We were asked recently by a new client what our top 10 Do’s and Don’ts are for running open innovation competitions, based on our experience including the UBS Future of Finance Challenge, Unilever Foundry Ideas Challenge, Colombia CO4 Open Innovation Competition, and Ordnance Survey GeoVation Challenge.
Therefore below is a synopsis of what we’ve learned over the past 10 years about how to effectively share risk and reward with external partners, through successful open innovation competitions:
So that’s it. Our top 10 do’s and don’ts for your next open innovation competition in 2016. We hope you found it useful and we wish you well with your next competition. Having said that, if you want a little help from an agency network who have learned all of the 10 lessons above repeatedly, and have the scars to prove it, then please do drop us a line.
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Image 1: UBS Future of Finance Global Finals Pitch
Image 2: Colombia CO4 Challenge Definition Workshop
Image 3: Ordnance Survey GeoVation Water Challenge Banner
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Another DO, if I may – DO use open innovation platforms (such as Qmarkets, for example). They save you a ton of time otherwise wasted to nothing. Instead of chasing ideas, it funnells all of them to one place.
Thanks for your comment Jerald. And yes I absolutely agree. Platforms such as Qmarkets can be a very helpful tool if managed and integrated effectively. Roland
Thank you, great read