Organizations from corporations to universities are looking for new innovations all the time. The reason is because they need to be sure to release new ideas to keep their audiences captivated. An innovation challenge can be the way to spark the ideas that can transform the organization.
Save Money With A Challenge
Rather than spending all of the money that is required to pay individuals to try to come up with new ideas, an innovation challenge can be the ticket needed to create new ideas. Those companies that use the challenge to their advantage can see great innovations without so many of the costs that are often attached to them. Startups in particular may rely on innovation challenges to bring them some of the better ideas for growing their outreach and business.
New Minds Working On The Problem
A great thing about bringing more people into an innovation challenge is that there are more perspectives brought to the table. It is not a good idea to only listen to "yes men" all the time. These individuals just say yes to whatever you are already considering doing. Rather, bringing in others who have different perspectives and those different ideas to bring to the table is critically important.
Challenges Taken Seriously
Much to the surprise of those who have set up innovation challenges in the past, they are often taken very seriously. That is to say that those who choose to participate in them seem to put more effort into the challenges than one might expect. It seems that the reward of just getting noticed is enough for a lot of people to put in their best efforts for the challenge.