BNY Mellon and Ashoka Launch Social Innovation Challenge

Wednesday, May 9, 2018

BNY Mellon and Ashoka Launch Social Innovation Challenge

Today, six out of ten Americans will experience financial insecurity in their lifetimes1. While saving money can be a challenge for a variety of reasons, the inability to build a strong financial foundation is often a symptom of a greater, systemic problem. Now, BNY Mellon and Ashokaare launching a collaborative effort aimed at addressing the root causes of financial inequality through innovation—the Unlocking ¢hange Challenge.

Unlocking ¢hange: Innovations for Financial Wellbeing, Resilience and Freedom is a nation-wide competition to seek and support leading social entrepreneurs and innovators across the United States. Individuals can submit their ventures to the challenge until June 13, 2018 for review and peer feedback. The entries most likely to receive awards from BNY Mellon and Ashoka will be original, ground-breaking ideas, demonstrate impact in expanding financial wellbeing to underserved communities and have sustainable models that mobilize resources such as funding, financing, teams, partnerships or support networks.

“Our company is driven by innovation and our approach to philanthropy is no different,” said Daisey Holmes, BNY Mellon Managing Director of Global Philanthropy. “To catalyze social innovation, BNY Mellon lends its resources to accelerate solutions that address some of our society's greatest needs."

BNY Mellon and Ashoka know that transforming society requires a holistic understanding of financial wellbeing—one that includes employment, education, health, human behavior, social currency, gender and race, among other factors. Innovators embedded in communities across the United States, with ideas big and small, have compelling, community-driven solutions that ensure financial wellbeing at an individual, community and societal level. With access to funding, support and networks, these solutions can be scaled to create even broader impact across the country...

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