Acumen names first Energy for Livelihoods India cohort in partnership with Apple

One Thing Today in Tech

In today’s episode, Acumen, last week, announced the first Indian cohort of sustainability and renewable energy focused startups it will train, with support from Apple, but first a few headlines.

SoftBank CEO Masayoshi Son said he believes an artificial general intelligence (AGI) that surpasses human intelligence in most areas, will arrive within 10 years, Reuters reports.

Google yesterday released its Pixel 8 phones with a camera feature that uses an on-device algorithm to create a blended image to combine the best visuals from a series of shots – like getting the best look of everyone in a picture, for example.

The new phones will get seven years of software updates, according to Google.

One thing today

Now some of you might remember, earlier this year, Apple made a small announcement about partnering Acumen, a New York headquartered non-profit impact venture capital fund, to support social enterprises in India to improve livelihoods through clean energy innovation.

Apple hasn’t disclosed any financial details, but what we do know is that it is supporting the Energy for Livelihoods Accelerator that Acumen operates. And Acumen, last week, announced the first Indian cohort of startups it will train at this accelerator.

Through this accelerator, Acumen’s experts lead a 12-week programme designed to help social entrepreneurs scale and refine their businesses to more efficiently and effectively help the poor that they were trying to reach, while also sharpening the focus of their efforts towards protecting the environment.

Sustainable energy has the potential, over time, to more than double incomes by saving time, improving yields, and enhancing resilience, according to Acumen.

Electricity access among the poorest 20 percent of households increased from 53 percent to 86 percent in the five-year period between the fourth and fifth rounds of the National Family Health Survey (NFHS), the Economic Times reported in January this year. The fifth round of the survey concluded in 2021. And in 19 states and union territories, this proportion was more than 95 percent.

That said, we still have millions of poor in India without access to reliable and affordable energy.

The 15 entrepreneurs in the first cohort are working to change that in agriculture, e-mobility, and hydropower, trying to provide the enabling technologies to improve livelihoods through better use of energy.

“This cohort represents a diverse mix of innovators working at the intersection of sustainable energy and poverty reduction,” Mahesh Yagnaraman, Acumen’s India Director. “We are excited to support them in partnership with Apple to develop their business models with the ultimate aim of scaling their impact.”

Acumen will also use the accelerator programme to learn directly from the entrepreneurs to refine its own work, Yagnaraman says.

Let me give you three examples. In a category called business facilitators, Nimisha Tiwari, at LinkITBlueCollar, is building a mobile-first tech-enabled platform providing Electric Vehicle (EV) skills and guaranteed jobs for low-income communities of women and youth.

In the agriculture and allied Sector category, Vanya Environmental Services, is helping small farmers to use satellite data, remote sensing and blockchain, to check carbon levels in their soil, farm sustainably, trap carbon, and generate income from selling carbon credits.

Under business sector category, Nikky Kumar Jha, at Saptkrishi Scientific Private Limited is offering small-marginal farmers and street-hawkers, his Sabjikothi cart and e-cart models, which are microclimate-based storage solutions. The carts maintain freshness and extend the shelf-life of fruits and vegetables up to 30 days without chemicals, preservatives, or refrigerants. This storage solution requires minimal wattage, has battery backup, and can be solar powered.