MIT Solve Competition on Job Creation and Entrepreneurship for Marginalized Populations and a $ 10,000 Prize (2020)

Date limite : 18 juin 2020

Organisation à but non lucratif: Solve - MIT

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Niveau d'études: Formation Professionnelle

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MIT Solve Competition on Job Creation and Entrepreneurship for Marginalized Populations and a $ 10,000 Prize (2020)

The Massachusetts Institute of Technology (MIT) as part of the Digital Economy’s (IDE) Inclusive Innovation Challenge (IIC) is offering a competition on job creation and entrepreneurship for marginalized populations. Automation, artificial intelligence, and other advanced technologies continue to rapidly transform the nature of work. Meanwhile, COVID-19 is expected to cause massive economic disruption, exacerbating the effects of these technological transformations. While the net impact of these trends over the long term remains uncertain, workers are contending with undeniable challenges: jobs are quickly disappearing, some temporarily, others permanently; some jobs are precarious, with social safety nets and benefits disappearing in favor of the contract and freelance work; and many jobs require changing skill sets. In particular, low-skilled, informal, and migrant workers are most at risk of being displaced through this looming recession and the technological transformations of work.

The MIT Solve community is looking for technology-based solutions that spur good jobs and inclusive entrepreneurial opportunities. To that end, solve seeks solutions that:

  • Enable small and new businesses, especially in untapped communities, to weather economic shocks, prosper, and create good jobs through access to capital, networks, and technology.
  • Support workers to advocate for and access living wages, social safety nets, and financial security in order to prepare for, withstand and recover from economic shocks.
  • Equip workers with technological and digital literacy as well as the durable skills needed to stay apace with the changing job market and economic downturns.

Accepted Solutions in the Competition:

Solve seeks innovative, human-centered, tech-based solutions to our Global Challenges. These solutions can be based on AI, blockchain, virtual reality, etc. Solve will consider solutions at all stages of development:

  • Concept: An idea being explored for its feasibility to build a product, service, or business model based on that idea.
  • Prototype: A venture or organization building and testing its product, service, or business model. If for-profit, a new company getting off the ground that has raised little or no institutional capital (less than $500,000) in pre-seed fundraising.
  • Pilot: An organization deploying a tested product, service, or business model in at least one community. If for-profit, a young company that is working to gain traction and that has raised less than $2 million in institutional capital in seed funding.
  • Growth: An organization with an established product, service, or business model rolled out in one or, ideally, several communities, which is poised for further growth in multiple communities or countries. If for-profit, an early-stage company that has established a track record and is seeking to raise a round of roughly $2 million to $15 million in institutional capital in a Series A or potentially B round.
  • Scale: A sustainable enterprise working in several communities or countries that are looking to scale significantly, focusing on increased efficiency. If for-profit, a successful company that is scaling its operations and seeks to raise a round of more than $15 million in institutional capital.

Eligibility Criteria:

Anyone, anywhere around the world can submit a solution to Solve's Challenges. You can be an individual, a team, or an organization. You can be an applicant from previous years or already part of the Solve community.

Evaluation Criteria:

  • Alignment: The solution uses technology to address one of Solve's Global Challenges.
  • Potential for Impact: The planned solution implementation has the potential to impact lives.
  • Feasibility: The implementation of the applicant’s work is feasible, and the applicant has a plan for financial sustainability.
  • Innovative Approach: The solution includes new technology, a new application of technology, a new business model, or a new process for solving the Challenge.
  • Scalability: The solution can be scaled to affect the lives of more people. This criterion will not be considered during the initial review to select semi-finalists.
  • Partnership Potential: The applicant clearly explains how the solution would benefit from the broad range of resources that the Solve community is positioned to provide. This criterion will not be considered during the initial review to select semi-finalists.

Prizes:

Finalists will be announced in August 2020, the final results will be announced on September 20, 2020. Each winner will receive:

  • $ 10,000 cash prize.
  • Join a supportive community of peers, funders, and experts to help advance their innovative work through Solve's nine-month program.
  • Receive mentorship and strategic advice from Solve and MIT networks.
  • Attend Solve at MIT, our annual flagship event in May.

About MIT Solve:

MIT Solve is an initiative of the Massachusetts Institute of Technology that advances lasting solutions from tech entrepreneurs to address the world's most pressing problems. Solve issues four Global Challenges each year to find the most promising Solver teams who will drive transformational change. Solve then deploys its global community of private, public, and nonprofit leaders to form the partnerships these Solver teams need to scale their impact.

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