XPRIZE Trade Exchange
Building a more connected future for trade
With the University of California among its research and design partners, XPRIZE is launching a proposed three-year competition with a $10 million prize purse.
The Challenge
Global supply networks face increasing disruption from economic volatility, geopolitical tensions, tariffs, climate events, and cyber threats. At the same time, SMEs offer agility and capacity but remain difficult for large buyers to identify, verify, finance, and onboard. The opportunity is to rethink how global supply networks are designed. We can explore how technology, data, financing, and new models such as a global trade exchange could make them more resilient, diversified, and responsive. How can we build more resilient networks that rapidly connect buyers with a broader, trusted supplier ecosystem? And can we do so in a way that increases small business participation to provide additional agility, innovation, and capacity?
XPRIZE brings innovators from around the world together through prize competitions to develop and test solutions to major challenges. The proposed XPRIZE Trade Exchange would apply that approach to supply chain resilience and small business growth.
Global supply chains face uncertainty from shifting demand, transportation delays, and unexpected disruptions. For large corporations, qualified small and local businesses can widen the pool of available suppliers, bring specialized capabilities, and offer alternatives when established routes are strained. Small and medium-sized businesses make up roughly 90% of businesses worldwide and account for more than half of global employment. Making them easier to find and work with could help corporations stay agile while supporting business growth and local economies. Better information about supplier practices could also support more sustainable purchasing decisions.
~90% |
>50% |