8 Powerful Ways Innovation Competitions Can Help Your Organisation
Innovation competitions are almost as old as the hills; think Harrison’s marine chronometer and Brunnelleschi’s dome atop Florence cathedral.
Although these contests maybe creaking a little around the joints they are still powerful innovation tools that can help organisations come up with game-changing ideas. Here are 8 reasons why:
- They encourage people to come forward with novel ideas
- They attract sources of expertise that are not found through normal business channels
- You only pay for results
- You can ahieve an important innovation goal without having to spend time selecting teams or organisations you think most likely to succeed
- You can greatly increases the diversity of people, talents, experiences, backgrounds and opinions addressing a particular challenge or problem
- They improve the skills of all those competitors taking part as the nature of competition spurs them on to ever greater creative heights
- Typically the cash investment is less than going through traditional research and development processes
- They capture the imagination of all those involved as they dream about what really could be possible
The Bottom Line
A challenge competition is a fundamental way to encourage and organize creative and inventive individuals to solve problems and come up with solutions that have not been possible before. Accessing this incredible potential is open to every kind of organisation, but it requires the challenge to be accurately defined and described.
As Albert Einstein once said, “If I only had one hour to save the world, I would spend fifty-five minutes defining the problem, and only five minutes finding the solution.”
Perhaps it’s time for you to consider competitions as part of your company’s innovation toolkit?
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