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Innovation creates ‘shared prosperity’

More than $1 million has been awarded via an MIT-led programme to companies using technology to improve the prospects of working people.

Around 1,000 organisations from around the world took part in the MIT Inclusive Innovation Challenge (IIC), the institution’s initiative on the digital economy. The challenge seeks to encourage the development of digital tech which can “create not only prosperity, but shared prosperity”, Erik Brynjolfsson, Director of the MIT Initiative on the Digital Economy, explains.

At a reception in Boston four grand prize winners collected $150,000 each, with $35,000 for the 12 runners up behind them. They were fighting it out in four categories: Financial Inclusion; Income Growth & Job Creation; Skills & Matching; and Technology Access.

“With the IIC, we’re celebrating the entrepreneurs and innovators who are demonstrating so many different ways to put powerful technology to use to improve people’s economic prospects. Our award winners and other entrants show us that broadly shared prosperity is possible, which makes a great antidote to pessimism and negativity,” said Andrew McAfee, Co-Director of the MIT Initiative on the Digital Economy.

Check out all the winners here.

And the wider ‘tech for good’ movement continues to grow. Earlier this month we reported an example in India, where an e-marketplace platform is being created to lift one million craftspeople out of poverty within the next decade.

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