The ORRAA Ocean Resilience Innovation Challenge 2024. The Ocean Risk and Resilience Action Alliance (ORRAA) is launching an Ocean Resilience Innovation Challenge to support finance and insurance innovations. The challenge is looking for scalable finance and insurance innovations that will drive investment in coastal capital and increase resilience to ocean-derived risks.
The ORRAA challenge intends to reduce ocean risk for the most vulnerable, including focusing on gender, equity, and protecting biodiversity. ORRAA is looking for community-led innovations for the people who depend on it.
Eligibility and Requirements for the Ocean Resilience Innovation Challenge
Applicants must meet the following requirements:
- Projects submitted are to focus on finance or insurance solutions.
- Projects are open to all genders and races.
- The project team should have business experience.
- Projects are to come from ODA-eligible countries.
- Project solutions should offer a profitable revenue model.
- Project solutions do not harm or have negative impacts on the environment.
- Project solutions should promote the development of ocean and coastal Nature-based Solutions (NbS)
- Project solutions are to align with the priorities and interests of local communities in the South.
What You Stand to Gain from the Ocean Resilience Innovation Challenge
The following are what selected applicants will stand to gain:
- Selected participants will receive customized support for impact and scalability.
- The selected winners will benefit from customized training, mentoring, and leadership support to make their project ‘funding-ready- ready’.
- Participants will have access to potential investors and partners of ORRAA.
- Selected finalists will receive up to 24 hours of mentoring support over three months from the Incubator.
- Selected winners will be given leadership training to help them implement the complexity of factors required for them to think independently and work together under pressure and uncertainty.
- Selected winners will be supported in ongoing networking activities with potential partners.
- A promotional campaign will be developed to support the winners and their objectives, using key platforms to reach potential partners.
Application Process
Click here to submit a proposal.
All applications are to be submitted before the 20th of November.
For more information, visit the official webpage of The ORRAA Ocean Resilience Innovation Challenge 2024.
