PepsiCo, the global food and beverage company, has announced the launch of the PepsiCo Social Impact Competition for MENA-based social startups. Organized in partnership with Wamda, the competition aims to promote, reward and celebrate social startup enterprises from the Arab World that deliver sustainable profit. The Competition will reward startups that develop innovative solutions that extend beyond profitability to also include social responsibility and environmental impact.
To be eligible for the PepsiCo Social Impact Competition, all applicants were required to be operational startups from MENA that could demonstrate a positive, quantifiable, and sustainable social impact related to one of three pillars of sustainability: health and wellness, environmental sustainability or talent development. Offering prizes up to USD 20,000, the results of the Competition, which closed for applications on October 15, 2016, will be determined after applicants are screened by a jury of regional experts and assessed according to their business potential, social impact, scalability, team strength and quality of deliverables.
In late October, ten finalists will be selected to receive training, coaching and feedback from the Wamda team throughout the remainder of the process. In the final round, they will be required to pitch their businesses to a panel of distinguished judges and an audience of business professionals. This will take place at AMWAJ 2016, an international sustainability and entrepreneurship forum initiated by Revolve and PepsiCo, under the patronage of HRH Prince Hassan bin Talal on November 28 and 29, 2016 in Amman.
Omar Farid, President, Middle East and North Africa region at PepsiCo, said, “The PepsiCo Social Impact Competition is a unique platform aiming to encourage startups in the region to incorporate sustainability into their business models, which will reflect positively on not only their communities and environments, but also their profitability. Providing us with an opportunity to support the region’s entrepreneurs, this competition is an embodiment of PepsiCo’s commitment to providing sustainable solutions in order to overcome the obstacles associated with sustainable development.”
In turn, Habib Haddad, Wamda’s Chief Executive Officer, added: “By combining the pursuit of profit with a commitment to positive social, economic and environmental impact, social ventures can provide sustainable solutions to the MENA region’s most pressing challenges. Therefore, we at Wamda are firmly committed to supporting these startups, and we are happy to partner with PepsiCo to achieve this goal.”