Financial Capability Development Competition
The Financial Capability Development Competition, or FinCapDev, (http://fincapdev.com) is a nationwide challenge administered by the D2D Fund and the Center for Financial Services Innovation to develop the new mobile applications that will help working Americans make smart financial choices and better access financial services. The competition is complementary to the recent MyMoneyAppUp Challenge (sponsored by the Department of the US Treasury) and is made possible by the support of the Ford Foundation, the Citi Foundation, and Omidyar Network.
FinCapDev is currently open for proposals to develop fully functional mobile apps. A panel of judges from arenas including technology, venture capital, academia, and government will then review and score proposals based on the innovativeness of the idea; the likelihood of improving users’ financial access and/or capability; concept feasibility, and potential for its sustainability. Those that make the grade will be announced on January 15, 2013. From there, it’s time to build until early May 2013. Then in early June 2013, finalists will demo their fully functional apps at a financial services industry event in front of a panel of expert judges who will award three cash prizes totaling $100,000.
So who applies to the FinCapDev and what, beyond the $100,000 prize purse, incentivizes them?
Contestants that make it through to become FinCapDev finalists will get…
● A start-up cash stipend from a pool of $100,000.
● Access to financial services and technology industry experts and resources via in-person meetings, live chats and webinars. Supporting organizations include Capital One Financial Corporation, Citi, Dell Social Innovation Challenge, Facebook, H&R Block, ideas42, MasterCard, and Yodlee.
● Access to technical resources and other app building blocks that are often difficult to get.
● Access to an ecosystem of American innovators, software developers, financial service firms, investors, and nonprofits.
● The opportunity to demo the working app to a panel of expert judges at a June 2013 financial services industry event where three cash prizes totaling $100,000 will be awarded.