MSDUK are Empowering Ethnic Minority-Owned Startups and Entrepreneurs, offering a £20,000 Cash Prize and more. The MSDUK finalists for this year’s Innovation Challenge have been announced, showcasing businesses founded by ethnic minority entrepreneurs, with unique and ground-breaking innovations; they will be pitching their innovative solution to MSDUK’s network at this year’s Business and Innovation Show on 14th September in London.

This year’s competition is sponsored by Accenture (headline sponsor), along with category sponsors EY (Digital Transformations), J.P. Morgan (Innovation Pioneers), GSK (Social Impact) and Cummins (Sustainable Development).

With record-breaking numbers of entries, the final entry numbers were double that of previous years and came from 35 different industries, with 14 different ethnic minority groups represented. With 201 submissions, it was exciting to see the range and calibre of applications, and it was tough to narrow down to just 12 finalists. Some of MSDUK’s network were invited to review and score the applications, and one of our judges has said: ‘The calibre of the submissions to the MSDUK Innovation Challenge in 2023 has been exceptional. I am excited to see what opportunities ourselves and other corporates could work on with these innovators!’ – Jim Johnson, Corporate Indirect Procurement Sourcing Manager (Europe), Cummins.

Industry leaders and emerging start-ups have rallied behind the theme of ‘Innovative Ideas for a Better World.’ The competition aims to address underrepresentation in the global supply chain, providing young entrepreneurs and high-growth ethnic minority-owned businesses direct access to influential corporate organisations. The entries this year saw innovations from a wide variety of sectors covering health and beauty, food, education and training, information technology and many more.

The MSDUK Innovation Challenge, now in its seventh year, invites businesses from ethnic minority backgrounds to showcase their ideas in front of global brands and procurement professionals. This year’s challenge, themed ‘Innovative Ideas for a Better World,’ comprises four categories: Digital Transformations, Social Impact, Sustainable Development, and Innovation Pioneers. Businesses are invited to enter and compete in their respective sectors, presenting solutions that drive efficiency, address social issues, promote sustainable development, or challenge traditional norms. Prizes include a £20,000 cash prize, category prizes of £2,500, corporate mentoring from Accenture and an out-of-home advertising campaign from JCDecaux.

Mayank Shah, the Founder and CEO of MSDUK, said: “The importance of supplier diversity in levelling the playing field for ethnic minority businesses is a top priority. By finding innovative ideas for a better world and future for all through Innovation Challenge, we can raise the bar for ethnic minority-owned businesses, empowering them to bring about social change through their ideas and technologies.”