Overview of different types of innovation competitions ( inducement prizes) - providing various sponsorship opportunities for corporations to spur innovation
The three Enterprise Innovation Networks The Irish Software Association (ISIN), Industry Research & Development Group (IRDG) and the Construction IT Alliance (CITA) EIN, all funded by Enterprise Ireland hosted a joint seminar on Tuesday 23rd October 2012 in the Dublin City Council offices on Wood Quay from 08.00am - 11.00am. There were 80 delegates in attendance and an additional 20 viewing the event online. The intention of this event was to focus on the need to Collaborate to Innovate for a successful future.
The Opening address was given by Mr Greg Treston from Enterprise Ireland. Greg is Head of Research & Innovation. There was then a short Introduction to each of the Enterprise Innovation Networks. Speakers included Paul Sweetman of ISIN, Denis Hayes of IRDG and Suzanne Purcell of CITA EIN. This was followed by presentation on Collaborating with Third Level Research Institutes by John Whelan, Trinity College Technology Transfer Office and Tom Flanagan, DIT Hothouse. Three case Studies followed. Case Study 1: Dr. Yvonne Traynor, Henkel Case. Study 2: Sean Giblin, Cylon Controls. Case Study 3: Anthony McCauley, Fujitsu
Current Trends In The Startup Accelerator Industry.pptxMiklos Grof
A presentation of data collected about the current state of startup accelerators in Europe, LatAm, Asia and Oceania for 2014. The report was conducted by Fundacity which is connecting startups and investors around the world.
The document outlines six steps to better collaboration in organizations: 1) Investing in collaboration requires top executive commitment to building social relationships. 2) Utilizing open innovation networks which have greater potential to improve productivity than closed networks. 3) Recognizing the informal network as collaboration can come from anywhere in the organization structure. 4) Providing the right support through collaborative skills training and community building. 5) Leveraging existing relationships as research shows the best results come when 20-40% of a team already knows each other. 6) Creating role clarity but allowing for task ambiguity to give teams flexibility in outcomes.
The Secret Sauce for Innovation (shortform) Laszlo Szalvay
The document summarizes Laszlo Szalvay's presentation on innovation and agility at Agile Brazil 2012. It discusses how organizations can become more innovative through adopting an agile mindset. The presentation covers 5 steps for organizations: 1) become a learning organization, 2) focus on employee retention, 3) implement community architecture, 4) have a clear executive vision, and 5) use user stories to articulate requirements. The goal is to help organizations innovate through increased agility.
The document discusses employer engagement strategies used by the Toronto Region Immigrant Employment Council (TRIEC). It outlines TRIEC's objectives to connect skilled immigrants to jobs, build employer awareness of immigrant talent, and influence policy. The employer engagement model focuses on raising awareness, increasing acceptance, and enabling action. Examples of engaged employers like Pitney Bowes, American Express, and Steam Whistle Brewing are provided. Key learnings emphasize the importance of ongoing relationships, appropriate engagement opportunities, and internal champion support.
The iBootcamp is an intensive personal development program for entrepreneurial researchers. It is limited in time and the primary purpose is to guide researchers or business partners staff who want to found their own company starting from a concrete business idea. The program is a set of focused workshops in which an entrepreneurial multidisciplinary team is created and coached. The workshops are a balanced combination of teaching, coaching and doing with a strong exposure to business executives, industry and financial experts.
www.FITT-for-Innovation.eu
Open Innovation with an example from P&GFahad Abbasi
Open innovation involves sharing risks and rewards of the innovation process with external partners. This document discusses Procter & Gamble's adoption of open innovation. P&G found that in-house R&D success rates were low and external ideas were underutilized. They launched external connections programs to source ideas from entrepreneurs. P&G evaluates ideas for alignment with business goals and technical feasibility before collaborating on cocreation. Key factors in P&G's open innovation success include culture change to accept external ideas and leadership support for external connections programs.
Start-ups are changing the world faster than ever - Accelerator programs are growing and enabling great entrepreneurs to succeed. Here is why Microsoft Ventures is helping the entire ecosystem and how that benefits to our Start-ups.
The three Enterprise Innovation Networks The Irish Software Association (ISIN), Industry Research & Development Group (IRDG) and the Construction IT Alliance (CITA) EIN, all funded by Enterprise Ireland hosted a joint seminar on Tuesday 23rd October 2012 in the Dublin City Council offices on Wood Quay from 08.00am - 11.00am. There were 80 delegates in attendance and an additional 20 viewing the event online. The intention of this event was to focus on the need to Collaborate to Innovate for a successful future.
