Discover some great insight into the collaboration of the World Economic Forum (WEF) with Novable.
In this article, Nitin Sharma, Lead- TradeTech at WEF, talks about working with Novable to scout for startups suitable for WEF’s Trade Finance Innovation challenge.
The World Economic Forum (WEF) is a global platform dedicated to fostering collaboration and innovation to address the world’s most pressing challenges. As part of this mission, WEF’s TradeTech Regulatory Sandbox initiative, in collaboration with the UAE government, aims to find and support innovative trade finance solutions that use emerging technologies, such as AI and blockchain.
Given the initiative’s complexity and global scope, WEF needed a partner capable of rapidly and accurately identifying startups and tech solution providers aligned with their specific needs. And this is where Novable came in.
TradeTech team sought Novable’s expertise to help them navigate the vast landscape of Trade Finance Innovation and pinpoint the most relevant players for their sandbox.
The Briefing was clear: TradeTech required a comprehensive and rapid identification of high-quality, innovative startups that could provide AI and blockchain-based solutions for trade finance within a limited timeframe.
“Novable’s approach was both efficient and precisely tailored to our needs. They launched three targeted Campaigns, each focusing on different aspects of Trade Finance Innovation,” mentioned Nitin.
Novable’s process seamlessly combined advanced AI algorithms with human expertise, ensuring that the results were not only accurate but also highly relevant to WEF’s objectives. The collaboration exceeded expectations, with Novable delivering 193 tech solution providers and startups — well beyond the initial target of 150 — within just 4 weeks.
The relevance of these identified companies was a key success factor. The overall matching rate was an impressive 67%, with two critical Campaigns achieving rates as high as 88% and 80%. This high degree of relevance allowed them to focus on truly impactful solutions.
Moreover, the relevant companies identified by Novable were geographically well-distributed across the globe, which was instrumental in broadening the reach and impact of WEF’s TradeTech initiative. This global distribution played a crucial role in fostering international innovation and collaboration.
Novable’s involvement significantly reduced the innovation team workload and accelerated project timelines. “Identifying nearly 200 relevant companies in just 4 weeks saved us invaluable time and resources, enabling us to focus on the core objectives of our initiative,” stated Nitin.
“What truly sets Novable apart is their perfect blend of speed, quality, and the human touch in their delivery. While their AI-driven platform is powerful, it is the integration of human interaction into the review process that made a critical difference. This combination ensured not only fast delivery but also a high matching rate among the identified companies. Novable’s global reach further amplified the impact of our initiative, allowing us to tap into a diverse and geographically distributed pool of innovators.” Nitin Sharma.
