Massachusetts Institute of Technology SOLVE in the USA invites applications from entrepreneurs worldwide for the Solver Challenges in 2020.
Solve seeks innovative, human-centered, tech-based solutions to our Global Challenges. Our definition of “tech-based” is broad: in addition to AI, blockchain, and virtual reality, Solver teams have leveraged a plant-based fiber that absorbs oil spills, biodegradable sanitary pads, and user-friendly mobile apps.
Through open innovation, Solve is looking for a diverse portfolio of solutions across geography, development stage, and team members’ gender and background. We encourage people of all backgrounds to submit applications.
Solution applications must be written in English. We 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. Please note that concept solutions are unlikely to be selected; you have until the application deadline to prototype and experiment with your 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 is 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.
Worth of Award
Finalists in our Challenges will pitch their solutions to a live audience of 400+ leaders and expert judges at Solve Challenge Finals in September during UN General Assembly Week in New York City. Those that are ultimately selected as a Solver will:
- 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; and
- Receive access to more than $1.5 million in prize funding for the 2020 Challenges.
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 our community. If you have a solution, they hope you’ll apply.
Judges will score solutions along the following 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: Solution implementation is feasible, and the team has a plan for financial sustainability.
- Innovative Approach: The solution includes a 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.
- 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.
How to Apply
You can submit your solution through the application link on their website
Deadline: deadline to apply is June 18, 2020.