ImpactFest 2024, a significant event in The Hague’s calendar, gathered a diverse audience of 1,500 participants from 35 countries, underlining its international appeal. As the 9th edition of this event unfolded, it emphasized the synergy of business endeavors with social good. With a focus on fostering entrepreneurial ventures that address societal challenges, the festival showcased substantial commitments and funding initiatives. Notably, the event highlighted the increasing role of The Hague as a hub for impact-driven startups, offering new opportunities for entrepreneurs.
In previous years, ImpactFest has steadily grown in scale and importance, often spotlighting the intersection of innovation and societal impact. The continuous influx of international attendees reflects a broader trend of recognizing the potential of social enterprises. Past events laid the groundwork for the significant funding and support measures announced this year, marking a progressive expansion in focus and scope. The introduction of new funds and strategic partnerships in 2024 illustrates a concerted effort to build on prior successes, setting a robust framework for future impact initiatives.
What Funds Were Announced?
This year’s ImpactFest introduced over €44 million in new funding to empower impact entrepreneurs. The Rijksdienst voor Ondernemend Nederland (RVO) unveiled six funds aimed at supporting startups in sectors like robotics, mobility, and energy transition. Each fund offers up to €10 million, with individual startups eligible for €100,000 to €3.5 million. Furthermore, the Social Impact Fund The Hague was announced, targeting between €8 to €10 million to support entrepreneurs confronting social challenges in the city.
How Is Impact Being Measured in the State of Impact Report?
The State of Impact 2024 report, launched in collaboration with Dealroom, ImpactCity, and Microsoft (NASDAQ:MSFT), presented a mixed picture of progress. Funding for impact startups has declined by 28% since the previous year, despite their combined value reaching $2.4 trillion. The report stresses that none of the Sustainable Development Goals (SDGs) are on track for 2030, with over 50% of targets showing weak or insufficient progress. In the Netherlands, 11% of startup jobs are associated with impact-driven companies, showcasing their growing significance within the region.
Besides funding announcements, the event also celebrated the achievements of local entrepreneurs through the Hague Innovators Challenge. Solvoz won the ‘Best Innovator’ award for its platform enhancing procurement processes in humanitarian sectors. Rator received a prize for its innovative radiator with an integrated heat pump, while Beans was recognized for producing sustainable coffee. These awards reflect The Hague’s commitment to nurturing initiatives that contribute positively to both local and global communities.
Rabobank contributed to the festival by awarding €25,000 to seven promising startups, including Tarnoc and Primal Soles, through its Rabo Impact Fund. This support aims to aid early-stage startups in scaling their operations. Additionally, Pels Rijcken launched an Access to Justice Fund to assist individuals and small businesses in navigating legal challenges, awarding €20,000 to LEXGEN for their innovative legal solutions.
The latest edition of ImpactFest underscores The Hague’s role as a catalyst for impact-focused entrepreneurship. The event not only focused on financial support but also highlighted the importance of collaboration between government, businesses, and social enterprises. The continued expansion of funds and resources reflects a growing recognition of the need for innovative solutions to societal challenges. Stakeholders and attendees leave with a renewed commitment to leveraging business for social good, setting an optimistic tone for future endeavors.
