Credit and Finance for MSMEs: P&G is among a host of large enterprises in India focusing on startups in order to tap on their ideas, technology, and talent.
Credit and Finance for MSMEs: Consumer goods company Procter & Gamble (P&G) has announced a Rs 200-crore Environmental Sustainability Fund to partner with businesses providing environmentally sustainable solutions. Startups, small businesses along with individuals and large firms will be able to pitch their solutions to P&G at a company event focusing on finding and partnering with unique ideas in packaging, renewable energy sources and reducing carbon footprint. The new fund is in addition to a similar fund called Innovation Sourcing Fund set-up last year for which P&G had received over 1,000 applications from small business, startups, large firms and incubators based in universities.
“We know that solving the biggest challenges requires collaboration that enables people, planet and businesses to thrive,” said Madhusudan Gopalan, MD & CEO, P&G Indian Subcontinent talking about partnering with “cutting-edge environmentally sustainable solutions.” The company said it has already put more than Rs 200 crore from last year’s fund on implementing solutions of businesses it partnered with. “India is a priority market for the company and continues to be at the forefront of innovation,” added Madhusudan. The areas it backed included supply chain solutions, raw material, superior brand and marketing solutions for consumers, innovation on the packaging, productivity ideas etc. The company will continue to back solutions through this fund.
P&G is among a host of large enterprises in India focusing on startups and other innovative businesses in order to tap on their ideas, technology, and talent and adopt in their businesses to be future-ready. Some of these large enterprises which have been backing startups and small businesses over past decade or so, either in terms of incubator or accelerator or venture fund or family office or investing on a standalone basis, include Google Microsoft, Reliance, SoftBank, Times Group, Qualcomm, Intel, Naspers while the likes of Flipkart, Samsung etc. are the recent ones. P&G had in August this year partnered with the Telangana government to collaborate with startups. It had picked three startups to “pilot innovative digitization and energy optimisation solutions” at P&G’s Hyderabad plant that manufactures detergent brands Ariel, Tide, and baby care brand Pampers.