February 22, 2017
Announced in February 2017, the Citi ‘Tech for Integrity (T4I) Challenge is an open innovation competition to source solutions to promote integrity, accountability and transparency in the public sector. Led by Citi in collaboration with its strategic Allies – LetsTalkPayments.com (LTP), IBM, Microsoft, Mastercard, Facebook, Clifford Chance, PwC and others – T4I aims to address a global problem with estimated costs of ~$4 trillion.
In an effort to help address global corruption – an issue named one of the top three challenges in ~47% of economies – T4I will source innovative tech solutions to promote integrity and contribute to anti-corruption initiatives.
T4I is structured as a global accelerator competition with robust curriculum and mentorship support to help participants at every step of the program. Citi is looking for participants to reimagine ways to help public and private organizations in their fight for greater transparency, security and integrity.
As part of the first stage, Citi and its Allies have crowdsourced a robust list of problem statements, or pain points, for technology innovators to review; the pain points are designed to spark ideas and help innovators to focus on the most relevant and critical problems.
Citi has identified the following categories where integrity, accountability and transparency are paramount and where developers should focus their efforts:Government Transactions Culture, Ethics & Citizen Engagement Information Security & Identity Crisis Management & Aid Cutting the Red Tape Analytics, Reporting & Transparency Financial Crimes & Illicit Activities Procurement
On February 7, Citi opened applications, inviting technology innovators to apply to this challenge using the illustrated above pain points where technology has the potential to promote integrity. Applicants are also welcome to create and submit their own paint point for the challenge.
As a proud Citi Ally and a supporter of the T4I Challenge, LTP’s MEDICI, the ultimate FinTech platform for collaborative innovation, also prompts the global community of entrepreneurs to apply for the Challenge in order to bring innovation to the public sector.
The T4I Challenge is open for dynamic startups and established technology companies from all around the world that are interested in solving the pain points within the designated categories, and that meet the Challenge eligibility requirements. Among other things, the following requirements are expected to be met by all eligible applicants:A company is legally authorized to do business and in good standing to do business in any jurisdictions in which it operates throughout the period when the challenge is being conducted and any awards and opportunities may be provided, Business owners have full power and authority to legally bind their enterprise, they operate independently even if they were acquired, or represent a unit of a group of companies, A company has a product in the market, traction and paying customers; A company is in the post-Series A funding stage.
Moreover, Citi also encourages companies that are looking to expand their revenue stream with new products, which are pilot-ready and prepared to be deployed into the market before May.
The T4I Challenge is a unique opportunity for startups as they can gain exposure to 75+ dedicated investors, 50+ banks and hundreds of financial institutions globally through LTP’s MEDICI platform. Moreover, the T4I Challenge is a doorway into potential partnerships with Citi’s strategic allies – LTP, Facebook, Microsoft, PwC, IBM, Clifford Chance – and its vast network of leading industry experts and partner companies.
The finalists will be selected based on a combination of the following criteria:Global reach Innovation Scalability Integrity impact Functionality Implementation feasibility
During two consecutive weeks starting April 30, 2017, Citi will announce finalists in EMEA, APAC and LATAM regions that will present on Demo Days in one of the six locations starting at the end of May. Promoting integrity, Citi offers awards to top innovators plus the opportunity to explore commercial relationships with Citi and Allies. Citi will grant the following awards to top innovators:
Audience Choice Award: Citi, allies and guests at each Demo Day (virtual and live) will vote to select the award recipient.
Peer Choice Award: Finalists will vote amongst themselves for their preferred innovation.
Citi and Ally Awards: Allies provide additional cash or in-kind awards. The recipients are determined by each respective ally or Citi business unit.
T4I Award: A panel of distinguished judges from the public and private sector will vote to determine at least one (1) Global T4I award recipient. The recipient(s) will receive a cash award.
Citi’s open innovation programs have been validated over the past two years when the company has nurtured mutually beneficial relationships with leading institutional and tech allies and continually seek to expand its network. Over 2.8K teams were engaged across 16 innovation programs, leading to 280 solutions accelerated globally.
The MEDICI Team is proud to be a part of the T4I Challenge as an ally and is deeply vested in the success of the selected T4I innovators. MEDICI connects the vibrant startup ecosystem, the world’s leading financial institutions and leading FinTech investors to boost the process of open innovation. MEDICI provides unique industry insights and startup access sourced directly from 6,000+ technology companies bringing innovation into private and public sectors globally, with deep segment analyses by domain experts across 45 FinTech sectors, supported by on-demand strategic consulting and bespoke research.