8 trends in innovation competitions
TRANSCRIPT
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8 TRENDS IN INNOVATION COMPETITIONS by Jacob Westerlund – April 2015
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Develop your hardware An innovation competition is a great way to organize a community that can develop software for your hardware - as long as there are good incentives and prizes to be won.
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Hold several iterations More and more competitions are being conducted in several iterations. The first step usually has a low threshold for participating, to increase the number of contestants. The last step is demands more of participants, in order to achieve highly relevant innovation.
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Matchmaking forum Many competitions target teams rather than individuals. A matchmaking forum is an excellent way for individuals with different skills to meet and form a team.
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Incubators for winners Larger companies create incubator environments, which can take the form of a separate company, and which can be used to build a bridge between winners’ concepts and eventual implementation. Inclusion in these environments can also be part of the incentive for participants.
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Make the jury your ambassadors Inviting external experts to be a part of the jury has proven to be a success factor. There is a lot of opportunity created when big names in whatever area the competition is based act as ambassadors and create awareness.
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CSR 2.0 Up until now, CSR has been about making changes internally, and communicating those changes on the webpage or via an over-designed brochure. Through an innovation competition companies can now engage stakeholders directly in their most important CSR challenges.
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Social voting Great marketing is one of the most important factors when organizing a successful innovation competition. Social voting that is integrated with the major social media platforms is a great way to create buzz globally.
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Hope you enjoy, and remember, sharing is caring! Sqore organizes and develops innovation competitions on a global scale. We’ve earned a reputation for creating tailored competitions, and for delivering on our client’s innovation needs. Let me know if you are interested in arranging an innovation competition, or if you know someone who is interested please spread the word! Read more about what we do: http://services.sqore.com/topics/innovation
Jacob Westerlund +46 70 644 77 76 [email protected]