Venture Philanthropy

Developing and Delivering Effective Prizes

There are many reasons for sponsoring prizes, ranging from focusing individuals or groups on solving a well-defined challenge; recognizing excellence in ideas, behaviors, and achievements; influencing public perception including the perception of the sponsor; identifying and mobilizing new talent for innovation; strengthening networks of problem solvers in order to bring ideas and people together for future collaboration and innovation; and educating and improving the skills of participants; to shifting risk from sponsors to participants by mobilizing the capital and time of competitors [See the McKinsey report: [AND THE WINNER IS...]. For these and many more reasons foundations, charities, non-profits, governments and the corporate world offer prizes for competitions.

In order to achieve their sponsors' goals competitions must attract a large number of people with the skills, knowledge, resources, and motivation to work hard to come up with innovative solutions. Many sponsors have philanthropic motives – initiatives focusing on improving quality of life for the public good. Prizes also increase a sponsor's profile and public image.

If any of this applies to you, IdeaConnection can help you in several ways.

Open Competition:
If you wish to have your contest broadly known, IdeaConnection will employ its marketing expertise to engage the media and social networks in launching and promoting your contest, as well as in attracting publicity and attention when the prize is awarded. We will ensure your challenge is communicated to specific communities of interest and/or the general public nationally or globally.

Targeted Solving of Problems:
IdeaConnection has thousands of pre-qualified [PROBLEM SOLVERS] from all over the world, who are willing to tackle innovation challenges. Their solutions can help NGOs, charities, foundations, and non-profit organizations meet their goals. Contests can invite solutions from individuals, or from teams of problem solvers. Each team is led by its own facilitator, and works online in its dedicated virtual ThinkSpace®, resulting in a group of focused solvers that will develop innovative solutions.

The advantage of this approach is that you will need to evaluate a smaller number of solutions, albeit you are assured these solutions will be of the highest possible caliber.

Challenges can range from medical devices for the third world, to green and other technologies, aquaculture, industrial design, disease control, crop science, and much more.

How it Works:
You make the important decisions about the design of the competition, such as the target of problem solvers; ownership of any intellectual property that is created; rules of the competition, such as criteria for winning; and the size of the prize. IdeaConnection can provide advice during this important planning process if you wish.

We are here to help:
This is your opportunity to use the power of our problem solvers to help your organization create a solution for the common good, to raise awareness of an issue important to you, or to inspire, motivate and catalyze the next generation of global innovators.

We can also ensure a broad exposure of your contest if you wish to attract the largest possible number of competitors.

Join some of the world's largest companies
who trust us with a portion of their R&D.

For help in defining your competition and reaching millions of people, please contact:
Scott Wurtele
1-877-525-6671 x101

What Else Can our Solvers do for You?

Take a look at our complete line of [INNOVATION SERVICES] and use our Solvers in a way that best fits your innovation agenda.