Reimagining Economic Growth in New York City

In the wake of COVID-19, New York City expects to face its most serious economic crisis in nearly 50 years. Estimates of up to a half-million lost jobs and a nearly $10 billion reduction in tax revenue are looming. The near-term outlook for the resurgence of the small business sector is grim, particularly in underserved communities.
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How might NYC create economic benefits for low-and-moderate income New Yorkers and small businesses through the application of circular business models?

Recovery from the job and business losses due to COVID-19 requires bold, new thinking. The current pause offers a chance to strategize a transition to a circular economy that can provide post-COVID-19 New York City with a springboard to new economic opportunity and a sense of renewed hope.
Working in partnership with the New York City Economic Development Corporation (NYCEDC), your company will have the opportunity to contribute in a powerful way in the creation of a Circular New York City—to drive innovation by fostering new jobs, supporting circular businesses and startups, creating new recycling infrastructure, and more. Racial justice will be at the core of this collaboration. Solutions must account for environmental justice for NYC’s low-and-moderate income communities and workforce development that directly benefits a racially diverse population of New Yorkers.
Fifty percent of financial commitments raised will go to NYCEDC's implementation of winning solution(s).

Anchor Partner

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New York City Economic Development Corporation (NYCEDC)

NYCEDC is the city’s primary entity for promoting and implementing economic development initiatives in New York City. Spanning industries and communities, NYCEDC’s portfolio is as diverse as the city itself. All projects have a common goal to build strong neighborhoods, create good-paying jobs, and ensure the city’s economy is dynamic, inclusive, and sustainable.

"NYCEDC sees the potential of a circular economy – the New York City Circular Initiative outlined an opportunity for $11 billion in economic growth and 11,000 jobs – and knows its advancement is also key to the City’s sustainability goals. PYXERA Global’s Reimagining Economic Growth in New York City Challenge is an exciting opportunity to engage multinational corporations around circular innovation and establish NYC as the leading city in North America advancing a circular economy."

— NICOLE SPINA

Senior Project Manager and Circular Economy Strategist, New York City Economic Development Corporation

"Energy is at the forefront of circular economy and will play a critical role in making our urban energy ecosystems more resilient, equitable and climate-ready. This challenge demonstrates a significant step forward in uniting collaborators from around the world to stimulate new economic opportunity and accelerate the transition towards a more sustainable and prosperous future for all.”

— SURYA PANDITI

President and CEO, Enel X North America

"At 3M, we know collaboration is a crucial element for creating systemic change, so we are proud to partner with PXYERA Global and the New York City Economic Development Corporation to advance inclusive and regenerative circular solutions. In addition to supporting the challenge, 3M can share our expertise on reducing waste and leveraging new business models to keep materials in play—both of which create positive change in our communities."

— ANN MEITZ

Vice President, Sustainability and Packaging Innovation, 3M Consumer Business Group

Challenge Timeline

Over the course of one month, cross-corporate teams will compete to bring the most innovative solution to help New York City accelerate its transition to circular and a post-COVID-19 economic recovery.
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INITIATE PROJECT

Scoping workshops with partners
Corporate engagement
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BUILD A VIRTUAL TEAM

Employee selection
Team-building
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COACH AND PREPARE

Project kick-off
Pre-Challenge workshops
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ONE-MONTH ENGAGEMENT

Teams collaborate with Partners
Teams develop solutions
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ANNOUNCE WINNERS

Virtual convening to judging panel
Winning solution selected
Piloting phase begins

Join This Challenge*

As a partner in Reimagining Economic Growth in New York City, you will contribute to scalable solutions and the development of a framework for the economy of the future.

Email Address*

REG-NYC NEW FORM

*This form is for companies only. Click here for company participation FAQs.