NYC’s unemployment rate jumped from 3.8% to 20% between April and May 2020, leaving more than 570,000 New Yorkers without work. While the unemployment rate has decreased since the pandemic’s peak, at approximately 10.5% it is still nearly three times higher than pre-COVID 19 and nearly twice the national average. Further, employment cuts and new hiring have not been evenly felt across industries; in particular, face-to-face jobs in hospitality, entertainment, retail, construction, healthcare, and transportation lost hundreds of thousands of jobs. Now more than ever, New York City needs innovation, leadership, and resources.
The goal of the NYC Recovery Challenge is to identify teams, founders and companies who are specifically committed to supporting job creation, placement, and retention throughout the five boroughs. We are looking to support new ideas, products, services and solutions that use technology to better equip small and medium-sized businesses and job seekers and aid New York City’s economic recovery in 2022 and beyond.