$1.6 Million Prize To Be Awarded For MIT’s Inclusive Innovation Challenge
$1.6 million will be awarded to the winners of MIT’s Inclusive Innovation Challenge (IIC) on November 8, 2018. Developed from the MIT Initiative on the Digital Economy, the IIC is aimed at finding and promoting startups and entrepreneurial organizations who are using technology to provide financial opportunities for low and moderate income earners. For the first time, the IIC has adopted a global tournament model this year. They have hosted the challenge in five cities across the world. Detroit is the host for the North American region, where MIT has partnered with the Ralph C. Wilson Jr. Foundation.
As stated by the event’s producer, Susan Young, the Inclusive Innovation Challenge was started three years ago, with the belief that people are living in one of the greatest ages of innovation in human history. However, not many people are benefiting despite the fact that they are trying so hard. Jobs that in most cases lead to prosperity are disappearing fast. As such, technological innovation can be used to solve the problems that are being currently faced by creating more opportunities. The vice president of programs at the Ralph Wilson Foundation stated that the organization has informed MIT that the city is currently transiting from manufacturing to a technology-based economy.
Businesses of any size, type or nationality can compete in the challenge. Twenty regional finalists have been selected from around the world from over 1,500 entrants. Academics, entrepreneurs, investors and industry experts will attend the invite-only event where the $1 million prize will be announced.