is open to tech-for-good founders and innovators till July 31 and winning entries will be allocated a presence within Samsung’s exhibition at CES 2024 in Las Vegas in the US.

Finalists will be announced on August 28, ahead of a live final event on September 18, according to the company.

The South Korean giant has committed to a number of climate goals, including achieving net zero by 2050 while maximising resource circularity across the entire product life cycle.