The Urban Future Lab is pleased to announce, for the eighth consecutive year, the Urban Future Prize Competition, which seeks to find the brightest climatetech startups and, through the generous support of The New York Community Trust, MUFG Bank, and NYU Tandon School of Engineering, award two winners with $50,000 cash prizes. These awardees will also receive admission into the ACRE Incubator, New York’s longest-running and most successful climatetech program.
New this year, we will be running a prize track explicitly focused on climate adaptation and resilience, the Future Resilience Prize. Most funding to date has gone to address climate mitigation (e.g. decreasing emissions), but very little funding has gone to innovations that support the adaptation side of the climate crisis. According to UN estimates, the climate adaptation financing gap is as high as $366B annually. With the Future Resilience Prize, we hope to spotlight innovative climate adaptation and resilience solutions, catalyze more private investment into this space, and ensure a positive impact on vulnerable communities most adversely impacted by climate change.
The MUFG Bank/NYCT Urban Future Prize Competition is a collaborative initiative that brings together financial institutions and academic institutions to address pressing challenges related to urban development and sustainability. Sponsored by MUFG Bank, one of the world’s largest financial groups, and the New York City Transit (NYCT), the competition aims to harness innovation and creativity to drive positive change in urban transportation and infrastructure.
The competition invites participants to develop innovative solutions that address key issues facing urban communities, such as traffic congestion, air pollution, energy efficiency, and public transportation accessibility. These solutions may encompass a wide range of technologies, strategies, and approaches, including smart mobility solutions, renewable energy systems, sustainable infrastructure design, and data-driven urban planning.
Participating teams are typically composed of students, researchers, entrepreneurs, and professionals with diverse backgrounds in engineering, urban planning, architecture, environmental science, transportation, and other relevant fields. Through the competition, teams have the opportunity to collaborate, ideate, and prototype solutions that have the potential to make a meaningful impact on urban sustainability and quality of life.
Throughout the competition, teams receive mentorship, guidance, and feedback from experts and mentors affiliated with MUFG Bank, NYCT, and other partner organizations. Mentors provide insights, technical expertise, and industry knowledge to help teams refine their ideas, develop prototypes, and prepare for the final presentation.
At the conclusion of the competition, participating teams showcase their solutions to a panel of judges comprised of industry experts, policymakers, and thought leaders. Projects are evaluated based on criteria such as innovation, feasibility, scalability, impact, and potential for implementation in real-world urban environments.
Winning teams of the MUFG Bank/NYCT Urban Future Prize Competition receive various prizes and awards, including financial support, mentorship opportunities, access to resources and networks, and potential partnerships with MUFG Bank, NYCT, and other stakeholders. Additionally, winning projects may have the opportunity to pilot their solutions in collaboration with MUFG Bank and NYCT, contributing to the advancement of sustainable urban development initiatives.
The MUFG Bank/NYCT Urban Future Prize Competition serves as a platform for fostering innovation, collaboration, and entrepreneurship in the field of urban sustainability. By bringing together diverse talents and perspectives, the competition catalyzes the development of transformative solutions that have the potential to shape the future of urban living and create more resilient, equitable, and sustainable cities.
Benefits
- Two non-dilutive prizes of $50K each will be awarded to two companies that embody the drive and mission needed to address the greatest challenge of our time.
- Acceptance and membership into New York City’s premier climate-tech incubator, with incubator-specific benefits and unmatched startup support.
- Ecosystem recognition, media opportunities, and access to introductions to key partners in the public and private sectors.
Requirements For The MUFG Bank/NYCT Urban Future Prize Competition
Applicants should be early-stage startups generating revenue that have raised under $5M and are able to clearly articulate the potential sustainability impact from their core product or service.
Companies may be internationally based, however, we ask winners to maintain at least one full-time startup employee and one desk at our incubator in New York City. Founders derive the most value from being physically present when industry, investor office hours or events occur.
Selection Process
Timeline
5/1/2024: Applications due
3/6/2024: Competition launch
14/8/2024: Finalists announced
24/10/2024: Urban future summit
Method of Application
Visit The Official Website to Apply
Application Deadline: May 1, 2025.
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