MSDUK Innovation Challenge.ย Mayank Shah is a guest writer for The Maverick Paradox Magazine and he has advised us of his company’s new Innovation Challenge.
INNOVATIVE businesses fromย ethnicย minority backgroundsย have the chanceย toย presentย their big ideas in front ofย global brands andย investorsย throughย theย MSDUKย Innovation Challengeย in itsย seventh edition,ย which aims to help promote fairness and diversity to level up the corporate playing field.
In this yearโsย Innovation Challengeย โInnovativeย Ideas for a Better Worldโ,ย ethnicย minority-ownedย start-ups and entrepreneurs will compete forย numerousย prizes, including aย ยฃ20,000ย cash prize and more. Theย Innovation Challengeย aims toย spotlightย the best innovatorsย acrossย a wide range of sectors and technologiesย with entry categories coveringย Digital Transformations, Social Impact, Sustainableย Development,ย andย Innovation Pioneers.
Describing his goal for the theme of this yearโs Innovation Challenge, MSDUK Founder Mayank Shah said: โWe recognise that the lastย couple of yearsย have been very challenging for businesses,ย and theย Innovationย Challengeย is a positive step on the ladder toย getย back to business. We are setting the barย very high for this yearโsย ethnic minority-ownedย business (EMB)ย entrants because we believe that only through greater supplier diversity can our global partners find innovativeย ideas andย solutionsย toย create a better world forย tomorrow.โ
Now in itsย seventhย year, theย Innovationย Challenge was set up byย MSDUKย as part of its year-round programme of initiatives designed to fightย theย underrepresentation ofย EMBsย in the global supply chain.
Through this challenge, MSDUK breaks down barriers to entry for young start-ups, entrepreneurs, and high-growth EMBs from all sectors by providing direct access to a range of highly influential corporate organisations. Committed to investing in a diverse supply chain, the headline sponsor of Innovation Challenge 2023 is Accenture, and other sponsors include GSK, J.P. Morgan, EY, Cummins andย Haleon. The prizes for this yearโs overall winner include a ยฃ20,000 cash prize, corporate 1-to-1 mentoring and a digital out-of-home advertising campaign, in collaboration with JCDecaux. This will give them the boost they need to develop their products and services into successful businesses.
Mayank continues, โLike every other business entrepreneur in the 21st Century, the EMBs that succeed will be those that bring about social change through innovative ideas and technologies. After last yearโs truly inspiring array of ideas, I am excited to see what the current crop of ethnic minority entrepreneurs can bring to the table.โ
Full details of the challenge,ย includingย theย applicationย form,ย can be found here.ย
Entries open on 6th February and the deadline for entries is 23:59 on 2nd May 2023. The shortlisted applicants will take part in a live pitching final, to be held at the MSDUK Business & Innovation Show which takes place in London on 14-15thSeptember 2023.
The Innovation Challenge 2023 comprises four categories which businesses from Ethnic Minority-Owned Start-ups and Entrepreneurs are invited to enter.
The categories in full:
Digital Transformations, Social Impact, Sustainable Development, Innovation Pioneers
Digital Transformations: solutions that make processes more efficient and meet changing business and market requirements, including automation, data and analytics, reducing production costs, remote working, SaaS (Software as a Service).
Social Impact: addressing social issues and challenges that will benefit and improve society, for example products and services within healthcare, education, skills development, diversity programmes, HR, recruitment.
Sustainable Development: focusing on improving the environment/s we live in, for example generating less waste, upcycling and recycling of plastics, addressing climate change, using natural resources sustainably, working with communities to improve habitats and surroundings etc.
Innovation Pioneers: open to any founder and entrepreneur who believe that they are challenging the status quo with their highly unique innovations โ ethnic minority businesses who are trying to transform the sector/s they operate in, challenging traditional out-of-date methods & processes.