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Treasury & Capital Markets
Global private institutions launch consortium to help boost economic recovery
Worldwide challenge seeks projects that will help rebound core socio-economic systems
The Asset 4 Jun 2020

THE adverse impact of the Covid-19 pandemic is pushing global private sector institutions to band together in an effort to boost economic recovery by jump-starting innovation among small and medium enterprises (SMEs) around the world. The latest effort called “Restarting Together” is a competition launched by a consortium of 12 global institutions from various fields of endeavour. The aim is to identify and promote projects developed by startups and SMEs that will provide solutions to support society, help boost the economy, and reignite a sense of a global economy.

The challenge/competition seeks projects that will help rebound the core socio-economic systems, recover activity levels in an innovative and safe manner, mitigate the impact of the crisis in the short term focusing on the most affected, and develop resilient societies, cities and living systems to better face future challenges.

Applicants will be evaluated on the time it takes to develop and implement their project (i.e. long-lasting solutions with quick implementation of six months), tangible social impact on communities and economic benefits, and feasibility of implementing their project including viability, available resources, and practicality.

Nine of the most promising projects will be selected to present to a panel from the representative companies in September, and three winners will be selected. Winners will receive support from the organizers to deploy their projects.

Airbus BizLab, BASF, Boston Consulting Group, CEMEX, Citi, Endeavor, IDB Lab, IE, IESE Business School, Microsoft for Startups, South Summit and Telefonica are the corporates, business schools and associations that teamed up to launch the challenge which runs between June 2 and June 30.

Submissions from startups including entrepreneurs, venture capital-backed companies and those that are technologically disruptive or have innovative business models are welcomed. SMEs from Seed to those with Series B funding which are ready or close to being ready to be deployed to market are also encouraged to participate.

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