The Opening address was given by Mr Greg Treston from Enterprise Ireland. Greg is Head of Research & Innovation. There was then a short Introduction to each of the Enterprise Innovation Networks. Speakers included Paul Sweetman of ISIN, Denis Hayes of IRDG and Suzanne Purcell of CITA EIN. This was followed by presentation on Collaborating with Third Level Research Institutes by John Whelan, Trinity College Technology Transfer Office and Tom Flanagan, DIT Hothouse. Three case Studies followed. Case Study 1: Dr. Yvonne Traynor, Henkel Case. Study 2: Sean Giblin, Cylon Controls. Case Study 3: Anthony McCauley, Fujitsu
Current Trends In The Startup Accelerator Industry.pptxMiklos Grof
A presentation of data collected about the current state of startup accelerators in Europe, LatAm, Asia and Oceania for 2014. The report was conducted by Fundacity which is connecting startups and investors around the world.
The document outlines six steps to better collaboration in organizations: 1) Investing in collaboration requires top executive commitment to building social relationships. 2) Utilizing open innovation networks which have greater potential to improve productivity than closed networks. 3) Recognizing the informal network as collaboration can come from anywhere in the organization structure. 4) Providing the right support through collaborative skills training and community building. 5) Leveraging existing relationships as research shows the best results come when 20-40% of a team already knows each other. 6) Creating role clarity but allowing for task ambiguity to give teams flexibility in outcomes.
The Secret Sauce for Innovation (shortform) Laszlo Szalvay
The document summarizes Laszlo Szalvay's presentation on innovation and agility at Agile Brazil 2012. It discusses how organizations can become more innovative through adopting an agile mindset. The presentation covers 5 steps for organizations: 1) become a learning organization, 2) focus on employee retention, 3) implement community architecture, 4) have a clear executive vision, and 5) use user stories to articulate requirements. The goal is to help organizations innovate through increased agility.
The document discusses employer engagement strategies used by the Toronto Region Immigrant Employment Council (TRIEC). It outlines TRIEC's objectives to connect skilled immigrants to jobs, build employer awareness of immigrant talent, and influence policy. The employer engagement model focuses on raising awareness, increasing acceptance, and enabling action. Examples of engaged employers like Pitney Bowes, American Express, and Steam Whistle Brewing are provided. Key learnings emphasize the importance of ongoing relationships, appropriate engagement opportunities, and internal champion support.
The iBootcamp is an intensive personal development program for entrepreneurial researchers. It is limited in time and the primary purpose is to guide researchers or business partners staff who want to found their own company starting from a concrete business idea. The program is a set of focused workshops in which an entrepreneurial multidisciplinary team is created and coached. The workshops are a balanced combination of teaching, coaching and doing with a strong exposure to business executives, industry and financial experts.
www.FITT-for-Innovation.eu
Open Innovation with an example from P&GFahad Abbasi
Open innovation involves sharing risks and rewards of the innovation process with external partners. This document discusses Procter & Gamble's adoption of open innovation. P&G found that in-house R&D success rates were low and external ideas were underutilized. They launched external connections programs to source ideas from entrepreneurs. P&G evaluates ideas for alignment with business goals and technical feasibility before collaborating on cocreation. Key factors in P&G's open innovation success include culture change to accept external ideas and leadership support for external connections programs.
Start-ups are changing the world faster than ever - Accelerator programs are growing and enabling great entrepreneurs to succeed. Here is why Microsoft Ventures is helping the entire ecosystem and how that benefits to our Start-ups.
This document discusses various approaches to financing social innovation. It begins by outlining a framework with 5 stages of financing: 1) prompts, 2) proposals, 3) prototypes, 4) sustaining, and 5) scaling. It then examines different types of funding that are appropriate for each stage based on risk and impact. Examples of funding mechanisms discussed include grants, venture philanthropy, impact investing, social impact bonds, and preventative investment at the city level. The document also explores questions around the degree of competition, mobilizing procurement, and examples from the UK like the Peterborough Social Impact Bond and Greater Manchester preventative investment program.
