BUSINESSES RUN by black, Asian and minority ethnic (BAME) start-ups and entrepreneurs are being offered the chance to secure prize money and pitch their business ideas to global brands and investors.

The fifth edition of the Innovation Challenge aims to promote fairness and diversity for a level playing field in the corporate world.

In this year’s scheme, “Better Ideas for a Better World”, black and minority ethnic start-ups and entrepreneurs will compete for prizes worth over £150,000. The best innovators across a wide range of sectors and technologies, including AI (artificial intelligence), machine learning, sustainable cities and consumer health will be highlighted through the competition.

Describing his goal for the theme of this year’s Innovation Challenge, 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.”

Now in its fifth year, the Innovation Challenge is aligned to the UN’s sustainable development goals and was set up by MSDUK as part of its year-round programme of initiatives designed to fight the underrepresentation of black and minority ethnic businesses in the global supply chain.

Through this challenge, MSDUK hopes to break down barriers to entry for young start-ups and entrepreneurs from all sectors by providing direct access to a range of highly influential corporate sponsors.

The cash prizes act as investment for the winning idea, business scholarships, and mentoring, which will give the finalists the support they require to develop their big ideas into successful businesses.

Mr Shah added: “Like every other business entrepreneur in the 21^st Century, the executive management boardds 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.”

For more information about the challenge and how to apply visit MSDUK.org.

The deadline for entries is June 31 2021.

The finalists chosen by the judges will take part in a live pitching final, to be held in London on the September 2, 2021.