BUSINESS RESEARCH

Innovation Competitions

Companies are always looking for new ways to drive innovation and stay ahead – even those firms with large R&D centres staffed with world-class talent. But traditional approaches to innovation are often expensive and don’t always deliver the breakthroughs that executives expect. Firms often allocate resources to reinforce existing business models, while marketing functions focus on meeting the needs of current customers rather than penetrating new markets.

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December 2013

Forward-thinking companies are turning to competitions and prizes to reinvent their innovation portfolios. The idea is that the best way to identify and exploit novel solutions lies beyond the companies’ four walls. Running a successful innovation competition requires five steps:

1. Frame the problem: divide the problem into “chunks” to attract different types of participants and to reduce the effort required to enter the contest.

2. Establish the prize: whereas big cash prizes will attract many entrants, opportunities to advertise skills or build networks will spur others to join.

3. Select the participants: opening contests to non-employees encourages openness and diversity of ideas – but don’t put intellectual property at stake.

4. Define the process: look for ways to harness collaborations and learning among entrants.

5. Build the platform: ensure the right investments are made in information technology and processes, staffing and judging, and marketing.

Referenced techniques

Technique

Innovation Management

The concept determines the critical factors of innovation management. It reviews the managerial practices of successful innovators and summarises the strengths and limitations of innovative approaches.

Technique

Types of Innovations

Innovations may manifest in a variety of forms and are a critical competitive capability of most firms. Case study evidence presented alongside practical implementation steps, assist business leaders to understand how different types of innovation help to build an innovation culture.

Technique

Co-creation

Co-creation is one of the most powerful ways to engage customers and deliver unique value. Using illustrative case studies, the concept explains how companies and customers can co-construct products, services and experiences.

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