Example of heavy flooding in Houston, TX caused by insufficient infrastructure
New Resilience Challenge is Open Now!

RISE Flood Insurance
of the Future Challenge

$1.5 Million Available to Flood Insurance Innovators

Amid rising seas and an unsustainable national flood insurance strategy, flood-prone homeowners, businesses and renters need a better solution. This year, RISE is seeking Solution Builders whose ideas can reduce flood insurance premiums and payouts by 50%.

The Challenge

Be a Solution Builder for Tomorrow’s Flood Policyholders

Flooding is the most common and costly natural disaster in the United States, and climate change is accelerating its impact. Between 2010 and 2018, the annual cost of flood damage was approximately $17 billion – four times the cost in the 1980’s.

In the last 25 years, 99% of U.S. counties have been damaged by flooding events. Yet despite the known benefits of flood insurance, only 1 in 10 property owners carry policies, and the premiums simply aren’t enough to cover the increasing costs of policy claims.

The result: a large and persistent gap, and a growing chorus of experts who call our existing approach to flood risk insufficient and unsustainable.

The solutions, they say, are systematic, and must consider not only the financial costs of flooding disasters, but the enormous and escalating human costs, as well.

Example of urban flooding in the United States

From 2010 to 2018, the annual cost of flood damage was roughly $17 billion.

Join Our Weekly Challenge Webinars

Still have questions? Be sure to register for our weekly live, virtual info sessions every Thursday at 1pm EST, and check out some of our previous webinars featuring leading innovators and solution builders in the industry.

Challenge Topics

RISE asked industry leaders and organizations to describe what kinds of solutions might be most valuable to our stakeholders. They came back with a great list of suggestions. See our Challenge Topics to learn more, and our Applicant Guidelines for more detailed information!

Eligibility

  • You have to be a business entity.
  • Your business has to be able to deploy your solution in Hampton Roads, Virginia, either by yourselves or by hiring a local partner.
  • Your solution has to be at the prototype stage or later.
  • If you are selected as a finalist, you will be required to submit additional documentation, including technical details of your solution and a work plan.
  • Finalists will be required to register with the Virginia State Corporation Commission (SCC).

Awards

Resilience Innovation Fund
Applicants can apply for up to $300,000 in non-equity funding. Teams of businesses can submit integrated solutions and may receive up to $750,000.
Resilience Innovation Accelerator
The Selection Committee may recommend making the award (or a portion of it) contingent upon refinement of a business plan and/or work plan. In such case, the winners may be required to participate in a Resilience Innovation Accelerator. Each winner will receive up to $10,000 for their participation.
Resilience Innovation Hub & Testbed
In addition to funding, the winners will also gain access to a suite of benefits including:
  • Real-world pilot sites in Hampton Roads, Virginia
  • Feedback from government pilot hosts
  • Government, technical, and business mentors
  • Regulatory assistance with permits and government funding
  • Co-working office space in Hampton Roads, Virginia
  • Co-working fabrication facility in Hampton Roads, Virginia
  • PR opportunities and media visibility
  • Introductions to potential investors and customers
  • The only ecosystem of coastal resilience entrepreneurs in the U.S.

Timeline

* All dates are subject to change

October 3, 2023
Launch
Every Thursday between October 3 and December 1, 2022 — 1pm EST

Informational webinars.

December 7, 2022 — 2pm EST

Application submission deadline.

December 20, 2022

Finalists announced. Finalists will be required to submit additional documentation, including technical details of your solution, a work plan, and financial projections.

January 10, 2023

Deadline to submit the additional documentation if selected as a finalist.

January 18, 2023

Shortlisted finalists announced and invited to pitch to the Selection Committee for the funding from the RISE Resilience Innovation Fund and other resources.

February 1, 2023

Finalists’ pitch presentations to the Selection Committee. Finalists will have 30 minutes to present, with an additional 1 hour for questions from the Committee. The finalists will receive questions from the Selection Committee in advance to aid their preparation.

End of February, 2023

Winners and funding levels announced.

March 2023

Launch of the Resilience Innovation Accelerator.

Launch of project implementation.

December 31, 2023

Deadline for project implementation and contract closeout.

Additional Information

Still have questions? Check out our FAQs and register for our live weekly webinars!