Kennametal's innovation journey focused on strategic alignment, disciplined processes, and executive involvement. They created an Innovation Ventures Group to target emerging business opportunities beyond their core offerings. Their approach balances managing the core business while incubating new opportunities earlier in the innovation cycle through a portfolio of projects with varying levels of risk and market adjacency. Executive support was crucial for providing resources and governance over the innovation pipeline and portfolio.
IBM Collaborative Innovation Platform - ThinkPlaceKapil Gupta
Describes the background and progress of IBM's Corporate Innovation program and ThinkPlace platform, for which I led Technical Strategy and product roadmap. Deck contains Information and background shared with customers and analysts circa 4Q 2008. (so obviously very out of date now - but a good representation of our thoughts etc at that point in time)
Swiss chamber open innovation & battle of conceptsSwiss Chamber - Open Inno...Jose Claudio Terra
The document summarizes the Battle of Concepts open innovation model used by TerraForum Consulting to source solutions from students for business challenges faced by companies. Students develop concepts which are evaluated by companies who select the best ideas. The process aims to promote collaboration between companies, universities and students to generate innovative solutions. Over 300 projects have been completed using this model in Brazil and the Netherlands, connecting thousands of students with companies across multiple industries.
KaBOOM! is a social enterprise founded in 1995 that builds playgrounds and play spaces to promote children's health, learning, and safe places to play. It partners with corporations to fund projects and brings together volunteers to build playgrounds.
The document discusses introducing a performance management system for KaBOOM! to help assess its performance and goals. Key challenges include measuring social impact versus outputs and defining relevant measures.
It presents the "KaBOOM! Formula", adapted from the DuPont formula for businesses. The formula defines KaBOOM!'s return as the product of its mission-related outputs, internal efficiency in using resources, and external efficiency in leveraging outside resources. It provides categories for quantitative metrics to track
The CRI has had success over 5 years in bridging the gap between innovation and commercialization for entrepreneurs in rural Alberta. It provides a one-stop-shop for innovator services including intellectual property assessment, prototype development, investor readiness training, mentoring, market analysis, and workshops. The CRI works with over 200 clients annually using a mixed staffing model and $2.4 million budget. It serves as the center of a regional innovation network spanning the Peace Country.
Startup Monthly is an organization based in Silicon Valley which is devoted to helping entrepreneurship communities around the world create, innovate, quickly iterate, and grow startups in a wide area of technical fields.
Startup Monthly is run by a team of aspiring entrepreneurs which brings together a community of like-minded, passionate entrepreneurs through HANDS ON workshops to teach young entrepreneurs how to create LEAN and FUNDABLE startups
The document discusses entrepreneurship and technology transition in Moldova. It summarizes a digital dermatology technology called TeleSkin that was developed in Serbia, which accurately identified all skin cancers in a large clinical study. It provides tips for entrepreneurial success, including starting today, testing ideas with customers, building prototypes, and taking risks. Government support for promising startups is discussed as a way to accelerate innovation.
In 2012, Lehigh University launched a new master’s degree in technical entrepreneurship. The cross disciplinary approach opened the door to graduate school education in technical entrepreneurship for students from all academic backgrounds, creating a melting pot of experience, skills and aspirations in the classroom. This one-year, 30-credit professional master’s program (M.Eng.) in technical entrepreneurship helps student entrepreneurs create, refine, and commercialize intellectual property through the licensing or launching of a new business. Students in the program learn by experiencing the idea-to-venture process in an educational environment that’s hard-wired to support the development of novel, innovative, and commercially-viable technologies. Attendees will hear about the types of students from the first cohort, the perspective of the faculty members responsible for developing and implementing the curriculum, and lessons learned.
This document outlines RBC's approach to innovation including defining innovation, establishing an innovation infrastructure, and providing a case study on the Next Great Innovator challenge. It discusses generating ideas through various programs and challenges, testing ideas in applied innovation labs and through a beta program, and communicating knowledge across the organization. The Next Great Innovator challenge is highlighted as a sandbox for innovation that engages students in developing solutions to business challenges and identifying potential candidates for recruitment.
This corporate presentation is for Tomorrow Group, a global innovation platform headquartered in Brussels. It has over 400 partners, 3 million visitors, and operates a 5th generation innovation platform. It has hosted numerous "Living Tomorrow" events since 1995 exploring future concepts. Its facilities include an innovation center opening in 2013 near Brussels incorporating a living lab and testing centers. It assists customers in areas like smart cities, future concepts for industries like hotels and healthcare, and provides open innovation services to help companies innovate and envision the future.
