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The UK economy is built on the ingenuity and entrepreneurial spirit of Ethnic Minority Businesses (EMBs). However, there are barriers that prevent them from reaching their full potential.

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That’s why MSDUK is working to break down those barriers by providing EMBs with direct access to highly influential business leaders, along with corporate exposure, training, and support. We do this through our unique access to over 100 corporate organisations—all of whom are committed to supporting the growth of EMBs. We also provide them with a range of activities and programmes designed to create a community, where they can share knowledge and support each other in their efforts.

The Innovation Challenge is just one of several programmes we offer. It gives them an opportunity to showcase their solutions to MSDUK’s network which consists of innovative entrepreneurs, industry leaders, procurement professionals and other influential partners.

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Here are the top 4 reasons why you should apply:

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1. An opportunity to win significant prizes

This year’s overall winner of the Innovation Challenge will walk away with a £20,000 cash prize, along with a place on Accenture’s mentoring programme and a collaboration with JCDecaux for an Out-of-Home (OOH) advertising campaign.

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With the Accenture mentoring programme, you will be offered 1-2-1 mentoring where you will receive tailored support in the development and growth of your business, and to overcome risks and challenges your business may face.

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Furthermore, there is the brilliant opportunity to work in collaboration with JCDecaux on an OOH advertising campaign, where you will plan and deliver a successful public screen presence. This will allow you to raise awareness of your business and demonstrate your innovative product/service to a wider audience.

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2. 1-year free membership at MSDUK

We are an inclusive and diverse organisation, with over 300 EMBs as part of our network. We have a large active community of entrepreneurs who are passionate about growing their businesses and supporting one another. Additionally, we have over 100 corporate organisations committed to diversifying their supply chains and are keen to work with diverse and innovative businesses.

At MSDUK we offer a range of FREE services to help you grow your business: from events to mentoring programmes. Our network can offer you the support that you need at every stage of your entrepreneurial journey.

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3. Improve your business pitch

While the process of pitching your business can be intimidating, it’s one of the most important skills you can develop as an entrepreneur. When you pitch your idea to potential investors or partners, a brilliant pitch could provide with you further opportunities to develop and expand your business.

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Our finalists will have access to our free pitch training workshop delivered by an expert speaker. By the end of this workshop, you’ll be able to make a confident, professional and successful pitch, and you’ll also receive 1-2-1 sessions with our expert speaker to ensure you are pitch-ready ahead of the Innovation Challenge Finals. As all of our finalists will pitch at MSDUK’s annual supplier diversity conference in London this September 2023.

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4. The chance to put your business on the map

This competition will give you the opportunity to raise awareness of your business and the products/services you offer, as well as provide you with exposure and recognition amongst key decision-makers, procurement professionals industry experts and leaders within the UK.

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You will be able to get exposure for your business through MSDUK’s partners and global network, as well as presenting your pitch at the 2023 Business & Innovation Show, which will be held in London on 14^th and 15^th September 2023.

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Categories

A Huge thank you to our headline sponsor Accenture and category sponsors: Cummins, EY, GSK, and JP Morgan for sponsoring this year’s competition.

You can submit your entry in any of our four categories:

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1. Digital Transformations: this category recognises innovations that leverage technology to drive positive change and improve business processes, whilst meeting changing business and market requirements. Solutions may include automation, data and analytics, reducing production costs, remote working, and SaaS (Software as a Service).  
2. Social Impact: addressing social issues and challenges that will benefit and improve society, for example, products and services within healthcare, education, skills development, diversity programmes, HR, recruitment.
3. Sustainable Development: focusing on improving the environment/s we live in, for example generating less waste, upcycling and recycling of plastics, addressing climate change, using natural resources sustainably, working with communities to improve habitats and surroundings, etc.  
4. Innovation Pioneers: open to any founder and entrepreneur who believe that they are challenging the status quo with their highly unique innovations, and pushing the boundaries of what is possible – ethnic minority businesses who are trying to transform the sector/s they operate in, challenging traditional out-of-date methods & processes.

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So, what are you waiting for?

If you are an ethnic minority entrepreneur, this is the perfect opportunity for you! Not only do we want to support and encourage ambitious entrepreneurs, but we want to bring diversity into the world of start-ups.

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Overall, the MSDUK Innovation Challenge presents a valuable opportunity for ethnic minority business leaders to showcase their innovative ideas and gain recognition within the industry. By participating, you can gain exposure, access mentorship and support, and potentially win prize money and recognition that can help you take your business to the next level!

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So, what are you waiting for? Apply now!