The Mohammed bin Rashid Initiative for Global Prosperity (the Global Prosperity Initiative) based out of UAE has revealed the names of the 20 finalists for its Global Maker Challenge. One of the finalists chosen is a Blockchain startup called Fantine.
Fantine, based in Spain, is a blockchain-enabled marketplace that allows farmers to transact directly with roasters and buyers, as well as to set prices for their coffee beans based on their real production costs. This empowers coffee growers to break free from the top-down speculative pricing of traditional commodities markets by connecting growers directly with roasters and buyers, as well as removes some of the import/export middlemen who create unnecessary costs and market complexities without adding real value to the consumer.Fantine brings transparency, trust and traceability to the entire coffee value chain. Fantine enables closer relationships between producers and roasters, permitting them to transact in a transparent and efficient manner. Fantine is the B2B marketplace of fair (unroasted) coffee beans.
These finalists will compete for prizes and mentorship worth up to US$1 million when they present their solutions during a series of Virtual Pitches that will commence on August 31, 2020, in the lead up to the Global Maker Challenge Award Ceremony on September 6, 2020. This year’s global challenges centered around four themes: Sustainable and Healthy Food for All, Climate Change, Innovation for Inclusive Trade, and Innovation for Peace and Justice.
The 20 finalists, comprising five innovators for each of this year’s them, were assessed and shortlisted in partnership with the Massachusetts Institute of Technology’s SOLVE initiative (MIT SOLVE) and an esteemed jury of 47 globally renowned subject matter and innovation experts from UN agencies, global organisations, digital innovation companies, NGOs, and academia.
The finalists were selected from over 3,400 solutions that were submitted for Cohort 2 of the Global Maker Challenge, a 200 percent increase from last year’s inaugural cohort. Solutions from over 148 countries were received, of which 18 percent came in from Least Developed Countries.
Cohort 2 of the Global Maker Challenge was launched at the United Nations Industrial Development Organization’s (UNIDO) 8th Ministerial Conference of the Least Developed Countries in November 2019 in Abu Dhabi.