Open Innovation: What's behind the buzzword?SAP Ariba
The document discusses open innovation and its growing adoption by companies. It provides 3 key takeaways from the document:
1. Open innovation is a structured approach to bringing outside ideas and partnerships inside a company to aid innovation.
2. Open innovation adoption has increased rapidly over the past 10 years, moving from early adopters to wide adoption.
3. While open innovation provides access to more external ideas and partnerships, it also requires internal investments in capabilities, management processes, and cultural changes to successfully implement.
The document provides an introduction and overview of the NOAH Conference, an annual Internet event organized by NOAH Advisors. It discusses that the conference brings together top management from Internet startups and global media companies, as well as investors, to discuss trends, generate business, and facilitate deals over two days. Previous conferences featured over 100 CEO speakers from 20 countries and attracted over 1,150 attendees from 35 countries across the Internet, investment, and corporate sectors. Feedback was extremely positive.
The Innovation Partnership Program is a 4-day program delivered by X PRIZE Foundation and Singularity University aimed at helping large companies transition to more innovative, exponential organizations. The program exposes company executives to emerging technologies through presentations and teaches methods for leveraging crowdsourcing and incentive competitions to drive innovation. Participants work to develop concepts for prizes and tools their companies can use to solve problems more quickly and at lower cost. The goal is for companies to return with new approaches to drive breakthroughs.
IBM's social business strategy focuses on three key scenarios: workforce optimization, customer care and insight, and product and service innovation. For each scenario, the document outlines goals, business challenges, required capabilities, and recommended solutions such as social collaboration, social content management, social analytics, governance and compliance tools from IBM. Case studies are provided on how organizations have leveraged IBM's social business solutions to address their goals in these three areas.
The Corporate Presentation gives you a glimpse into the Milagrow Universe.
See How We at Milagrow, Strive to Provide to Small and Medium Businesses, World Class Solutions, Services and Forums.
VolunteerMatch Solutions BPN Webinar: Pro Bono Service on Steroids – Internat...VolunteerMatch
International corporate volunteer programs, also known as pro bono service on steroids, provide employees opportunities to volunteer internationally using their job skills. These programs benefit employees through skills development, companies through brand strengthening and employee engagement, and local communities through access to new resources and skills. PepsiCo's program, PepsiCorps, is an example that places employees in team projects abroad focused on health, water, or agriculture. Employees gain skills like strategic planning and flexibility while bringing their experiences back to share internally and help with recruitment.
The document summarizes TheFamily, a French startup accelerator founded by three entrepreneurs. TheFamily aims to support startups from their initial founding through achieving product-market fit or venture funding. It provides education programs and "unfair advantages" like connections, procurement assistance, and specialized legal and funding support to help startups scale. The founders have extensive experience building startups and want to address weaknesses they see in the French startup ecosystem through TheFamily's programs.
The document summarizes TheFamily, a French startup accelerator founded by three entrepreneurs. TheFamily aims to support startups from their initial founding through achieving product-market fit or venture funding. It provides education programs and "unfair advantages" like connections, procurement assistance, and specialized legal and funding support to help startups scale. The founders have extensive experience building startups and want to address weaknesses they see in the French startup ecosystem through TheFamily's programs.
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In 2012, Lehigh University launched a new master’s degree in technical entrepreneurship. The cross disciplinary approach opened the door to graduate school education in technical entrepreneurship for students from all academic backgrounds, creating a melting pot of experience, skills and aspirations in the classroom. This one-year, 30-credit professional master’s program (M.Eng.) in technical entrepreneurship helps student entrepreneurs create, refine, and commercialize intellectual property through the licensing or launching of a new business. Students in the program learn by experiencing the idea-to-venture process in an educational environment that’s hard-wired to support the development of novel, innovative, and commercially-viable technologies. Attendees will hear about the types of students from the first cohort, the perspective of the faculty members responsible for developing and implementing the curriculum, and lessons learned.
This document outlines RBC's approach to innovation including defining innovation, establishing an innovation infrastructure, and providing a case study on the Next Great Innovator challenge. It discusses generating ideas through various programs and challenges, testing ideas in applied innovation labs and through a beta program, and communicating knowledge across the organization. The Next Great Innovator challenge is highlighted as a sandbox for innovation that engages students in developing solutions to business challenges and identifying potential candidates for recruitment.
