NSRCEL, the incubation arm of the Indian Institute of Management Bangalore (IIMB) organized “Circular Conversations: Where Innovation and Impact Collide,” an interaction that brought together innovators, start-ups and other stakeholders with a focus on circular economy.
The event was held on 17November with an aim to showcase the collective efforts by various industry players to drive innovation and create an impact within the domain of circular economy.
More than 45 ecosystem stakeholders including start-ups, thought leaders, incubators, impact funds, academia, and CSR donors participated in the event that provided a platform to discuss, exchange ideas and foster collaborations that focus on sustainability.
Among the organisations that participated were the World Research Institute, ALSTOM, Rainmatter Foundation, Villgro, Caspian Impact Investments, Avaana Capital, Saahas, Hasiru Dala Innovations, Capgemini and more.
Young start-ups and enterprises spoke about several challenges that are common across the industry and hindered the growth of start-ups within the domain. These included challenges related to raising funds, policy regulations, customer demand and mindset, and circularity in supply chain – especially in packaging solutions.
Given that sustainable products often come with a premium charge, they noted that it was often a challenge in a market like India where price point is one of the biggest priorities for the customer.
“How do you show value to the customer – that I’m charging a premium because my product is sustainable? Does the average Indian customer care about sustainable products?” wondered Mayank B. Nagori, cofounder at Good Gum, an FMCG start-up making plastic-free chewing gums.
Seetharaman Basavanahalli, co-founder at Indic Initiatives which work towards recycling and upcycling solutions, spoke of the several policy level challenges faced by sustainable start-ups in the country. Experts wondered if sustainable consumption is not a priority for the customer, could the push for it come through policy incentives for companies working towards creating a circular economy.
Innovative solutions
The participants were later divided into groups to explore innovative solutions to address the four major challenges that came up during the discussion and maximise impact.
Strategies were discussed to find the right set of customers, create platforms to promote sustainable products and change people’s aspirations towards sustainable choices.
When it came to circularity within the supply chain, standardization of materials such as those used for labelling and packaging were one of the solutions put forward.
“It would also make the life of those working in the recycling industry much easier,” noted Divya Tiwari, Principal Scientist and Advisor at Saahas.
It was pointed out that while there is a lot of capital in the global market looking to invest in sustainability start-ups, many of them lacked the confidence to invest in Indian companies due to red tapism and lack of a clean image.
Experts also spoke of the several myths around sustainability – such as paper cups are better than multiuse plastic cups - that currently exists among consumers.
This was the first of many conversations facilitated by NSRCEL in the circular economy space and the organization intends to bring together many more stakeholders going forward.
Dynamic domain
Commenting on the event, Anand Sri Ganesh, CEO of NSRCEL, said, “In the dynamic domains of circularity, sustainability, and climate-tech, NSRCEL leads the way, tackling critical start-up challenges. Our innovative platform empowers founders to explore and influence India’s Circular Economy.”
“Today, at Circular Conversations, we unite visionaries, innovators, and stakeholders to collaboratively shape the future of the circular economy. Anticipating ongoing success, we commit to hosting future events of this nature,” he added.
Published - November 20, 2023 09:30 am IST
