What is the Rapid Recovery Challenge?
Nesta’s Rapid Recovery Challenge will find and scale tools and services that improve access to jobs and money for people within the UK, focusing on those hardest hit by the economic shock resulting from COVID-19.
The £2.8 million Challenge is funded by Nesta, in partnership with JPMorgan Chase Foundation and Money and Pensions Service. Applications open on Monday 14 September 2020 and close at 12pm (noon) GMT on 26 October 2020.
Why are we running the Challenge?
COVID-19 has created a huge economic shock, laying bare and exacerbating pre-existing problems for people on low incomes and in precarious work. Millions face severe threats to their job security and household finances, both immediately and in the longer term, and low-paid workers, people in insecure roles and those under 25 will be hit hardest.
With the UK officially in recession, economic recovery is now a major challenge. There is an urgent need to support people at risk of losing their livelihoods and financial security so that millions do not find themselves out of work, out of pocket and out of prospects.
The Rapid Recovery Challenge aims to find, inspire and accelerate innovations relating to jobs and financial recovery that will support one million people across the UK.
Timeline of the Challenge (click and scroll to the right)
14 Sept 2020
Applications open for the Challenge
26 Oct 2020
Applications to the Challenge close at 12pm GMT
12 semi-finalists will be announced and receive £125k to develop their solutions further
Dec 2020-Apr 2021
Semi-finalist development phase
The semi-finalists will spend this time working on their solutions
Six finalists will be announced and will receive £150k to further refine their solutions
Finalist development phase
The finalists will spend this time refining their solutions further
Two winners of the Challenge will be announced and will receive £200k