Getting new and improved products to market faster has never been as important as it is today. To sustain one’s competitive advantage, a company needs to reduce development times and often that means finding solutions from outside the company in other fields. Innovation Contests enable a sponsoring company to quickly identify a community of innovators who can focus on their specific technology challenge and provide solutions that can be acted upon, including working prototypes.

An Innovation Contest employs integrated marketing and PR elements to signal to the global innovation community that the sponsoring company is committed to advancing their technology solutions and is open to collaboration.

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What does the Sponsoring Organization gain?

  • Faster product development cycles
  • A sense of urgency created through the contest structure
  • A secure and efficient way to engage with the innovation community and also manage against IP contamination
  • High quality responses that result from an open and transparent process
  • Positive publicity and positioning as an innovative company

Why is an Innovation Contest good for Solution Providers?

  • Because the sponsoring organization is named and it is clear who the collaboration partner would be
  • Funding (prize money) is clearly established
  • Defined timeline for evaluation of solutions and winner selection demonstrates seriousness and commitment of the sponsor
  • Potential for ongoing collaboration with the sponsor

Interested in an Innovation Contest?

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Available Resources

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White Paper:
Innovation Contest

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Infographic:
GE 3D Printing Production Quest

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Open Innovation Contests on NineSights

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