“Can we build transformative and sustainable business models for Asian and other small businesses to succeed in post-pandemic recovery?”

Small businesses have been adversely impacted by COVID-19. This competition will gather participants from diverse backgrounds and experiences, and challenge them to conceptualize innovative solutions to help these businesses bounce back.

For example, in 2020, up to 50% of Asian restaurants across the United States have permanently closed, compared to 30% of all restaurants. With some states reopening, many are only allowing up to 25% occupancy – not nearly enough to financially sustain these restaurants through the business recovery phase of reopening. Other Asian-owned retail and small businesses have had similar experiences. To responsively care for our communities, we need to create new models for these businesses.

We are looking for transformative solutions that introduce new business models. We ask that participants identify public and private interventions that will most effectively encourage the recovery and reinvention of these businesses by the end of 2021. We are also asking you to amplify the voices of small business leaders by diving deeply into their issues.

$2,000 in prizes

• Application, Relevance, Potential for Impact
  How realistic is the application of this solution? How relevant is the solution to current small businesses? How impactful could this solution be?
• Creativity
  How original is this solution? Does it set itself apart from other solutions through innovative or non-traditional methods? Does it demonstrate outside-the-box thinking?
• Scalability
  What is the potential for scalability? How costly would this solution be to bring to scale?
• Multigenerational inclusion
  To what degree does the solution consider people of various generations as both business owners and customers? What degree of effort went into building a solution that could be used by, and benefit people of, various generations?