Are you eager to cultivate innovation and push your organization forward? Running an open innovation challenge is a powerful way to do just that. By summoning a diverse group of innovators, including entrepreneurs, researchers, and professionals, to develop new and creative solutions, you can break down barriers to progress and generate exciting new ideas.
But how to run an open innovation challenge? Yes, it definitely takes careful planning and execution. That’s where our step-by-step guide comes in. We’ll outline the key steps you need to take to effectively run an open innovation challenge, from defining the challenge topic to selecting a winner and implementing their solution. If you’re ready to learn how to run open innovation challenges that can take your organization to the next level, let’s dive in!
Step 1 : Define the Open Innovation Challenge Topic
At this step, you should define the problem or opportunity you want to address. Try to identify a challenge that is relevant and meaningful to your target audience. This could be a common challenge in your industry, new trends in your sector, or any issue that needs to be addressed.
- Identify the challenge that your organization aims to solve.
- Make sure that the challenge topic is relevant to your target audience.
- Ensure that the topic is clear and well-defined.
Step 2 : Set the Objectives
The objectives for running the open innovation challenge should be aligned with your organization’s strategic goals and mission. Try to set objectives that are measurable, realistic, and achievable.
- Identify the strategic goals and mission of the organization.
- Define objectives that can help meet these goals.
- Ensure that the objectives are measurable, realistic, and achievable.
- Make sure that the objectives align with the challenge topic and are relevant to your target audience.
Step 3 : Determine the Scope
Consider what kind of open innovation challenge you want to run. Are you planning a global competition or a regional/local event? Will the challenge focus on a specific industry or technology? Will you target a specific group of participants?
- Analyze whether the open innovation challenge is going to be global or regional.
- Determine if the challenge will be focused on a specific industry or technology.
- Identify the specific group of participants you want to target.
- Define the scope of the challenge based on the targeted audience and goals.
Step 4 : Identify the Target Audience
The target audience defines the type of open innovation challenge you are running. Analyze your audience’s demographics, daily pain points, needs, and aspirations. Consider factors such as age, education, location, and professional background.
- Analyze your audience’s demographics, daily pain points, needs, and aspirations.
- Consider factors such as age, education, location, and professional background.
- Identify the best methods for reaching out to your audience and attracting their attention.
- Tailor the challenge’s objectives, rules, and guidelines based on the target audience.
Step 5 : Define the Rules
Clear rules and guidelines are essential for the success of an open innovation challenge. Develop rules and guidelines for participation in the challenge, along with eligibility criteria, submission formats, judging criteria, awards, and timelines.
- Develop rules and guidelines for participation in the challenge.
- Clearly define eligibility criteria, submission formats, judging criteria, awards, and timelines.
- Make sure that all participants understand the rules and guidelines of the challenge.
Step 6 : Outreach and Promotion
Effective promotion attracts more diverse submissions and participants. Promote the open innovation challenge via digital media channels, social media, industry partners, and other networks.
- Create a multi-channel promotional strategy using social media, digital media, industry partners, and other relevant networks.
- Develop attractive visual assets and compelling copy that will resonate with your target audience.
- