According to the bank's website, the TechEmerge project will support IFC's strategy by introducing the best available technologies in the sustainable cooling sector to IFC clients and prospective clients in emerging markets, particularly in Nigeria, by implementing the following four main components:
"1. Mapping demand and cooling innovation needs across the various sub-segments of cooling including the agricultural value chain;
2. Screening and evaluation of relevant new and sustainable cooling offered by innovative technology providers;
3. Curating credible innovations; creating linkages between innovators and adopters; and
4. Supporting structuring and financing field test projects (pilots) uniquely tailored to local needs."
The TechEmerge project will combine IFC's strong track record in venture capital investing in early-stage companies with its existing network and know-how of 2,000+ technology-focused investment clients around the world. In emerging markets, local corporations frequently lack collaboration with international and local innovators, resulting in the scaling up of suboptimal solutions. As a result, the Project aims to improve market integration by establishing mechanisms that allow for the flow of best-in-class cooling technology solutions from around the world to Nigeria while also reducing adoption risks.
The goal of the TechEmerge project is to accelerate the dissemination and commercial adoption of new innovative sustainable cooling solutions/technologies with high development impact potential in emerging markets by leveraging IFC’s global reach.
More specifically, the project aims to:
1. Improve the receptiveness and willingness of corporates in emerging markets, especially Nigeria, to adopt innovative and sustainable cooling technologies.
2. Increase the motivation of young technology companies from Africa and around the world to adapt and deploy their solutions in Nigeria.
3. Refine IFC’s value proposition (investment and advisory knowledge, capability and solutions) for capturing and supporting technology for development impact.
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