RISE is a non-profit, financial growth group that accelerates innovation and enterprise development round options to coastal communities’ most intractable issues. By way of its Challenges, greater than 300 entrepreneurs and companies from throughout the globe have competed to hitch RISE’s complete program and win a funded pilot mission utilizing coastal Virginia as a dwelling laboratory to check and refine their local weather tech options. RISE acts as a “one-stop store” for revolutionary options by figuring out pilot websites, coordinating set up, creating an analysis plan, and facilitating enterprise growth. To handle the gaps between flood threat and safety, RISE Resilience is launching the Flood Insurance coverage of the Future Problem.
Does Your Resolution Assist Cut back Flood Insurance coverage Safety Gaps?
As present insurance coverage methods battle to precisely determine, reduce and canopy the danger to properties which can be more and more vulnerable to flooding, RISE is searching for options which have the potential to cut back flood insurance coverage premiums and payouts by 50%.
To realize this, RISE Resilience has recognized a number of matter areas as options to corporations together with new sources of capital and approaches to insurance coverage, linking threat mitigation options to cut back threat switch prices, and enhancing accuracy and granularity of information and processing capabilities.
Implement Your Resolution in Actual World Pilot Testing Websites
All of the profitable options have to be applied within the Hampton Roads area of Virginia. This area supplies a novel testbed for the event and demonstration of options for the RISE Resilience Flood Insurance coverage of the Future Problem since:
- It’s the location of many present and deliberate resilience tasks.
- The regional cities are proactive in internet hosting and assessing new resilience applied sciences and approaches.
- RISE has intensive expertise in creating and operating resilience Challenges on this area.
Discover the Advantages of Becoming a member of the RISE Resilience Flood Insurance coverage of the Future Problem
Since 2018, RISE has deployed over $6 million to greater than 35 companies creating new, scalable services and products that assist coastal communities adapt to local weather change impacts. RISE supplies chosen corporations with technical, authorities, and enterprise mentors, investor matchmaking, custom-made accelerator curriculum, and ongoing assist to get their companies to the subsequent degree whereas fixing communities’ resilience wants.
If chosen, RISE will assist what you are promoting within the following methods:
- Entry to the Resilience Innovation Fund (non-equity, non-dilutive)
- Entry to the Resilience Innovation Accelerator
- Entry to actual world datasets, testbeds & pilot websites
- Fabrication & testing areas
- Co-working workplace areas
- Regulatory & permits assist
- Develop into part of a longtime resilience group
- PR and media visibility
- Strategic collaborations with consultants and stakeholders
What’s extra, RISE presents variable funding awards to each single corporations (as much as US $300K) in addition to groups of corporations (as much as US $750K) creating built-in options. Name your companions at this time!
What Sort of Options Is RISE Trying For?
Apply for the RISE Resilience Flood Insurance coverage of the Future Problem in case you work on options that:
- Supply new sources of capital and approaches to flood insurance coverage.
- Combine with resilience infrastructure tasks underway or deliberate within the Hampton Roads area, leading to a discount in threat and insurance coverage prices. This contains assessing present resilience tasks for his or her impacts on insurance coverage, in addition to proposing or guiding future tasks.
- Construct on previous or present flood insurance coverage program approaches — for instance, community-based or parametric, to exhibit effectiveness on a city-wide foundation.
- Some insurance coverage approaches require measurement information to be able to set off a payout. There’s a want for correct and dependable measurement information and processes to precisely and reliably characterize the occasion which triggers the payout.
- Help municipalities in decreasing flood insurance coverage premiums on a community-wide foundation (for instance, by means of a Neighborhood Score System).
- Develop information, evaluation, or modeling, to assist and improve insurance coverage premium and payout discount efforts. Some examples embrace:
- Parcel-by-parcel data of properties (e.g., first-floor elevation, development, flooding mitigations, and so on.)
- Crucial infrastructure and different parameter mapping and cataloging to information and enhance the calculation of insurance coverage prices.
- Merchandise and processes to cut back fraud-related prices to insurance coverage corporations. This will embrace improved processes to detect fraud, forestall future fraud, and cope with fraudulent claims and practices extra effectively.
- Designs and plans for communities in Hampton Roads to set up Neighborhood Catastrophe Resilience Zones (CDRZ). These zones have been proposed as a federal construction that directs public and incentivizes private-sector funding for resilience tasks to communities most in want and most in danger from vital pure disasters. CDRZ communities could be offered a menu of funding and financing choices to pay for resilience tasks to higher defend them towards vital pure catastrophe dangers.
This Problem seeks options to be utilized to particular deliberate efforts in Hampton Roads communities, for instance, the “Ghent to Harbor Park Flood Safety Program” deliberate with the USACE within the Metropolis of Norfolk, in addition to focuses on these actions required to fulfill the Problem objectives.
Submissions will probably be thought of in areas apart from these described above if the achievement of the Problem aim might be demonstrably met.
RISE Focuses on Supporting Corporations That Assist Sort out Local weather Change
RISE has initiated greater than 30 novel pilot tasks to resolve the local weather challenges that coastal communities face at this time. Examples embrace:
- The world’s first integration of flood modeling expertise with Waze presents drivers real-time alerts to assist them navigate flooded roads.
- The nation’s first House Elevating Academy piloting workforce coaching and certification within the house elevation trade.
- Cell manufacturing models that produce reasonably priced shoreline safety constructions to mitigate flooding quicker and safer.
- Stormwater monitoring software program and sensors that give real-time analytics and alerts to stop flooding, lower prices, assist prioritize retrofits, and plan future infrastructure tasks.
Able to scale your flood threat administration answer? Click on right here to use for the RISE Resilience Flood Insurance coverage for the Future Problem!
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