This corporate presentation is for Tomorrow Group, a global innovation platform headquartered in Brussels. It has over 400 partners, 3 million visitors, and operates a 5th generation innovation platform. It has hosted numerous "Living Tomorrow" events since 1995 exploring future concepts. Its facilities include an innovation center opening in 2013 near Brussels incorporating a living lab and testing centers. It assists customers in areas like smart cities, future concepts for industries like hotels and healthcare, and provides open innovation services to help companies innovate and envision the future.
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1. Open innovation is a structured approach to bringing outside ideas and partnerships inside a company to aid innovation.
2. Open innovation adoption has increased rapidly over the past 10 years, moving from early adopters to wide adoption.
3. While open innovation provides access to more external ideas and partnerships, it also requires internal investments in capabilities, management processes, and cultural changes to successfully implement.
The document provides an introduction and overview of the NOAH Conference, an annual Internet event organized by NOAH Advisors. It discusses that the conference brings together top management from Internet startups and global media companies, as well as investors, to discuss trends, generate business, and facilitate deals over two days. Previous conferences featured over 100 CEO speakers from 20 countries and attracted over 1,150 attendees from 35 countries across the Internet, investment, and corporate sectors. Feedback was extremely positive.
The Innovation Partnership Program is a 4-day program delivered by X PRIZE Foundation and Singularity University aimed at helping large companies transition to more innovative, exponential organizations. The program exposes company executives to emerging technologies through presentations and teaches methods for leveraging crowdsourcing and incentive competitions to drive innovation. Participants work to develop concepts for prizes and tools their companies can use to solve problems more quickly and at lower cost. The goal is for companies to return with new approaches to drive breakthroughs.
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Similar to Innovation Competitions Fei Ricardo Dos Santos May 16 12 (20)
6. • Open
GOV
• Far-Reaching
• Inclusive
NGO
• Social
COR
• Submissions are visible
• Anyone can ‘like’ / share
STU • Entertaining
• Real time leaderboard
EMP • Bounty or Tournament structure
• Climatic ending
6
11. Skill Development
GOV Internal
Accelerator
Program
NGO (Teams)
COR +
STU Idea
Collaboration
Platforms
EMP
Engagement in Innovation
11
12. EMP
~500 Business Plan Pitches
~50
~15
Discover
CEO’s
open call
Proof of Concept Home
Accelerate
Network
Innovator
Challenges
+ +
QVF Team BU Sponsor QIN Team
Value Extraction
QIN Team Support System
• New Project Option
online tools
• Strategic Value
Social Good | Tech Marvel | Mkt • Exit Value
Leadership
Collective
Entrepreneurship
12
14. • Intractable problem,
unknown problem solver
• To fight a market
breakdown
• To fight complacency –
symbolic reminder that
life should remain a
contest for the best ideas
14
Title SlideGood morning – thanks for being here I’m Ricardo dos Santos from Biological Dynamics – Let me get started with what I mean by Innovation Competitions Prizes are booming!Mckinsey counted more than 60 since 2000 with more than $100K in prize money – totalling over $375millionTalk about the power of competitions to drive innovation
Slide 2: My Definition of Inno CompetitionsIn this context I do use the term innovation competitions interchangeably with Inducement Prize Contests – these are different from recognition prizes in that they’re trying to incentivize new activity or creations not simply recognizing work already done. This includes both bounty prizes for specific objectives being met (or progress towards those objectives, as well as tournaments where best entry is rewarded (so allowing for subjective outcomes) From an economics perspective, Inno Competitions are different from Grants and contracts.. as the payoff to participants only occurs at the end of the effort, thus they share a greater portion of the risk upfront – this sounds kind of evil genius on the part of the sponsors – I hope to make the argument that it is not –that competitions are actually very democratic and welcomed by the self-selected participants that they draw
Slide 3: Competitions – An Old InnovationWell, we’re at an Innovation conference so I apologize in advance for not talking about something new – Innovation Competitions are actually something quite old – and a bit out of favor in the last half century, but certainly experiencing a remarkable resurgence in the last few years – and their popularity seems to have no end in sight (as we’re now clearly in an era of open innovation and ubiquitous, social IT tools) Competitions have two main purposes – solve a problem and/or start new businesses – even an entire new industry. Does anyone know who this is? Not Newt Gingrich. It’s one of England’s great heroes, John Harrison. Does anyone know what problem John solved? Figuring out longitude at sea. He did this as part of England’s longitude prize in the early 18th century (started after a series of naval disasters because