Hacking Generational Wealth

Black Tech Matters (host of last year’s MIT Hacking Racism) is back and hosting Hacking Generational Wealth, a virtual hackathon to disrupt the cycle of economic inequality and inequity, particularly in minority communities.   

Do you have great ideas for how business should work? This event is for you. Are you a coder or creator, a designer or a developer, an innovator or an ideator? This event is for you. Are you BIPOC or an Ally? This event is for you. Do you want to help build a future of financial equity and equality? This event is for you. 

Hacking Generational Wealth is a virtual hackathon being held over the weekend of February 26-28, 2021. Multi-disciplinary teams  of up to 6 people will be formed during the event if you don’t already have a team. Teams will tackle one of the following three themes:

    • Open Banking
    • Housing Security
    • Credit and Debt Management

There will be 2 rounds of judging. All teams will participate in the expo round and will have 5 minutes to pitch their solutions to the judges. The top 3 scores from the first round will move on to the finale where they will pitch in front of our finale judges and all our participants. The winners from each category will be invited to join the BlackTechMatters Accelerator. 

What is Generational Wealth?

Generational wealth is assets — money and property — passed down from one generation to the next. You know the saying “the rich get richer”? Generational wealth is part of that cycle. We want to hear your ideas and solutions for how we can overcome barriers to building generational wealth and build a future of finalcial equality and equity.

Can you tell me more about the themes?

Open Banking: Open banking is the practice of sharing financial information electronically, securely, and only under conditions that customers approve of Application programming interfaces (APIs) allow TPPs to access financial information efficiently, which promotes the development of new apps and services. Ideally, open banking should result in a better experience for consumers.

Housing Security: Housing security includes topics such as high housing costs relative to income, poor housing quality, unstable neighbourhoods, and overcrowding.

Credit and Debt Management: Credit and Debt Management is a set of skills and knowledge that allows an individual to make informed and effective decisions with their financial resources. Understanding the characteristics of credit empowers people for better engagement with the financial system and helps to prevent debt.