Nesta’s New Prize Supports the Vulnerable to Access Post-COVID Jobs and Finance
Nesta has identified what it describes as an ‘urgent need’ to support people at risk of losing their livelihoods and financial security in the wake of the coronavirus crisis. The Rapid Recovery Challenge has been launched to stimulate innovation in the fields of employment, skills and financial services. The programme will support tools and services that improve access to jobs and money for people across the UK, focusing on those hardest hit by the economic shock resulting from COVID-19.
The Challenge will support solutions that positively impact those in low paid or insecure roles and young people, through two streams:
Job Recovery Stream – supporting solutions that connect younger workers or those in (or who have recently lost) low-paid or insecure work into open jobs that match their skill sets.
Financial Recovery Stream – supporting solutions that help younger workers or those in (or who have recently lost) low-paid or insecure work to access financial assistance more easily, manage their cash flow or access affordable, responsible credit.
There is a total prize fund of £2.8 million available, with funds being released in increments, as follows:
In December 2020, 12 semi-finalists (six in each stream) will each receive £125,000.
In May 2021, six finalists (three in each stream) will each receive £150,000.
In September 2021, two winners (one in each stream) will each receive £200,000.
Registered UK entities, including businesses, charities, community interest companies, community groups and public bodies may apply. Applicants should (at minimum) have a well-functioning prototype of their solution that has been piloted with at least 1,000 users.
The deadline for applications is 26 October 2020 (12:00 GMT).
More information about this funding opportunity and the application process is available on the GRANTfinder funding information platform. GRANTfinder provides up-to-the minute content, insight and analysis on funding news and policy. To find out more about how GRANTfinder can keep you in the know, and subscription fees, contact us today.