InfraChallenge is an innovation competition aiming to accelerate the global infrastructure industry. We are looking for the next digital solution to help solve one of the big infrastructure issues globally. Here are the top 5 reasons to enter.
1. We need your ideas
Traditionally, the infrastructure industry has been slow to capitalise on digital innovations.
With global megatrends like urbanization and population growth, climate change and digitisation the time is ripe for infrastructure issues to be disrupted by digital ideas.
Consider these numbers:
- According to the GI Hub’s Global Infrastructure Outlook, there is a global estimated infrastructure investment need of US$15 trillion in the years to 2040
- In 2016 the World Economic Forum estimated that digital transformation in the electricity sector alone could unlock US$1.3 trillion of value globally by 2025
- A PwC study has found that Artificial Intelligence for environmental applications could contribute up to US$5.2 trillion to the global economy by 2030
InfraChallenge is about unlocking digital ideas, solving big infrastructure issues, and bringing disruption to the industry to better prepare us for the future and meet the ever-growing growing needs of the world.
2. $AUD 50,000 funding package and more for the winning entry
The InfraChallenge winner will receive:
- $AUD 50,000 funding package to implement the digital solution
- Needs assessment by MIT Solve to further develop the solution
- Participation in one of MIT Solve’s flagship challenge events
- Exposure to the G20’s Infrastructure Working Group and Multilateral Development Banks
- Ongoing support from the GI Hub and MIT Solve
- Exclusive access to infrastructure resources and networks
- Global media coverage as the InfraChallenge winner.
3. The winner doesn’t take it all
All first-round finalists will have access to leaders in the industry via an eight-week tailored mentoring program delivered by our global partners to develop your solution.
The ten final finalists will receive an additional six weeks of mentoring, including support from MIT Solve and gain exposure on a global stage competing in a live event where they will showcase their entry to an audience of tech, infrastructure, government and other private sectors.
All final round finalists will gain exposure on a live event in Europe where they will showcase their entry to an audience of public and private infrastructure specialists.
4. Be part of the solution
It's clear that digital ideas that can be applied to solve economic or social infrastructure issues are undoubtedly going to change lives for the better.
One of the experts at MIT Solve, our InfraChallenge partner, wrote recently on our blog:
“We expect that by 2050 nearly 70% of people will live in cities, impacting our food supply, transportation and sanitation systems, how and where we work, learn, and sleep... How can cities absorb this influx of people without developing new and more efficient ways of building, transporting, and consuming resources? Without significant disruption across urban infrastructure, the cities of the future will struggle to keep up, much less make progress toward things like mitigating climate change or providing quality education to every student.”
5. Expand your horizons
InfraChallenge is an opportunity to develop yourself professionally and personally, grow your networks, build your teamwork capabilities and create a tangible result with lasting impact.
So, what are you waiting for? Apply now! Entries close on 24 February 2020.
 World Economic Forum – Electricity: uncovering value through digital transformation.