Urban Future Finance Challenge

The BOOST: Urban Future Finance acceleration programme is exploring new ways to boost urban development. We’re looking for innovative or alternative finance solutions that align with at least one of the following areas of work:

• Monetizing Sustainability: Convert environmental and social benefits into economic assets, and better ways to collect local revenues and align with larger goals; 
• Enhancing Financial Viability: Enhance the financial viability of urban projects, by reducing risks and building innovative partnerships to attract investments for urban transformation;
• Engaging Communities: Involve local communities to better plan and distribute city resources to meet their needs, enhance relevance and ensure strong community buy-in.

Innovative finance refers to financial solutions that leverage new tools and mechanisms to increase the volume, efficiency, and/or effectiveness of financial flows. Examples of such solutions include green token systems, quadratic funding initiatives, microfinance instruments, circular economy models, digital tax collection systems, impact bonds and funds, etc.  

Alternative finance is closely interconnected with innovative finance but encompasses a range of financial instruments and structures that exist outside of traditional banking and capital market mechanisms. Examples include peer-to-peer lending, crowdfunding, tokenization, and community shares.

Stage:
Applicants with a Minimum Viable Product (MVP)* or further developed solutions are encouraged to apply. 

Location registration:
Applicants must be based in Albania, Bosnia & Herzegovina, Kosovo**, Montenegro, North Macedonia or Serbia or demonstrate a clear intention to deploy their solution or project there. 

Language:
English

*  An MVP (Minimum Viable Product) is the simplest version of a product or service that can be created and released to test an idea with real users. It has just enough features to work and solve a specific problem, allowing you to gather feedback and make improvements before investing more time and resources.

** References to Kosovo shall be understood to be in the context of United Nations Security Council resolution 1244 (1999).

• Innovation: Uniqueness and originality of the proposed solution or project. Potential for disrupting existing practices or markets. Degree of innovation compared to current solutions.
• Feasibility: Clarity of solution/project’s objectives and implementation plan. Technological and/or operational feasibility and realistic timelines
• Scalability: Potential for expansion and growth beyond the current scope. Ability to adapt to changing market conditions and demands. Strategies for scaling without compromising quality or impact.
• Impact Potential: Anticipated social, environmental, and economic benefits. Measurable outcomes and key performance indicators. Alignment with the innovation challenge’s objectives and focus areas.
• Management: Competence and experience of the management team.  Clear roles and responsibilities within the team and demonstrated capacity for effective project execution.   

Applicants with established partnerships with specific cities or city stakeholders for piloting, deployment, or scale-up, and those that harness contemporary technologies to enhance operational efficiency, ensure transparency, and expand financial inclusivity will be prioritized. 

*Each criterion carries a weight of 20% 

Applications will be evaluated by a multi-stakeholder committee. The assessment will take into consideration the eligibility criteria and alignment with the objectives of the programme. The overall cohort composition will ensure equal opportunities for participation across countries and gender.