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Supporting the EU App Economy – Funding and Scaling-Up App Companies

STATUS: Awarded
POSTED: Aug 08 2013
SOURCE: InnoCentive

Supporting EU app companies to access sizable funding and to scale up

With the increasing adoption of smartphones and social networks, the EU app economy has the potential to create revenue and jobs on a scale similar to that of the United States. But major bottlenecks threaten to hold back that growth: a lack of access to funding for developers and a shortage of business skills and experience at app companies that inhibit their scaling up and sustainability. Focusing on startup app companies, the European Commission (EC) is looking for advice on initiatives focused on supporting app companies in overcoming these barriers and fostering growth. The EC is seeking perspectives broadly - ideas from the high tech/software industry or from any other industry are equally welcome. 

In addition to the monetary prize, up to five top Solvers will be invited to present to, and network with, a group of thought-leaders from leading app companies, platform providers and EU officials at a meeting in Berlin in mid-November 2013. For each invited solver, travel expenses up to $1,750 will be covered. This is an excellent opportunity to help advance an industry and also to raise your profile in the app development community! 

This Chalenge is the first in a series of 2 Challenges targetting development of the EU application economy - the second challenge is Supporting the EU App Economy - Addressing EU Market Conditions

This is an Ideation Challenge with a guaranteed award for at least one submitted solution.

Challenge ID: 9933375
Team Project Rooms are available on this Challenge Team Share Challenge Share
Challenge Overview

Developers creating apps for smartphones and social networks are a unique population of skilled individuals who drive the app economy that contributes several billion dollars annually to the economy of the US. The app economy in the European Union (EU) is less mature than the US market, and the European Commission is looking for viable ways it can foster growth in this important industry for the EU. 

Funding and scaling-up app companies

The challenge requests that Solvers propose actionable solutions (also those proven in other industries) that will address specific obstacles to growth in the EU app economy that include: (1) limited access to funding that affects the ability of startups to scale up and achieve sustainability; as well as (2) difficulties with the scaling-up of app startups due to insufficient business development and marketing skills in small app development companies. 

Up to five Solvers proposing high quality solutions will be invited to present to, and network with, a group of thought-leaders at a Berlin meeting in November 2013. Budget is available to cover travel costs of selected Solvers. More information is available in the detailed challenge description. 

This is an Ideation Challenge, which has the following unique features:

  • There is a guaranteed award. The awards will be paid to the best submission(s) as solely determined by the Seeker. The total payout will be $5,000, with at least one award being no less than $3,000 and no award being smaller than $1,000. In addition to the monetary prize, up to five top Solvers will be invited to a meeting in November 2013 with travel expenses up to $1,750 covered. 
  • The Solvers are not required to transfer exclusive intellectual property rights to the Seeker.  Rather, by submitting a proposal, the Solvers grants to the Seeker a royalty-free, perpetual, and non-exclusive license to use any information included in this proposal.

After the Challenge deadline, the Seeker will complete the review process and make a decision with regards to the Winning Solution(s). All Solvers that submitted a proposal will be notified on the status of their submissions; however, no detailed evaluation of individual submissions will be provided.

What is InnoCentive?

InnoCentive is the global innovation marketplace where creative minds solve some of the world's most important problems for cash awards up to $1 million. Commercial, governmental and humanitarian organizations engage with InnoCentive to solve problems that can impact humankind in areas ranging from the environment to medical advancements.

What is an InnoCentive Ideation™ Challenge?

An InnoCentive Ideation™ Challenge is a broad question formulated to obtain access to new ideas, similar to a global brainstorm for producing a breakthrough idea or market survey which may include ideas for a new product line, a new commercial application for a current product, or even a viral marketing idea to recruit new customers. Ideation™ Challenge submissions are typically about two written pages, and Seekers receive a non-exclusive, perpetual license to use all submissions.

In an Ideation™ Challenge, Solvers may:

  • Submit ideas of their own
  • Submit third party information that they have the right to use and further the authority to convey that right and the right to use and develop derivative works to Seekers
  • Submit information considered in the public domain without any limitations on use

Solvers should not reveal any confidential information in their submissions. Often the Ideation™ Challenge will be followed by one or more of the other three Challenge types to further develop the ideas and gain Intellectual Property protection when the concept has been well-defined.

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InnoCentive Trust Partners