captains wouldn’t know exactly where they were). This wasn’t the first longitude prize, the Spanish and Dutch had also tried this but it was the first to finally succeed. I recommend reading the full story cause it is fascinating. Here I will just point out that it took John almost 30 years to come up with the H4 – the first accurate marine chronometer – John was not part of the scientific establishment which believed mostly in an astronomy solution by measuring lunar distances. John was a carpenter and self-taught clock maker. After some royal intervention by your last king (King George III), John finally won some recognition and various amounts of money for his progress, although the official $20K pound prize was never awarded – Despite all the drama, the prize was at the end of the day very successful and produced two viable methods of calculating longitude at sea.Prizes- (or inducement prize contests) - They’re hot again.. And it’s no coincidence that innovation has shifted from linear R&D to open innovationPrizes – rewards for specific inventions, spur new businesses (not general recognition awards (nobel prize)) ; together sometimes, stimulate entire new industries John Harrison – first successful maritime clock for measuring longitude at sea (a relative amateur/ carpenter). L20K pounds prize (king george III had to intervene to get him some recognintion although parliament never awarded the full prize (political intrigue)) (would be about L3 Million pounds today)Self educated clock-maker vs. a university educated astronomer (Maskyline)H1 (which took 5 years) & H2 (another 5 years) won L500 pounds to continue experiments (abandoned H3 after 17 years (pendulum approach))After 30 years, he changed to the watch approach vs clock (advancements in steel)H4 in 1759 (took 6 years)Worked on the problem for 34 years ..finally got over the size issuesH4 (in an 81 day voyage to jamaica, it lost 5 seconds.. Problem solved)His main competitor was appointed ot the longitudenal board.. It took royal intervention (from your last king..george the III), to right a wrong and award harrison his recognition (he started competing when he was 37, got his prize when he was 81) – he died in 1776(Clocks replaced astral navigation) – ironically, famous astronomer Edmond Halley was one of his supporters (much like Edison supported Ford) – Harrison got some money from an angel investor – george graham to pursue his inventions
Slide 4: Competitions – An Old InnovationAs far as competitions explicitedly designed to help launch new companies, perhaps the best example are the university business plan competitions pioneering by the University of Texas biz school in 1984. This is actually a picture from UCSD’s entrepreneur challenge in 2009 – I was a judge at that competition and ended up joining the winning company, Biological Dynamics - and we’re still having fun!
I’ve broken down innovation competitions into five types according to their different sponsors.. there are probably more than five but there are only five Olympic rings (five continents). Before I show you some examples of each type, let me point out some common rules and trends that span most of the competitions.
Slide 6: Competitions – New RulesToday’s competitions are evermore Open, Social & Entertaining - The point is to maximize the chances of success by tapping into large numbers and diverse group of problem solvers – For the competition at hand, and for future competitions by the same sponsor – thus the need to entertain not only the participants but also the onlookers, which can include the public at large An interesting factoid here – did you know that over 25% of Americans saw the Spirit of St Louis a year after its historic flight from NY to Paris (and back) – of course the airplane piloted by Charles Lindbergh that won the Orteig prize in 1927 – sparking the commercial aviation industry. (Btw, I flew here from the Lindbergh Airport in SD)US Federal spending on R&D is about $125 Billion – NIH is about $30 billion aloneUS spends about 2-3% of it’s GDP in R&D (STEM) spending .. Israel about 4% being the highestEntertaining – attention of the public – Spirit of St Louis (25% of people saw the airplane in 1927)!!!Bounty vs Tournament structure: More important in the starting new business camp, competition is then a showcase as much as it is a contest (prizes must draw attention); myth that prizes only pay for final results.. They can pay for progress towards an end result Event, event, event (pomp and circumstance – bread and circus) - have a pitch, demo, etc. day (judges, people’s choice, etc.) – DocStoc case study
