innocentive grand challenge

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Innocentive Grand Challenge

Changing the world – One competition at a time!


The

Longitude Prize

1714

Precise

determination of

ship’s longitude

Won by

watchmaker

John Harrison


Orteig Prize

1919 First non-stop

flight New York –

Paris

Won by Charles

Lindbergh


DARPA Grand

Challenge 2004, 2005 & 2007

$1m autonomous

vehicle

competition by

US Government


Ansari X Prize

2004 “$450m to launch

a space shuttle -

$10m to launch a

space industry”


When to go for Grand Challenges

Major problem, difficult to solve

Standard ways of innovation failed (e.g. in-house research)

Solution requires “out of the box” thinking (e.g. from non-traditional experts)

Leverage the power of crowd sourcing and open innovation

Mitigate cost and risk associated with in-house innovation


Grand Challenges – the real challenge

Hire an expert to get the design right

• Deficient abstraction

• Not well structured

• Inconsistent marketing and branding

• Goals too loosely defined

• Unclear legal and IP situation

• Took too long

• Very expensive to administer

• Low ROI

• Difficult to replicate

• No measure for success

Longitude Prize, Orteig Prize, many challenges you have never heard of,


Todays definition of a “Grand” Challenge?

Custom designed to the client’s need

Well formulated problem statement

High reaching goal

Raises awareness

Brands the organizer with the innovation (PR)

Typically requires knowledge exchange between fields of expertise

Large financial award

Use open innovation and crowd sourcing to address creative minds

Can create parallel innovation useful in other fields outside the challenge scope


Hosted and managed 25+

Grand Challenges

Return of Investment

(ROI) of 6.49X for

sponsors, measured

by UK Gov

More than $3M

awarded in Grand

Challenges

The InnoCentive Grand Challenges Division is

a world leader in prize design and execution

More than 250,000

active solvers in our

community

Who are we?


Areas of competition


A selection of our current and past clients

Our clients include government, industry & foundations.


Innovating the way we innovate:

Advancing the open innovation industry

&

The InnoCentive Grand Challenges Division is supporting London

Business School in its current research project, striving to measure and

quantify the efficiency and effectiveness of prize competitions.


Thought leadership –

How to determine the value of a prize

$$$ Prize

Exposure

Intellectual Satisfaction

Complexity & Difficulty Level

Man-hours Needed

Capital Investment

Equilibrium of investment and outcome


Problem Ideation Design Launch

and Marketing

Administr-ation

Implemen-tation

Solution Post

competition impact Plan

What are the typical steps involved?

Or: How to do it right!


Ideation Develop deep

understanding of the

problem

Why has problem not

yet been solved

Can goal be achieved

Who are the experts/

thought leaders

Timeframe


Ideation: Root cause analysis

Reasons Goal (Example) Type of Prize Prize

Example

Market failure Curing spinal cord injury Inducement Prize $10M SSPF

Low visibility of

problem

New innovations for US Military Exposition Prize GSC

Too complex of a

problem

How to communicate to deep

water oil wells

Abstraction Prize Cement Curing

Prize

Market

stimulation

Creating new innovations for

the UK aviation security

industry

Ideation Prize INSTINCT

Unused Big Data Better algorithms Predictive

Analytics Prize

Cleveland Clinic

Prize

First, we need to research and understand why your problem has not

been solved yet as it impacts the design stage.


How we do the ideation process

Understanding the client’s problem

Market landscape

Ideas

Ideation

• Research • Interviews

with experts

Understanding the landscape

Thought leaders

Prize impact

Workshop planning

Client pain

Workshop with experts

External Client’s experts

Thought leaders

Adjacent fields

Etc.


