innovation through grand challenges

Innovation through Grand Challenges

What are the problems in the innovation ecosystem?

SMEs

companies

government

investorsresearchers

employees

Other financing tools for innovators have been in decline

“Many long-term fundamental technologies are not attracting the kinds of investments they deserve, even though the potential returns, if successful, would be very substantial”

Professor Josh Lerner, Harvard University

VCs Banks Governments

Competitions have the power to change the world!

Who are we?

Founded in 2006 at London Business School to solve

market- failure in security market

Hosted and managed 25 international Grand

Challenges

Return of Investment (ROI) of 6.49X for

sponsors, measured by UK Gov

Awarded over $2.9M and achieved impact of $124M for our finalists

OmniCompete is a world leader in prize design and execution

Our current and past competition clients

Areas of competitions

Social InnovationEnergy HealthSecurity

Architecture & Design Internet Water

Advancing the Open Innovation industry

What are the typical steps involved?

Ideation

Design

IT Platform

Launch &Marketing Judging Awarding Mentor &

Report

Ideation Process - Deconstructing the Problem

We need to research to understand why your problem has not been solved yet as it impacts the design stage.

Reasons Goal (Example) Type of Prize Our Prize Example (case study)

Market failure Curing spinal cord injury Inducement Prize $10M Spinal Cord Injury Prize

Low visibility of problem

New innovations for US Military

Start-up Challenge Global Security Challenge

Too complex of a problem

How to communicate to deep water oil wells

Abstraction Prize Cement Curing Prize

Market stimulation

Creating new innovations for the UK aviation security industry

Ideation Prize INSTINCT (UK Home Office)

Unused Big Data Better algorithms Predictive Analytics Prize

Cleveland Clinic Prize (by InnoCentive)

Mobile Learning

Stage 1

The Oil Well Wireless

Communication Challenge

Implementations of Innovations

Employees - Customers

Expert GroupsStage 2

Experts & general public Steer a toy car

from behind a wall

Near Field Comm.

Social Innovation

Idea Challenges Implementations

Ideas

Identifying& mobilizing new talents

CreatingCommunity

Focusing the Community &

enable collaboration

Understanding a message

while missing bits

Abstracting the complex problem

Cloud of Ideas & Innovators

Students

Chemists

Public

Employees

IT

Researchers

Right Time

Right Topic

Post

-Com

petiti

on Im

pact

Pla

n

Illustration of our Open Innovation Approach: deconstruct the problem and solve in steps

The effort – prize equilibrium

Complexity

Man-hours needed

Difficulty level

Capital investment

$$$ Prize

Exposure

Intellectual satisfaction of solving a challenge

How to tell the world’s innovators?Model it after a presidential media campaign

Use platforms to reach solvers

We are on GSA Schedule for US government procurement: GS-07F-0638X

OmniCompete Limited 57 Gloucester Place

London, W1U 8JJUK

OmniCompete Inc 3200 East 12 Mile Road

Warren, MI 48092 USA

Thank you!