Fifty Years, a venture firm based in San Francisco, has set up a grant program aimed at assisting climate researchers in transforming their research into prototypes. Grants being offered may range from $25,000 to $100,000, and applicants can expect an easy, one-hour application process. The initiative was spurred on by the experiences of one of their portfolio companies, Solugen, which has now risen in value to a staggering two billion dollars, but did not have as easy of a start.
Fifty Years, a venture firm in San Francisco, is launching a new grant scheme to back scientists who are turning their research into products that are capable of reducing the effects of climate change or helping people cope with it. This idea was prompted by Solugen, a green chemicals startup in the firm’s portfolio, worth around $2 billion. The Houston-based firm creates chemicals that are traditionally made with petroleum, natural gas, and phosphates, which pollute the environment using custom enzymes and renewable feedstock, like dextrose.
When the founders of Solugen, Gaurab Chakrabarti and Sean Hunt, were looking for early-stage financing, they faced delays with government grant programs and were often disheartened by potential investors who needed to witness a real-world application of their research. But they eventually received about $10,000 in prize money from MIT's 100K entrepreneurship competition, which allowed them to construct a prototype reactor with materials available in any large store, such as wood, PVC pipes, and zip ties.
Kemppainen told CNBC that individuals knowledgeable in a technical or scientific field should not be limited by a lack of funding. This means that potentially groundbreaking research from universities and labs globally does not have to remain untouched, and instead could be put to use to benefit humans and the environment. Furthermore, the investor noted that after core research has been conducted and understood, additional work is usually necessary to prove feasibility and potential, such as creating a prototype or running economic modeling. To make this transition less time consuming, applying for a Manifest Grant from Fifty Years should not take more than an hour, with a decision being made within three weeks. These grants range from $25,000-$100,000 and are open to academic researchers starting from August 1, ending August 31. This program, funded mainly by the EQT Foundation and Automattic, is designed to facilitate the quicker translation of technology research into solutions for the climate, without any strings attached.
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