QBE has opened submissions for this year’s AcceliCITY Resilience Challenge, which rewards start-up and entrepreneurial ventures that address risk, equity and sustainability in urban environments.

The challenge, which the QBE Foundation runs, carries up to $US150,000 ($224,780) in prize funding for chosen winners to help support innovative solutions towards complex socio-economic issues faced by cities.

This primary challenge will support competitors with funding for a city pilot project and provide mentoring and collaboration opportunities from QBE and other partners for further venture investment.

Last year’s City Solution of the Year Award winner, Automedi, developed a world-first decentralised microeconomy that converted plastic waste into community products.

QBE has also announced that this year’s challenge, which will be its fifth edition, will host two new breakout tracks centred around commercial property insurance and agricultural innovations. Both challenges carry a $US25,000 ($37,460) reward.

“As a leading commercial property insurer, and farm insurer through our Elders Insurance subsidiary, QBE is constantly searching for new and innovative ways to mitigate commercial risks, to better support and protect our customers,” QBE CFO and co-chair of QBE Foundation Chris Esson said.

“These new entry tracks offer us the opportunity to directly engage with new ideas that could help alleviate some of the myriad risks facing our commercial property customers.”

Applications for the awards are open until April 30.

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