The Financial Times and the International Finance Corporation (IFC), a member of the World Bank Group, have launched the 2020 edition of the FT/IFC Transformational Business Awards.
The FT/IFC Transformational Business Awards is a leading global initiative that highlights and promotes ground-breaking, long-term private sector solutions to major development challenges.
The 2020 edition of the FT/IFC Transformational Business Awards marks 15 years of collaboration between the Financial Times and the International Finance Corporation on awards that have had a substantial impact on the way financial and non-financial organisations approach sustainable investment.
The Financial Times and IFC began working together on sustainability-focused awards in 2005. They started with the FT/IFC Sustainable Banking Awards. This evolved into the Sustainable Finance Awards in 2011 and finally to Transformational Business Awards in 2014.
Who Can Apply For FT/IFC Transformational Business Awards
The Awards are open to all private sector organisations and NGOs. However, start-ups with innovative solutions and a clear roadmap to financial sustainability can apply.
Entries are expected from different sectors, from organisation like:
- Infrastructure developers
- Energy Companies
- Healthcare providers
- Pharmaceutical companies
- Technology companies, including assistive technology providers
- Agribusiness companies
- Water companies
- Design houses
- Lifeskills firms
- Pension funds
- Education providers
- Life insurance companies
- Private equity funds
- Sovereign wealth funds
- Fund managers
- Investment banks
Core Categories Open For Entry
The main focus for all categories is on transformational impact in developing economies. But, projects that address similar market challenges in the developed world are welcomed to apply.
Here are the categories:
This award goes to projects that address the most crucial infrastructure needs in the fast-growing cities of the developing world. Also, projects must have a long-term socio-economic impact.
The category is open to private sector businesses only. However, it recognises the importance of public-private partnerships in infrastructure development.
Food, Water And Land
This award is focused on Sustainable Development Goal 2 and Goal 6. Goal 2 is about “End hunger, achieve food security and improved nutrition and promote sustainable agriculture”. And, Goal 6 is about “Ensuring availability and sustainable management of water and sanitation for all”.
Additionally, this category lays emphasis on access to land, land tenure rights, land management, and land governance. These are all critical for the achievement of both food and water security.
Health, Wellness, And Disease Prevention
The award in this category is focused on Sustainable Development Goal 3. Goal 3 ensures healthy lives and promote well-being for all at all ages.
Moreso, special attention is given to innovative and replicable business models that improve the quality and cost-effectiveness of healthcare delivery.
Education, Knowledge, And Skills
The award relates to Sustainable Development Goal 4. There’s additional emphasis on the provision of skills-based training that will empower young people, help them gain employment, and also help entrepreneurs secure their livelihoods, in line with Goal 8.
Innovating For The Most Vulnerable And Disadvantaged.
This is a new category, established in partnership with the UK DFID. It aims to showcase solutions that harness the power of innovation and technology to ensure the inclusion of people with disabilities, particularly in developing economies.
Judging Criteria For FT/IFC Transformational Business Awards
Projects will be judged based on:
- Its innovative approach to market, diversity, and inclusion
- Ability to create environmental, social and economic impact
- Potential for scalability, replicability, and financial sustainability
Important Dates For FT/IFC Transformational Business Awards
The entry opened on the 5th of December, 2019. The application will close on the 31st of March, 2020. On the 24th of April, 2020, the shortlist will be announced. Finally, on the 16th of June, in London, the winner in each category will be announced at a special dinner. The FT/IFC Transformational Business Conference will come before the dinner. The conference is a major gathering of thought leaders who will explore and debate the issues generated by the Awards.
To apply, go here.