Whether you have a clear design that you would like to be planned and executed by our team or you are at the early stages of conceptualizing a large-scale Challenge Program, InnoCentive’s design expertise can help make your program a reality, from the first concept brainstorm through the final award ceremony.
Why Run a Custom Challenge Program?
Custom Challenge Programs focus on high-value targets and often aim to tackle serious market failures or remove barriers or bottlenecks that may be holding up progress in a certain area or industry. Exposing a problem or Challenge to the world, and offering a sizeable reward (typically $100,000 or more) to individuals/groups that can address or even solve the problem, is an effective way to raise awareness about an issue. When necessary, Challenge Programs can be structured in stages, consisting of many incremental Challenges that guide the innovation community toward systematically tackling the overall problem. Return on Investment is a priority for any organization, and it’s important to see this proactive exploration as an investment in the future of the company. Custom Challenge Programs aim to maximize returns from the sponsor’s financial investment, as well as reduce their risk, since Solvers collectively invest considerable sums in pursuit of the prize. These innovation competitions have the potential to yield long-term dividends in the form of business changes and opportunities.
The Process Itself Has Benefits
Custom Challenge Programs seek to improve the innovation system within a given sector by providing a forum and focus for a Solver community, fostering collaboration, cooperation, and networking among innovators and other key stakeholders, and improving information-sharing, knowledge transfer, and communication within the community. Launching a Custom Challenge Program can raise the profile of the program sponsor and its cause, helping to establish thought leadership within an industry or around an important issue. And for foundations, these programs are effective fundraising vehicles. Because Custom Challenge Programs tend to demand radical thinking and breakthrough innovations, it is especially important to attract new and original ideas from outside traditional sectors. These programs often make an extra effort to engage new innovators and offer sub-prizes that reward technology-transfer from external sectors. Custom Challenge Programs can be used to open up whole new markets or new areas of innovation, as radical advances open up fresh avenues of commercial opportunity and enable a diverse range of sequential innovations.