NYC Business Innovation Challenge
When you invest in your employees, everybody wins. Enter the NYC Business Innovation Challenge.
This week, NYCEDC and Next Street launched the NYC Business Innovation Challenge, which is part of NYCEDC’s LINK initiative to better connect the City’s low-income residents with emerging opportunities. NYC Business Innovation Challenge is designed to help businesses better engage their employees to drive higher productivity and increased revenues. This Challenge invites businesses to create a plan that will provide their workers with a path to improve their skill sets, career prospects, and economic opportunities, while helping business attain higher employee retention rates, organizational performance, and revenues.
A recent study by the Corporate Executive Board (CEB) shows that the number one driver of employee commitment is having an employer who has created a dedicated plan for improving its workforce. The study found that committed employees are 87% less likely to leave their organizations and perform 20% better, leading to growth and higher revenues.
How It Works
A panel of expert judges from a range of industries and organizations will select the 15 most innovative plans entered into the NYC Business Innovation Challenge. These finalists will receive $25,000 in prize money to implement their plans. In addition, they’ll win free consultancy services from award-winning merchant bank Next Street to assist with implementation and ensure that the plans are scalable and sustainable over time. After a 5-month pilot phase, the best of these plans will be named Grand Prize Winners and receive an additional $100,000 to further scale their program. The Grand Prize Winners will also receive recognition from the City as top workforce innovators.
Enter now! Applications for the NYC Business Innovation Challenge are due May 31, 2013. To learn more about the Competition, including application requirements, deadlines and judges, visit: www.nycbic.com and follow the challenge on Twitter at @NYCChallenge and on Facebook at www.facebook.com/nycbic.