Global Economic Prosperity Challenge

The 2025 Global Economic Prosperity Challenge, led by MIT Solve, is accepting innovative, technology-driven solutions aimed at increasing economic prosperity and financial inclusion across the globe. MIT Solve is an initiative of the Massachusetts Institute of Technology that seeks to address global challenges through open innovation and support to social impact entrepreneurs. This year’s challenge focuses on bridging persistent disparities in financial and economic participation, particularly affecting vulnerable populations, women, and communities underserved by current digital infrastructure and financial systems. This challenge recognizes that despite technological advancements, billions remain unbanked, offline, or working in informal economies without access to digital or financial resources. Solve is calling for technology-based innovations that can provide universal access to financial services, enhance digital security and participation, and support workforce development in underinvested populations. Examples include tools for banking, insurance, credit, real-time communication, adaptable employment platforms, and systems to enhance labor force participation and economic resilience. The application process is open to individuals and organizations globally, regardless of development stage, with clear definitions for Concept, Prototype, Pilot, Growth, and Scale. Applicants are encouraged to submit human-centered solutions designed with and for the communities they aim to serve. Judging will focus on alignment with the challenge, potential impact, feasibility, innovation, scalability, and human-centered design. Selection involves initial screening by Solve staff, evaluation by expert reviewers, semifinalist selection, live pitches, and final decisions by a Challenge Leadership Group of industry experts. Selected Solver teams will be eligible for over $1 million in total prize funding and will enter a nine-month support program. This program includes tailored capacity-building workshops, leadership coaching, in-kind and pro bono resources, media exposure, and access to the global MIT Solve network. Notably, Solver status confers ongoing access to funding and opportunities beyond the program year. Key prizes include the Seeding the Future Food Systems Prize (up to $150,000), the E Ink Innovation Prize (up to $100,000), the AI for Humanity Prize (up to $150,000), the Citizens Workforce Innovation Prize (up to $100,000), the Crescent Enterprises AI for Social Innovation Prize (up to $100,000), and the Community Innovation Prize (up to $200,000). Some prizes are focused on specific regions, like Boston or New York, or thematic areas such as workforce development or AI. Applications opened on February 3, 2025, at 9:00am EST and close on April 17, 2025, at 12:00pm EDT. Finalists will be notified in July 2025 and are expected to participate in two flagship events: Solve Challenge Finals in New York (September) and Solve at MIT in Cambridge (May). Interested applicants can contact MIT Solve at help@solve.mit.edu and are encouraged to attend application clinic sessions listed on their events calendar.