Participation is now open in the NEC Innovation Challenge
The NEC Innovation Challenge (NIC) was established with the vision that “to foster the innovative ideas of the future, we must unite the wisdom of the world.” This initiative aims to forge significant partnerships with promising startups globally, leveraging the combined resources of NEC and its sponsors.
In the previous year, we received a total of 537 applications from 97 countries. After thorough evaluations by NEC judges, sponsors, and partners, 12 startups were chosen as finalists, with 10 ultimately awarded prizes.
Each year, various sponsors join NEC in supporting the NIC. This year, DNP (Dai Nippon Printing Co., Ltd.) serves as our platinum partner, and the themes are aligned with areas of mutual interest for collaboration between NEC and DNP and the participating startups.
The inaugural event took place in 2022, and the NEC Innovation Challenge 2024 marks our third iteration. This year, we will concentrate on four key themes: Healthcare, Sustainability, Digital Operational Excellence, and Media/Entertainment.
We aspire to cultivate business opportunities in partnership with startups, DNP, and NEC.
Unlock opportunities in the Japanese market with NEC Innovation Challenge!
- Have you considered the possibility of entering the Japanese market? Do you aim to enhance contemporary society through your digital innovations? The NEC Innovation Challenge 2024 invites start-ups from around the globe to collaborate with prominent Japanese companies and institutions in a co-creation effort.
- We are seeking both international and Japanese start-ups to partner with us and our affiliates.
- If your solution aligns with our four key themes—Healthcare, Sustainability, Digital Operational Excellence, and Entertainment—and you are eager to grow your business in Japan, this is an opportunity you should not overlook!
- This is your chance to access remarkable prospects in the Japanese market and compete for funding of up to 2.2 million yen (approximately 15,000 USD) for proof of concept development.
Themes To Tackle – NEC Innovation Challenge
- Healthcare
- Sustainability
- Digital Operational Excellence
- Media/Entertainment
Awards & Incentives – NEC Innovation Challenge
3 different types of prize line up for our selected startups!
NEC Award
Choose from the following two options:
- PoC funding of up to 2.2 million yen (Around 15,000 USD*)
- Business creation opportunities in Japan
- Travel expenses for stay in Japan (up to amount stated in 1)
- Arrangement of PoC discussions with business units and partners
- Assistance in developing stakeholders and the Japanese market
*The USD amount is based on the August 2024 exchange rate and may vary at the time of payment.
NOFF Award
Discussions for funding with NOFF
DNP Award
Discussion for funding with DNP and/or Discussion for PoC implementation
Participants who did not win an award or did not make it to the final event also have the opportunity to work with the NEC Group and its sponsors.
Requirements and criteria: what we expect
- You already have a service/product (MVP or above)
- Have a co-creation project with the NEC Group and sponsoring companies to create new value in the Japanese market and to expand overseas.
- Members who can communicate and collaborate with NEC Group and sponsoring companies in Japan (language barrier is not required!).
- Teams that enjoy creating business synergies with the NEC Group and sponsoring companies
Selection Criteria – NEC Innovation Challenge
The projects will be assessed following the criteria below:
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Specificity of Customer Pain Points:
Is the problem to be solved sufficiently large and can it create social change? Are the issues and needs of the target customers to be solved clear?
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Product-Market Fit:
Are customers satisfied with the product or service that solves the target customer’s problem? Do they have a track record that supports the probability that they will continue to use the product in the future?
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Market Growth Potential:
Does the target market for the applicant’s product or service have growth potential?
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Competitive Advantage:
Does the company have a strong competitive advantage, ability to increase market share, and barriers to entry?
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Business Model:
Is the business model profitable? Are Unit Economics in place? What are the flywheels for future growth?
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Business Driving Forces:
What are the driving forces behind the business? Can the company demonstrate its ability to drive the business based on its track record of delivering products and services?
Application – NEC Innovation Challenge
- For details and to apply for the NEC Innovation Challenge visit the official website
- Deadline is October 4, 2024
