Those applying to Venture Smarter's 2018 Smart Infrastructure Challenge now have an extra incentive to participate: a $50 million prize pot for project finacing and funding, with up to $3 billion available "for the right projects," which the group unveiled Thursday at the Smart Cincy Summit.
The challenge is accepting ideas from regionally located teams on how to best integrate smart city technology into existing city infrastructures. Interested teams have until Oct. 25 to create and present their proposals.
Teams can develop either public or private sector project ideas for competition in one of four "tracks": smart and connected development; next-generation infrastructure; smarter, safer streets; and critical infrastructure. The challenge will award multiple winners from each track, and they'll receive everything from grant support to $1 million-$10 million in project financing and funding.
The competition is a result of collaboration between Venture Smarter, the U.S. Department of Homeland Security, Smart City Capital, other private investment firms and the U.S. Congressional Smart Cities Caucus. DHS is neither financing nor funding any part of the challenge, however.
“The 2018 Smart Infrastructure Challenge is different because it is dynamic in nature,” Venture Smarter Chief Strategy Officer Mitchell Kominsky said in a press release. “It is meant to spark and accelerate interdisciplinary and interagency collaborations while leveraging available resources and capital. All teams, not just winners, will receive ongoing support, guidance and resources.”
It's just one of the ways Venture Smarter and the smart cities network is looking to foster innovation, Venture Smarter CEO Zack Huhn said at the event Summit.
“We are working together to make available more support, more funding, and more resources from the federal government to enable smart development for communities of all sizes,” he added.
Entry submission is open until May 31.
