The Ocean Risk and Resilience Action Alliance (ORRAA) is launching an Ocean Resilience Innovation Challenge to surface finance and insurance innovations that build coastal resilience to ocean-derived risks.
The challenge is looking for innovative and scalable finance and insurance products that drive investment in coastal natural capital and increase resilience while delivering a return on investment. The initiatives must also reduce ocean risk for the most vulnerable, include a focus on gender, equity and human rights, and protect biodiversity.
- Selected projects will receive customised support to maximise their potential for impact, scalability and investability. The Challenge’s winners will benefit from a program of tailored mentoring, and communications and leadership support to make their project ‘funding- ready’. They will also be connected to potential investors and partners from across the ORRAA network.
- Mentoring and Incubation: The finalists will receive up to 24 hours of mentoring support (8 h per month) over three months by the Incubator. The Incubator team draws on a pool of experts and consultants to provide the support required.
- Leadership Academy: At the core of the work with the winners is a focus on the people implementing the ideas proposed. The complexity of factors leading to successful implementation requires people who both think independently and work together, often under pressure and in uncertainty.
- Investment Brokering: As part of the support given to the winners there is ongoing networking activity between winners and potential partners.
- Communications Support: A promotional campaign will be developed to support the Challenge and its objectives, using key channels and platforms likely to reach potential participants in the private sector, civil society and academia.
- Monitoring Evaluation and Learning Support: Monitoring, evaluation and learning support will be provided, including direct support through an online helpdesk and 1:1 calls. Throughout the mentoring process, the assigned mentors and sector experts will fill in Mentoring memos.
To be eligible an applicant must meet the following criteria:
- The finance or insurance solution builds resilience to ocean risk in the most vulnerable coastal communities and places.
- Gender, equity, human rights and biodiversity considerations are included.
- The team has proven conservation or business experience
- The team is from coastal ODA-eligible countries.
- The solution offers a profitable revenue model.
- The solution does no harm (I.e. has no negative impacts on communities or ecosystems it is designed to build resilience in).
How to apply
- Applicants must complete and send the application form by 23:59 GMT on 20 November 2020.
- Two online sessions will take place on 28 October at 09:00-10:00 and 16:00-17:00 GMT, for applicants to meet some of the Challenge team, and ask them questions on any aspect of the competition. Please register your attendance in advance by emailing them.
- Webinar 1: Wednesday 28th October 09:00 GMT.
- Webinar 2: Wednesday 28th October 16:00 GMT.
- You are also welcome to send questions in advance of the webinars by emailing them.
For more information, visit https://www.oceanriskalliance.org/innovation-challenge/