Innovation Challenge Fund (ICF) d.com



Innovation Challenge Fund (ICF)1.Name / Organisation Maeflower Consulting Pvt. Ltd.2.Email address / Phone numbernitin@ / +91-98230 568123.Title of ProjectGreater Good Indexes and rating (GGIR)4.Application for ICF ClusterAI/Data Science, Karnataka5.Co-Members of the Consortium *(Type – Indian Academia, Indian Business, International Academia, International Business, Indian non-commercial organisation, International non-commercial organisation, Other - specify)* Information not mandatory for the concept note stage.#OrganisationType1.Digital Tensor Indian business2.Intelliscient Technologies Pty LtdInternational Business6.If you do not already have agreed consortium members, please indicate here the kind of partners you would like to hear from. Economics/Mathematics centered institution / organisation with experience in financial modelling International or Indian academia in sustainability or climate change reporting / ratingNon-Profit Organisation working on climate change or green economy preferably from Karnataka 7. Are you content for us to publish your concept note on our web platform in order to encourage potential consortium members to reach out to you? Yes8.Funding Requested (up to ?250k)?240k9.Co-funding provided (if any) and sourceYes - ?60k. Our company Maeflower Consulting has allocated funds from our reserves for this project10.Please summarise your Innovation Challenge Fund research project in one sentence. 350 character limitCreate Environmental Social Governance (ESG) Metrics and rating system for MSMEs in emerging economies to objectively quantify their net positive impact towards reducing the consequences of climate change and provide them with with insights to improve them to be more relevant to investors, customers, financial institutions and society as a whole11.Please describe your project further. What problem does your pilot seek to address? Who are the potential beneficiaries and other stakeholders? What are the inputs and activities, and what are the outputs? What does success look like after 12 months of funded research? How will your solution reach the market place? 2500 character limitCurrently, there are no Indexes which measure the compliance levels of SMEs in relation to SDG goals and Climate Change Impact, and assist them in decreasing their carbon footprint. We are creating a Index & rating mechanism and a technology platform in line with ESG/SDG strategies that make use of the universal standards set by the WTO,WEF and UN, purely for certifying MSMEs. Potential Beneficiaries:Our ESG indexes, technology platform and rating system will help SME’s strike a balance between information needs of the investment community, and the ability to collect and report information sought by governments and large Corporations. It would be in the interest of Governments to create a system of economic incentives to encourage the adoption of such production techniques in accordance to the Paris Agreement of the UN Convention on Climate Change. Inputs/Activities/Output:In order to get the desired results, the primary input would involve feeding the Raw Business Data to the platform by the MSMEs. Apart from this, data will also come from government bodies, industry and trade bodies, secondary research etc. and will consist of information that covers aspects such as Carbon Emissions, Recyclability of Products, Resource Consumption, etc. Sample activities:?Correlation between company size and ESG performance ?SME challenge resolutions related to resources, reporting / monitoring systems and Complex KPI?Mathematical models, Aggregators and Rating mechanism?Adoption of sustainable business models?Rewards for Green SMEsIndicative output: ?ESG Scores and Rating system for SMEs ?Simple and Seamless non-financial reporting platform ?A Long-term orientation of SMEs focused on ESG targets aligned with SDGs?Sustainable finance for SMEs and supply chains for CorporationsRoadmap for the next 12 months:The work will detail ESG KPI indicators and ESG Quadrants for baselining and benchmarking, leading to sustainable and Reward models for ESG Integration. We envisage a consolidated data of over 10,000 firms based on industry sector, location and company size and a beta version of the platform / marketplace Reaching the Market Place:Linkages and partnerships:Having worked with institutions like the WEF and IFC we are familiar with the Sustainable investment community and B2B SME marketplaces. Similarly investors and Financial Lenders who will push SME’s. We plan to have strategic relationships with such key players to promote our system and platform.12.What is ‘technological’ about your proposed solution and why might this be appropriate to the challenge areas? 1000 character limitThe ESG Metric & Rating system will involve various technical aspects around the platform, Data acquisition, Inference, analytics, risk Impact models and visualization.Multiple technologies like web, ML, AI, RPA, ChatBots, video analytics, API integration, Database models will make the full solution. It will include:Data collection, curation, mining,modelling, and visualisationAI/ML Models for Predictive Analytics Engine to build long-horizon SME portfolios & for pattern identificationPrescriptive analytics for progressive standardisation of Sustainability models for SME sectorsMath models including formulation, calculation and normalization for ESG Materiality factor Metrics, Targets and RatingsFrameworks enabling portfolio processes for sustainable economic growth and developmentFinancial Statement Binding for eliminating greenwashing tendenciesCalculations for total net positive impact to the environmentCustomised Stakeholder views for decision making13.Is your proposed solution a response to the impacts of COVID-19, or an effort to contain the pandemic? If so, please explain. 1000 character limit The proposed solution is a mechanism of Sustainability inclusion into SMEs’ value system that would help mitigate the risks in future pandemics.The self certification mechanism will compel MSMEs to evaluate themselves on parameters like disruption readiness, supply chain resilience, cash flow robustness, human impact, etc. It will also provide them with ways and means of becoming more resilient.This will lead to better planning, financial prudence, improved value chain mapping, hygiene factors, readiness to work remotely and better understanding of human factors.Higher resilience will make the MSMEs more attractive to all stakeholders like customers, investors, financial houses and employees in the ecosystem.14.Does your proposed solution contribute to combatting climate change or promoting a greener planet? If so, please explain. 1000 character limitOur concept revolves around achieving overall sustainability, and environmental sustainability is a critical and integral part of it.The incentivising of MSMEs to take a greener approach in shortlisting their raw materials, manufacturing processes enhancements, upgrading of machinery that is more environmental friendly, reducing chemical waste, treatment of effluent, bio waste disposal practices, etc..will have a climate positive impact.Our platform not only helps reduce the climate risks, but also ensure the people benefit from a renewed security and trust provided by conscious SMEs. Consumer behavioural shift today is already seeing a trend towards building a green planet that will help strengthen the economies with such SME’s. Identifying polluting sectors and transparency of SME data within them would help stakeholders create variety of portfolios associated with climate change. This will stimulate green finance and visions for future green product, service or investment.15.How is your proposal relevant to the development challenges of India? 1000 character limitOur solution focuses on developing countries, especially India which has over 40 million MSMEs.One of the key development challenges Indian MSME’s face is a lack of access to capital due to unfamiliarity of investors with their business. The index would help bridge this information gap between MSME’s and sustainable investors thereby attracting capital to the rural and semi-rural parts of the country. Another challenge faced by the Indian economy is the rising levels of air, water and soil pollution which have increased exponentially economic liberalisation in 1991. India has pledged to follow 4 SDG goals which also includes environmental improvement. Although private investment in green sectors has been encouraged by the government in recent years, its scope has been limited to a small number of cities. The index would help spread private investment throughout a wider area thus easing the financial burden on the government.16.What consideration have you made of gender in developing your concept? Could your project address gender inequality or other kinds of inequality? 1000 character limitApart from the sustailability dimension, the index would also be looking at factors such as wage difference between male and female employees, gender gap within supervisory roles in the business, etc. Such metrics, while not having a direct impact on the profitability of the business or the degradation of the environment, affect the empowerment of women and are indicative of the level of discrimination in a society. The index would seek to have a positive impact on ending such inequalities by coercing business owners to give true data with the help of government incentives either monetarily or through legislative means. Our company is an example of gender and income equality with over 50% colleagues being women. ................
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