5 actions for successful innovation competition results

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Sqore. It’s official. 5 ACTIONS FOR SUCCESSFUL INNOVATION COMPETITION RESULTS by Jacob Westerlund – May 2015

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Sqore. It’s official.

5 ACTIONS FOR SUCCESSFUL INNOVATION COMPETITION RESULTS by Jacob Westerlund – May 2015

Sqore. It’s official.

Earmark the prize money A pool of prize money is still one of the prizes that attracts the most entrants. To make sure the money doesn’t end up sitting in someone's pocket, the prize money should be earmarked in advance. When innovation is your goal, consider earmarking prize money for the production of a prototype, or for taking a concept to the next stage of development.

Sqore. It’s official.

Place winners in an incubator More and more companies are benefiting from having their own incubators, or creating partnerships with incubators that already exist. These can provide an startup environment to work on projects that are more distant from your company’s core business area, and create great potential from taking on the project within your company once it has been more developed. Include a spot in an incubator as a prize in your innovation competition, granting access to company patents, contacts and other resources.

Sqore. It’s official.

Dedicate a team Create a team within your company dedicated to developing the winning entry. Involve this team early in the planning phase of the competition to engage them in the process. You can also let this team be part of the jury. This early involvement will create a shorter start-up time when they eventually start working with the winning concept.

Sqore. It’s official.

Support, don't own In many cases, you don’t need to own the winning concept to benefit from an innovation competition. Your company has tools that can help the winner take their idea to market successfully, and you can take advantage of the close relationship you've developed.

Sqore. It’s official.

Private Label Some innovation competitions target existing companies with innovative technologies. A great prize for this type of competition is the creation of a private label for the winning concept, with a revenue split between your company and the winning company. The result is an arrangement that is fair and attractive to both parties. The innovator still owns the rights to their innovation, but they have more opportunities for commercialization

Sqore. It’s official.

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]