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.

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

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.

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.

INITIATE PROJECT

Scoping workshops with partners

Corporate engagement

BUILD A VIRTUAL TEAM

Employee selection

Team-building

COACH AND PREPARE

Project kick-off

Pre-Challenge workshops

ONE-MONTH ENGAGEMENT

Teams collaborate with Partners

Teams develop solutions

ANNOUNCE WINNERS

Virtual convening to judging panel

Winning solution selected

Piloting phase begins

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.