Slide 7: Gov Prizes Let’s move on to competition examples starting with Gov Prizes. Before I show you a US gov prize, let me show you the competition, if you will, that I mentioned earlier. This is an example of a grant.. certainly doesn’t look Open, Social and Fun. Did you know that the US gov spends approx.. $140 billion in R&D funds (led by NIH with $30 billion). This compared to $30-40 billion by VC’s (and a lot of that in late stage funding for things like Zynga). Grants will always be around – they are an important part of stimulating innovation where risks are too great or payouts too low. But that doesn’t mean that there isn’t room for complementary methods to spur innovation- such as Prizes. And lo and behold, the government is clearly stepping up its Prize or Grand Challenge activities, led by DARPA and NASA – They’ve even got a website dedicated to challenges – Challenge.gov where various government ages have posted over 100 prizes – so even the gov has a new found belief in Prizes.. although you can take this graphic the wrong way = that citizens don’t really know squat on how to innovate but may remember they have a genius uncle hiding out somewhere in a cave- and they’ll solve the problem!In a way, you can view patents and grants as competitors to prizes.. But they are close cousisnsNow prizes may be best applicable to creating new applications for existing technology vs technology itselfAre scientists missing their peak?Average age of an NHI investigator has risen to 51 years old from 39 in 1980. Half will be over 70 by 2020.The average age of a new NIH biomedical granteewas 42 in 2008, compared to 36 in 1980. Nobel prize winners avg age is 41.. Yconclusion: you have to get a nobel prize before you get a grant… (a draw back of the peer review process)NIH has a budget of over $30 billion a yearAmerica Competes act in 2010 – Pres Obama made it easier for fed agencies to launch their own prize competitiosnUS Federal spending on R&D is about $125 Billion – NIH is about $30 billion alone (3% of GDP)Compare that with VC investments of about $25 Billion a year, and a lot of that money for late stage investments US spends about 2-3% of it’s GDP in R&D (STEM) spending .. Israel about 4% being the highestGrant, all that’s done upfront is a proposal .. In a prize, participants bear some of the costs upfront
Slide 8: Non Profit Prizes Non Profit prizes are perhaps the most common or at least well publicized prizes – renowned examples include the Xprize, Bill & Melinda Gates challenges, the Methuselah Foundation (I interview their CEO on Monday as part of my research) and also some focused on startup formation. Note that Peter Diamandis (my friend.. on facebook) of XPrize was inspired to start his foundation after reading the story of the Spirit of St Louis – even got the support of the Lindbergh family in St Louis. 2009 mckinsey study found that philantropic prizes accounted for about half the money (and mostly towards science and engineering, health, etc. Vs. Arts)The X Prize Foundation has created challenges since 2004 that have brought about innovation and new discoveries in fields such as space flight and automobile design. By attaching prize money to each challenge the X Prize foundation takes the vital practice of Research and Development out of the hands of slow paced governments and grant writing scientists toiling away in an isolated bubble and makes it a very public process accelerated to the speed of market driven business. From SpaceShipOne to cars that get 100MPG the X Prize Foundation is promoting innovation in areas where new solutions are vitally needed. Harnessing the creative power of designers and engineers everywhere, the X Prize Foundation is a brilliant model for cultivating innovation.Mass challenge – an incubator set up as a prize competition (various totalling $1million), not taking equity stakes such as techstars or y-combinator(sponsorships and donations)Largest prize in history (spaceshipOne) - $10million for private space exploration- since then, more than $1.5 billion has been spent on private space exploration(important to note that the participants in the x-prize space exploration edition, spent more than $100 million in the pursuit)Google-Lunar X-prize - $30 Million In 1919, when New York hotelier Raymond Orteig offered $25,000 to the first aviator to fly nonstop from New York to Paris (a prize claimed by Charles Lindbergh in 1927), the U.S. was mired in the post-World War I recession. Nevertheless, the war in Europe had underscored the importance of trans-Atlantic transportation, and Mr. Orteig hoped to transform aviation into a stable industry with reliable, high-performance technology.
Slide 9: Corp Prizes Corporations have stepped up their prize activity – here are some of the best known examples – Some of the sponsors are the cr&d depts., open innovation efforts or event the corporate VC arms – in the case of aiding startup formation vs directly solving a touch technical challenge per se. After 41,691 submissions from 4,670 contestants, Netflix has found a winner. The winner was found last month after 3 years of the contest running. Innocentive acquiredOmniCompete – to add to its grand challenges platform
Slide 10: Student Competitions Moving on Student competitions – these are different in that the participants are also part of the sponsoring organization – like the employee competitions I’ll show next. Lots of activity here starting at the high school level, with the student run, biz school competitions attracting the most money – Rice’s competition gave up $1.5million in prize money. Formats also vary – I’ve been mentoring a startup that’s running ‘Hackathons’ vs. more classic biz plan writing exercises.Moot Corp competition (rename Venture Labs investment competition) is the nation’s oldest – 29 yearsMission is to get high-potential businesses off the groundRice’s competition offers more than $1.5 million in prize money; MIT has added an ‘accelerator’ program to its competitionIt’s what these people do during the competition and learn that’s important – the art of bootstrapping, mentorship, connections, etc.
