By DeAnne Toto, Recycling Today
Circulate Capital, the investment management firm dedicated to financing companies, projects and infrastructure to prevent ocean plastic, and SecondMuse, a global business accelerator that works with local stakeholders, leading corporations and government agencies to build resilient economies, have launched The Incubator Network by Circulate Capital and SecondMuse, an initiative to accelerate solutions to ocean plastic by partnering with existing incubators to build ecosystems of waste management and recycling innovators, the organizations says.
Circulate and SecondMuse developed The Incubator Network in partnership with Ocean Conservancy, a leading ocean protection nonprofit; it is supported by a new grant from the U.S. State Department. The Incubator Network’s first collaborative project, the Ocean Plastic Prevention Accelerator, is also supported by the Australian Government's Department of Foreign Affairs and Trade.
Circulate says it anticipates unlocking more than $20 million in funding for The Incubator Network from foundations, corporations and development agencies. The company made the announcement at the G7 Oceans Partnership Summit in Halifax, Nova Scotia, Sept. 20.
By partnering with existing incubator initiatives, The Incubator Network says it seeks to rapidly scale the number of innovators in the sector, enabling eco-systems and support for those innovations. At launch, incubation partners include Ocean Plastic Prevention Accelerator, WeWork Labs India and McKinsey.org.
The Incubator Network initially will focus on supporting incubation activities in Indonesia and India, with additional interest in Vietnam, Thailand and The Philippines. It is currently looking to partner with additional incubator partners and programs. More information on how incubation programs can join the network is available at www.circulatecapital.com/rfp .