The Technology Adoption Fund – a collaboration between the nonprofit Multiplier, The Walton Family Foundation, and Builders Initiative – has begun its inaugural round of funding as of 24 March, 2022. The new pooled loan fund aims to reduce the barrier funding in order for new technology adoption in sustainable fisheries.
Technology adoption in the sustainable seafood industry can improve fisheries management, reduce environmental impacts of fishing, increase supply-chain transparency, and deliver benefits to fishing communities, according to Multiplier. During this pilot phase, technology companies will have the chance to demonstrate how an increased uptake of their technology can result in better fisheries data to help fishers, fishery managers, and seafood businesses in achieving sustainability goals.
The fund was designed to make partially forgivable loans to technology companies to scale up the adoption of already existing technological solutions to benefit sustainable fisheries. This inaugural round of loan funding includes USD 1 million (EUR 914,000) in available funding. The loans will have four to six repayment terms and up to 50 percent of it is forgivable, based on mutually agreed-upon forgiveness metrics that are tied to fisheries sustainability milestones.
For the pilot round of funding, only fishery-related technology products or offerings that are market-ready or already available, with a focus on wild-caught seafood technology for use in the United States and Mexico, will be considered.
In order to be considered for a loan, the company must submit a letter of interest by 15 April, 2022, describing a set criteria including a description of the organization and its technology solution, how the technology can be used to address issues in fisheries, and how a loan may help broader adoption.
Additional criteria that will be considered are the levels of technical and commercial experience possessed by the applicant, and whether the company has completed a realistic assessment of the financial resources needed for success. Products with the ability to drive broader change in the sector and the company’s capacity to measure positive social or environmental impacts that resulted from their technology adoptions, as well as a willingness to participate in evaluations via regular check-ins, will receive preference in the application process.
Photo courtesy of Multiplier