RISE Challenge

The Rise Challenge is an innovation contest designed to address the systemic challenges faced by entrepreneurs of color in establishing and expanding their businesses. This program directly aligns with Prosperity Now's mission to foster economic access and opportunities, particularly for communities that are disproportionately impacted by economic disparities. The contest serves as a mechanism to generate innovative ideas and solutions that can bridge the capital gap and other barriers that hinder the growth of businesses owned by entrepreneurs of color. The primary target beneficiaries of the Rise Challenge are entrepreneurs of color, who frequently encounter significant hurdles in securing capital and accessing vital economic opportunities. The program aims to alleviate these challenges by fostering an environment where new solutions can emerge, ultimately leading to greater market competitiveness and wealth accumulation for these entrepreneurs. The broader impact goal is to create more equitable economic conditions within underserved markets by strengthening the ecosystem that supports entrepreneurs of color. A key priority of the Rise Challenge is to support the development of non-profit loan funds, especially those facilitated by Community Development Financial Institutions (CDFIs). These institutions play a crucial role in providing much-needed capital to economically underserved markets, where traditional financial avenues may be limited. The contest focuses on identifying and rewarding innovative approaches that enhance the effectiveness and reach of such financial mechanisms, thereby empowering entrepreneurs who have historically faced capital constraints. The expected outcomes of the Rise Challenge include the identification and implementation of innovative solutions that address economic access and opportunity disparities. Measurable results will include the recognition and funding of promising initiatives, with three prize tiers: $75,000 for the First Place Team, $50,000 for the Second Place Team, and $25,000 for the Third Place Team. These awards are intended to catalyze the development and scaling of solutions that can drive real change in the economic landscape for entrepreneurs of color, aligning with Prosperity Now's strategic priorities to promote inclusive economic growth and wealth building.