Impact Hub and Enviu scale innovations to address plastic packaging waste.
Plastic is one of the most fantastic inventions in history. Its low-cost design, flexibility, long lifespan, unbreakable structure and low weight helped us design many products that increased our standard of living enormously. But 63 percent of plastic waste originates from packaging which is primarily designed for single-use. Strict requirements from buyers, high consumer expectations and pressure on cost efficiency make it hard for the industry to innovate.
Together with Enviu, Impact Hub developed the Plastic Fantastic Challenge – a European-wide innovation competition to reduce plastic packaging waste. The best entries were invited to a Bootcamp Program at a central location in Europe, where they received training and coaching to develop a competitive business plan and got matched with investors.
The process of implementing the search for new innovations included six steps:
1. Promoting the opportunity to generate new ideas
2. Scouting and identifying the most innovative business ideas
3. Building startup teams to bring their idea to the next level
4. Matchmaking with experts and industry professionals to further refine innovations
5. Selecting the 10 most promising teams to continue with business model development training in an exclusive startup bootcamp
6. Ending with Demo Day with one startup selected to take home 100,000 SEK as well as ongoing incubation at Impact Hub
The plastic value chain is one that needs systemic change to prevent further environmental impact. This problem is too large to solve in isolation. Change and innovation require collaboration. Companies like Enviu partner with Impact Hub because our diverse network of entrepreneurs, innovators, and other purpose-driven organisations represent an unparalleled source of innovation.