UK entrepreneurs from diverse backgrounds who run innovative businesses are being encouraged to enter a pitching competition offering prizes worth more than £150,000.
The MSDUK Innovation Challenge is aimed at improving diversity in entrepreneurship by helping founders from ethnic minority groups build and scale successful businesses.
The annual competition, now in its fifth year, offers SMEs and start-ups the chance to present their big ideas in front of global brands and investors. The winners will receive prizes including £5,000 in cash, corporate mentoring and access to workshops.
This year's challenge - ‘Better Ideas for a Better World’ - is aligned to UN Sustainable Development Goals and aims to spotlight the best innovators across a wide range of sectors and technologies, including AI and machine learning, sustainable cities and consumer health.
MSDUK founder Mayank Shah said: “We recognise that the last 18 months have been very challenging for businesses, and the innovation challenge is a positive step on the ladder to back to business.
"We are setting the bar for this year’s entrants very high because we believe that only through greater supplier diversity can our global partners find innovative solutions to the problems of tomorrow.”
The Innovation Challenge was set up by MSDUK as part of its year-round programme of initiatives designed to fight the under-representation of minority ethnic businesses in the global supply chain.
Mr Shah added: “Like every other business entrepreneur in the 21st Century, the ethnic minority-owned businesses that succeed will be those that bring about social change through innovative ideas and technologies.
"After last year’s truly inspiring array of ideas, I am excited to see what the current crop of EMB social entrepreneurs can bring to the table.”
The deadline for entries is June 30, 2021. The finalists chosen by the judges will take part in a live pitching final, to be held in London on September 2.
