BOSTON--(BUSINESS WIRE)--Forbes announced today three finalists for its $500,000 Under 30 Impact Challenge for creative entrepreneurs, under the age of 30, who are driving positive social and environmental impact worldwide through successful for-profit businesses. The finalists will pitch their companies live on October 2 at the 2017 Forbes Under 30 Summit in Boston. Forbes, The Rise Fund and Echoing Green screened applicants for the competition.
The three finalists for the competition are:
- Chakr Innovation, Kushagra Srivastava (India) – Chakr Innovation has developed the world’s first technology to capture particulate matter emissions from the combustion of fossil fuels and to convert the pollution into inks and paints. The company has more than 30 devices covering over 3.2 megawatts of power installed across the National Capital Region of India at leading telecom industry towers, fast-moving consumer goods industry plants, educational institutes and real estate companies. To date, these installations have prevented over 900 billion liters of air from becoming polluted.
- Drinkwell, Minhaj Chowdhury (India/Bangladesh) – Drinkwell is a market- leading water technology company operating in India and Bangladesh that is combating the arsenic, fluoride and iron water contamination crisis in the region. Drinkwell’s technology has been used to deploy 231 systems via 17 franchises that provide over 1 million liters of safe drinking water to over 250,000 people, while creating 500 jobs with zero reported cases of arsenicosis and/or fluorosis across India and Bangladesh.
- Farmerline, Alloysius Attah (Accra, Ghana) – Farmerline connects small-scale farmers to information services, high quality farm inputs and global markets to improve their incomes. It is building the “Amazon for African farmers:” an offline & online marketplace in rural Africa where farmers can quickly access high quality information, products and services across the agricultural value chain through its proprietary mobile apps and well-trained field agents. Farmerline’s Mergdata platform for messaging, remote data collections and analytics has been deployed across 4 sectors and 11 countries by global food brands, farm input companies and development organisations, reaching over 200,000 farmers across Africa.
One winner will be selected. The winning company will qualify for up to $250,000 in investment from The Rise Fund and its affiliates on mutually agreeable investment terms. Forbes will offer $250,000 in an in-kind media grant, bringing the total value to $500,000.
Social Impact-focused Global Advisor The Bridgespan Group, which also serves as an advisor to The Rise Fund, will join the effort by offering free impact strategy consulting services. The selected organization will meet with a small Bridgespan team and either participate in a workshop tailored to their needs or get two months of support answering some of their most pressing questions on the impact they seek to have in the world.
Judges for this competition are Bill McGlashan, Co-Founder and CEO of The Rise Fund and Founder and Managing Partner of TPG Growth; and Cheryl L. Dorsey, President of Echoing Green.
“We’re incredibly impressed by the business solutions these entrepreneurs are proposing to make a positive social impact around the globe,” said Randall Lane, Editor of Forbes magazine. “We’re excited to be partnering with world-class organizations like The Rise Fund and Echoing Green to support these young game changers.”
“We selected three extraordinary finalists out of almost 200 submissions from businesses operating in 100 countries around the world. Our finalists—Chakr, Drinkwell and Farmerline—represent some of the most exciting and impactful work done by young entrepreneurs today,” said Bill McGlashan. “These companies are examples of the role entrepreneurs can play in driving positive impact in the world. Specifically, these three businesses are working to reduce air pollution, provide clean water and empower small-scale farmers through technology. We celebrate their drive and accomplishments, and we look forward to partnering with the winner of the Under 30 Impact Challenge to increase the scale and impact of the winning business.”
“As demonstrated by the enthusiasm for this competition among the Under 30 Impact Challenge applicants, I’m inspired by the strength of social and environmental movements rooted around the world,” said Cheryl L. Dorsey. “I know the finalists, who are each deeply committed, purposeful and creative leaders, have huge potential for impact.”
About the $500,000 Under 30 Impact Challenge
Forbes partnered with The Rise Fund and Echoing Green to launch the Under 30 Impact Challenge.
The Rise Fund invests in companies that create positive impact at scale through their core business operations, such that financial success and meaningful social and environmental impact reinforce one another.
Echoing Green catalyzes the impact of emerging social innovators, identifying leaders early in their career and investing in their success by providing seed funding, leadership development, hands-on support and networking opportunities during their fellowship and beyond.
About the 2017 Forbes Under 30 Summit, October 1-4, Boston
The fourth annual Forbes Under 30 Summit, which will run October 1-4 in Boston, is expected to bring together more than 6,000 of the world’s top young entrepreneurs and game changers, as well as 200 world-class speakers.
There will be nine interconnected themed stages, which will include a Village stage, Tech, Create, Capital, Impact, Discover, Wealth Advisor, Ideas and Women@Forbes. Forbes will also transform Boston’s City Hall Plaza into a central village where all attendees will be able to network, view demonstrations and performances, seek career opportunities and unwind at a pop-up beer garden.
To learn more and view the agenda, please visit www.forbes.com/forbes-live/event/under-30-boston. On Twitter, follow #Under30Summit.
About Forbes’ Under 30 Franchise
Forbes’ Under 30 franchise is a global platform, which comprises Forbes 30 Under 30 lists featuring young game changers published in print and online all over the world; live summits in the U.S., Asia and Israel; an Under 30 channel on Forbes.com; and an Under 30 app. To access Forbes magazine’s 2017 30 Under 30 list, please visit: http://www.forbes.com/30under30/#/.
About The Rise Fund
The Rise Fund is a global fund committed to achieving measureable, positive social and environmental outcomes alongside competitive financial returns—what we call “complete returns.” The Rise Fund is managed by TPG Growth, the global growth equity and middle market buyout platform of alternative asset firm TPG. TPG Growth Founder and Managing Partner Bill McGlashan, U2 lead singer Bono, a well-known activist and a special partner with TPG Growth, and Jeff Skoll, a global entrepreneur, film producer, and impact investor, co-founded The Rise Fund. They were joined by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress, who came together to form the Founders Board. Founders Board members include Lynne Benioff, David Bonderman, Richard Branson, Jim Coulter, Mellody Hobson, Reid Hoffman, Mo Ibrahim, Laurene Powell Jobs, Pierre Omidyar and Paul Polman. The Rise Fund’s impact objectives are designed to align with the United Nations Sustainable Development Goals. The Rise Fund targets investments in education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and TMT (technology, media, and telecommunications) companies that deliver complete returns.
About Echoing Green
Echoing Green identifies tomorrow’s transformational leaders today. Through its Fellowships and other leadership initiatives, Echoing Green spots emerging leaders and invests deeply in their success to accelerate their impact.
Echoing Green has been ahead of the curve for 30 years, supporting visionaries around the world who are transforming economies, racial and gender equity, environmental sustainability, and more. Echoing Green’s unparalleled community of talent consists of more than 750 innovators, including the founders of Teach For America, City Year, One Acre Fund, SKS Microfinance, Public Allies, and more. The organization provides seed-funding and leadership development to a new class of Fellows every year and welcomes them into its lifelong community of leaders. Echoing Green accelerates talent that will change the world for the better.
About The Bridgespan Group
The Bridgespan Group is a global nonprofit organization that collaborates with mission-driven leaders, organizations and philanthropists to break cycles of poverty and dramatically improve the quality of life for those in need.