On day two of the World Economic Forum in Davos, multinational software company SAP AG announced grants totaling nearly $2.7 million to Endeavor Global, Endeavor Brazil, and India's National Entrepreneurship Network to launch an emerging entrepreneurs initiative, and an investment of more than $4.7 million in the Livelihoods Fund, which seeks to create social value for rural communities and boost their food security through the restoration of ecosystems.
As part of the emerging entrepreneurs initiative, Endeavor Global and SAP will create opportunities for SAP employees to identify and mentor entrepreneurs in more than fifteen emerging economies around the globe. Selected entrepreneurs and their companies will have proven business models; a focus on technology innovation and design thinking; and a propensity to scale.
To that end, SAP will partner with Endeavor Brazil to select fifty emerging entrepreneurs to receive mentoring; choose twenty entrepreneurs from that cohort to receive grants, an SAP technology evaluation, and more in-depth mentorship; and establish an online community that tracks and monitors the entrepreneurial environment in Brazil. In India, SAP and NEN will train thirty mentors in that country to support three hundred emerging entrepreneurs; select a hundred SAP experts to help emerging Indian entrepreneurs with their technology needs; and select up to five entrepreneurs to receive a technology assessment, SAP technology solutions, and innovation growth grants. Eventually, the initiative will be expanded to Greece, Mexico, Saudi Arabia, South Africa, Turkey, and other countries.
The $4.7 million investment in the Paris-based Livelihoods Fund, which supports projects that link carbon sequestration, biodiversity, and poverty alleviation, moves SAP closer to its sustainability goal of reducing its greenhouse gas emissions to 2000 levels by 2020 — an effort that is based on the company accelerating the profitable reduction of its energy consumption, boosting its purchase of "green" electricity, and offsetting some of its carbon emissions in innovative ways.
"SAP is executing across all three pillars to achieve our target reduction," said Peter Rasper, executive vice president of the Global Finance Infrastructure program at SAP. "Through our partnership with the Livelihoods Fund, SAP will not only purchase carbon credits and offset emissions, but we will produce carbon credits. This provides an innovative, affordable, and partnership-oriented way to reduce our emissions that will once again underline our leadership in the sustainability space."