Slide 11: Employee Competitions Finally employee competitions – I use to run this at Qualcomm. For me this was the insight – that if it was only about engagement, an idea management system platform and some offline committees would suffice, and maybe not even a competition format per se. But to deliberately embed a training component for self identified intrapreneurs – then the competiion format became appropriate, especially when couple with an ‘accelerator’ program that encouraged team formation, mentorship, formal classes, and mostly learning by doing an actual plan and concept hack or demo. When you put those two together – you get what I specifically called a Venture Fest (It was like Innocentive or Spigit (or any other vendor), marriying Y-Combinator or TechStars and having a baby. The key thing besides the crowdsourcing upfront and the accelerator in the middle, was the translational phase to implementation, starting with pitch and demo day to the CEO and other top execs. He was first inspired to do it when he heard how Twitter began. Before there was Twitter, there was Odeo. At a certain point, founder Evan Williams decided the company needed a complete restart so he broke up the team into small groups and gave them the assignment to come back with a new, killer business idea. Jack Dorsey came back with Twitter. If it worked for them...Emphasis on innovation culture vs single innovation (goose vs golden eggs)
Slide12: Qualcomm Venture FestWhen you put those two together – you get what I specifically called a Venture Fest (It was like Innocentive or Spigit (or any other vendor), marriying Y-Combinator or TechStars and having a baby. The key thing besides the crowdsourcing upfront and the accelerator in the middle, was the translational phase to implementation, starting with pitch and demo day to the CEO and other top execs.Competition is a ruse.. Everyone has the choice to continue with their idea.. But now they have a head start (better plan, connections, mentors, exec feedback, etc.)Masschallenge.org does seem to combine competition with the accelerator programNote – employees do not get prize money personally – but an experience, ideas turned into reality as the ultimate prizer
Slide 13: Qualcomm Competitions Qualcomm has actually ‘gone wild’ on competitions – notable example being the sponsorship of the Tricorder (startrek) XPrize.
Slide 14: When are Competitions appropriate Competitions are not a Panacea. When are they most appropriate – here are my thoughts on that. Call attention to the second point – To fight a market breakdown.. This could be lack of students studying STEM fields (thus Dean Kamen’s First Robotics competition or the Mouse Prize to fight the perception that anti-aging efforts are unethical) – the third point which is that competitions don’t just have to be reactive – they can be a proactive tool for corporations to stir the innovation pot For corporations.. When are competitions most appropriate: US Federal spending on R&D is about $125 Billion – NIH is about $30 billion aloneUS spends about 2-3% of it’s GDP in R&D (STEM) spending .. Israel about 4% being the highestThe participants must also be able to bear some of the costs – thus if they see a training short term benefit, for example, they’ll be more willing to particiapte and the prize will be more cost effective (and the corp should think this cost is acceptable)It is about sharing the risk between sponsors and participantsWhy award a prize rather than put money into research? Firstly, it allows for the broadest possible range of approaches; you are asking for the diverse ingenuity of the world rather than relying on your own ingenuity to select the approach you will fund. Secondly, far more funding will be devoted to research as a part of competing for the prize than stands in the prize purse. We humans rise to the challenge of a contest, as research prizes have shown over and over again.Inducemnt prizes major flaw: Initial fundingGrant’s major flaw: judging biasPrizes can be for inventions, applications, improvements or diffusion
Slide 15: Final Quote Leave you with a quote from a sci-fi writer and friend in SD – davidbrin If you ask me what motivates participants in competitions (I mentioned they put In 5, 10, 50 times the effort compared to the Prize amount)… It’s that it’s not just about the Prize – It’s the adventure during and the adventure possible after the competition - the competition is many times just a ruse to make people do what they need to pursue their dreams.A 2009 McKinsey & Company report found that total funds from prizes have more than tripled over the past decade and now surpass $375 million.It can bring non-traditional tech to the mainstream – marine clocks, single engine ariplanes and air-launched space ships as examples (burtrutan’sspaceshipone)What’s motvating these people – perhaps a mystery but I would venture to say it’s not just the prize money or the proverbial ‘Gold’ but the adventure of it all R