Benefits of Innovation Competitions

Innovation contests, classified as nonmarket competition, are competitions between innovators before a panel of judges. The judges typically include industry experts and investors. The competitors present solutions, usually products, to meet an industrial challenge and organizational or global needs, sometimes accompanied by a business plan, if required. The winners may receive prizes, funding offers from investors, or crowdsourcing opportunities.

Innovation contests may be one-offs or annual events. Organizers can choose a themed event, focusing on a central concept such as climate change or a general event with no limit on the subject.

One of the benefits of an innovation competition is increasing the visibility of a product or service. Innovators often have few opportunities to showcase and market their work to broad and diverse audiences. One can also reach competition stakeholders like start-ups and influencers in one location with similar products, thus easily evaluating their offerings. This gives one the opportunity to find out the areas to improve to beat the competition.

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