How does an Open Innovation Challenge help me in my innovation process?
An Open Innovation Challenge offers companies the opportunity to openly and transparently announce special requirements, search fields and problems. This allows you to attract the attention of potential innovative companies, startups and other actors of the innovation ecosystem that offer innovative solutions through e.g. scouting, reach-out, PR/marketing and multiplier and ecosystem activitites.
As a result you gain an overview of the most relevant players in the market and can choose the best partner companies to collaborate with.
Ambivation can support you in (co-)organizing the innovation challenge or supporting individual modules like innovation scouting.
When does an Open Innovation Challenge make sense for my company?
You want to know which startups are active in a specific market or search field.
You want an overview of startups that address your problems with their solutions.
You want to solve a problem and are open and curious about potential solutions.
You are willing to share your needs publicly.
You want to live Open Innovation in your company.
What to expect from an Open Innovation Challenge?
Many companies already use the opportunity to communicate their challenges publicly in order to find suitable partners offering innovative solutions. With an Open Innovation Challenge, you define your concerns precisely and clearly, publish and market your challenge as part of a competition and identify one or more winners from the applications received. To ensure that as many relevant startups as possible end up in the applicant pool, proactive scouting and reaching out to the identified candidates are part of the process.
Open Innovation Challenge schedule
Setting up, publishing and promoting a challenge
Scouting innovators & reach out
Identification of winners
What does Ambivation do for you in an
Open Innovation Challenge?
Full service for the execution of an Open Innovation Challenge
Precise formulation of the search field and requirements
Setting up an Open Innovation Challenge
Scouting: creation of a list of innovators that are relevant to your needs
Proactive approach and acquisition of relevant applicants and communication
Working with Ambivation was a seamless and rewarding experience. From the outset, the team demonstrated a high level of competence and professionalism, making the entire process of our innovation challenge run effortlessly. They have an impressive network of industry connections, which helped us engage with the right partners and ensure high-quality participation. Ambivation was efficient and pleasant at every stage, from helping us define the challenge to managing applicants and keeping everything on track. Communication was always clear and prompt, which made the collaboration incredibly smooth. We were thoroughly impressed with how well they managed the project and exceeded our expectations. Their support played a key role in the overall success of the innovation challenge. I recommend Ambivation to anyone looking for a reliable, highly competent and efficient innovation challenge partner.
Lora Ivanova, Innovation Manager – Lead Open Innovation at Elia GroupFAQs
Our full-service offer from Ambivation includes a direct, proactive approach to relevant and potential candidates. In addition, the startup challenge is published on our platform https://www.startup-challenges.com. We also feature it in newsletters and share it on LinkedIn as well as other relevant channels.
Although many startups consider connecting with potential customers and expanding their network to be the greatest benefit of participating, it is recommendable to also provide appropriate prize money as a reward. Applicants thus have an additional incentive and the effort that startups put into the application is appreciated. The amount of prize money varies depending on the industry and company size. If possible, a total of between €30,000 and €50,000 is recommended.
The duration of a startup challenge is determined by the initiator. Occasionally, a startup challenge should be published for at least 4 weeks; 6-8 weeks is recommended. In addition, there is the subsequent selection process and the announcement of the winners. Including preparation and follow-up, a startup challenge takes around 3 months on average.
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