Design Dissect client’s

problem and make it

solvable

Challenge structure

(incremental, problem

abstraction)

Align expert opinion

with client demand

How much $$$

Timeframe


Design example

Ideas

Design

Steer a toy car from behind a

wall

Stage 1: Idea Challenges

Understanding a message

while missing bits

Abstracting the problem

Stage 2: Implementations

Focusing the Community &

enabling collaboration

The oil well

wireless comm.

challenge

Implementation of innovations

Expert Groups

IT Experts

Researchers

General Public

Chemists

Identifying & mobilizing new talents

Etc

Students

Employees

Creating Community


Launch &

marketing Develop marketing

campaign

Events

Partnerships

Social media


How to tell the

world’s innovators Similarities between a successful

election campaign and a great

competition campaign:

Sensational kick-off

Message is translated and

communicated to various

audiences

Excitement kept up for an

extended time period

There is a final election /

competition day

We strive to mirror those benefits for

the success of your Grand

Challenges.


Expand your Challenge’s reach

Access 12MM people through our

partner network

Market your Challenge to the perfect

target group of potential Solvers

Build Challenge and brand awareness,

and extend PR benefits through

customized marketing campaigns

Our partners include:


Administration Continue engaging

solvers

Live demo/pitches

Award ceremony

Marketplace for

investments

Ideas

Collaborations


Post-

competition

impact plan Help implement

solution in client

process

Manage successful IP

transfer (if applicable)

Identify areas for

subsequent

competitions

(if applicable)

Timeframe


Summary

Your Competition

Design Well structured

Consistent marketing and

branding

Definition of milestones and goals

Predefined legal and IP framework

Adequate timeline Appropriate

management effort

High ROI

Unique & customised

Success measures


Case study: Zonal isolation prize Client (who would like to remain

anonymous) is searching for new

innovations on how to handle deep

water oil wells more securely

Problem abstraction for anonymity

and to attract other than usual

suspects to the problem

Simplification of problem to the

cement curing process

Idea competition with $10K prize

fund

Well designed abstraction prize, with

IP transfer for client.


Case study: Prize 4 Life Hard to monitor effectiveness of

treatments for ALS – block to progress;

low financial prospects; low public

awareness

$1 million to the first person or team to

identify an ALS biomarker – establishes

a clear metric

Sponsors only pay if challenge is solved

Publicity generated by InnoCentive’s

largest ever prize project with $1.175m

in prizes

Major milestone achieved

Overcoming barriers, customization,

providing a high ROI for the sponsor.


$10M Sam Schmidt

Paralysis Prize A set of prize competitions to

foster innovation in the field of

Spinal Cord Injury

Multi-stage approach to engage

many experts from different fields

from the beginning

Targeted $10 million investment

prize at the end of the challenge

Cooperation with VCs/Investors

from the beginning for a

sustainable development

Collaboration with the New

Scientist

Well designed ideation, problem

understanding & market analysis

aligned with customer vision.


The Global Security

Challenge International competition to find the

best security innovations prizes

sponsored by DoD’s TSWG

Number of participants in 2011: 230+

Total prizes awarded: $2.9M

$124M raised subsequently by our

participants

ROI of 6X measured by UK DFID

“I applaud the mission of the Global Security Challenge that understood this principle of fostering innovation and the innovative entrepreneurs who competed in this competition with their high-quality technologies.” Joy Cohen, Under Secretary for S&T, US DHS

Thoroughly designed marketing,

launch and execution of challenge with

high ROI for sponsors.


Cyber Security Challenge Series (I, II, III) First launched in 2009.

2009 winner, Ksplice subsequently purchased by Oracle.

2010 - £10,000 prize, won by Masking Networks

2011- £10,000 prize won by iThink Security

Prizes sponsored by major organisations


Future of Security Prize United Business Media was seeking for

new innovators to contribute to the UK’s

largest security conference: IFSEC

YouTube-based crowdvoting mechanisms

used to engage the conference attendees

before and during the event

$10K for the most innovative technology

Well designed with high attendee

engagement and visibility.


Competition Development: Cyber Security Challenge UK

UK wide competition to encourage

careers in cyber security

Aimed at students and cyber hobbyists

Series of challenges and tasks

Well attended live event program

Strong consortium of government and

large industry representatives

innocentive grand challenge

Documents