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  MIT SOLVE is calling on innovators from all over the world to apply for a place in its Global Economic Prosperity Challenge. This program is a collection of competitions designed to spotlight and support tech-driven solutions to some of humanity’s top and emerging concerns. They address such domains as AI, the future of work, food, and social challenges. If you think you have created a groundbreaking product or service in any of these areas, you may enter the competitions for a chance to win substantial monetary awards.
Read more about Opportunities
The organizers of the MIT SOLVE Global Economic Prosperity Challenge have identified a number of drawbacks to further economic growth and development in today’s world. Billions remain offline, hundreds of millions are unbanked, and many more work in informal economies. MIT SOLVE is seeking solutions that bring these populations into a globally shared prosperity that can be sustained.

Goals of the MIT SOLVE Global Economic Prosperity Challenge

These are the main goals of the program:
  • Universal access to financial services, driven by tech and enabled by FinTech tools for banking, insurance, credit, instant payment, and asset ownership
  • Increased digital participation and security
  • Expand workforce development through skill-based training and career mobility programs

The Prizes

The following prizes are open to entries from competitors globally:

MIT SOLVE Solver Award

All teams selected for SOLVE’s global challenges will get a $10,000 grant funded by the organization.
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Seeding the Future Food Systems Prize

This is an intervention focused on food production. It targets solutions that improve food production systems and enable the availability of nutritious food. Organizers encourage teams building solutions that cater to underserved communities to apply. Up to $150,000 will be awarded to two or more solutions in this category.

E-Ink Innovation Prize

The prize was established for innovations that utilize ePaper materials, technology, or displays to tackle issues of global relevance. It’s particularly aimed at solutions that address such areas as architecture, education, and intercultural understanding. Up to $100,000 will be awarded to four teams in this category.

AI for Humanity Prize

This is for solutions that leverage data science, AI, or Machine Learning to drive human flourishing. It is supported by the Patrick J. McGovern Foundation. Up to $150,000 will be awarded to several teams in this category.
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Crescent Enterprises AI for Social Innovation Prize

This prize targets solutions that use AI, Machine Learning, and data science to solve some of the most pressing social challenges globally. Up to $100,000 will be awarded to as many as four teams in this category. If you would like to learn more about the MIT SOLVE Global Economic Prosperity Challenge, you can do so HERE.
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This article was first published on 19th March 2025
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ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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