Innovation Challenge – Get to know startups

Innovation Challenge – Get to know startups and discover innovations

Get to know startups – this can be done in a variety of ways and is interesting for both medium-sized companies and corporates. One of the many opportunities that we would like to present in our series of articles “Getting to know startups” is to announce our own Innovation Challenge. But an Innovation Challenge, what is that actually? What are the general conditions and how does it differ from a Startup Challenge? What advantages does the Innovation Challenge offer? We would like to answer all these questions at this point. 

What is an Innovation Challenge? 

An Innovation Challenge is a kind of competition with the aim of finding innovative ideas. Usually, they are announced by companies that are looking for a concrete solution to a specific problem. But universities and research institutes that want to promote innovation are also among the organizers. Therefore, Innovation Challenges are not always, but often set within the industry. Ultimately, the application criteria are selected by the organizer himself.

In addition to the criteria for the applicants, the scope of the call for proposals can also vary. For example, Innovation Challenges can be advertised locally, regionally, nationally, but also globally. In this case, the wider the area for which a call for proposals is made, the higher the number of applicants and the greater the selection. At the same time, however, the geographical expansion of the call for proposals can also create obstacles such as distance and language barriers.

How does an Innovation Challenge differ from a Startup Challenge? 

Basically, a Startup Challenge is very similar to the Innovation Challenge. Here, too, the main goal is to attract innovative technologies and new ideas to the company. The difference between Innovation Challenge and Startup Challenge is the application criteria. As the name suggests, a Startup Challenge is aimed exclusively at start-ups, whereas this does not necessarily have to be the case with an Innovation Challenge. These are usually also of interest to startups, but other types of companies or individuals can also participate. In most cases, this is regulated by the application criterion of the year of foundation, or that this must not be more than ten years ago. In a Startup Challenge, on the other hand, the organizer can not only profit from the ideas of the participants, but, in the case of a successful collaboration with win-win effect, also learn from the culture and mentality of the start-up. Since it does not focus solely on start-ups, an Innovation Challenge has the advantage that the field of applicants is broader.

In our table you can get an overview of current, exciting Startup and Innovation Challenges. If you would like to post a challenge yourself or add it to the database, we would be happy if you use our form.

When does it make sense to announce an Innovation Challenge? 

In the search for the right start-up, it can be useful to seek the help of an intermediary. We offer this through our Startup Scouting, among other things. Another way to get to know startups is to call for an Innovation Challenge. One of the advantages of this is that the ideas come to the companies, not the other way around.

This means that you don’t have to go through numerous startups, but only select from the applicants. Nevertheless, care should be taken to ensure that the cooperation is as suitable as possible later on. It makes sense for companies to invite tenders for an Innovation Challenge if there is a problem or a concrete need that cannot be solved in-house.

An Innovation Challenge can therefore be an ideal opportunity to get to know Startup. Since the problem or need to be solved is clearly defined from the outset, a tailor-made solution can be found quickly and efficiently. An Innovation Challenge also offers the advantage that not only the innovative technologies of young companies are considered, and thus the selection is broader than in a Startup Challenge. You can read more about the Startup Challenge in the corresponding article in our series “Get to know Startups”.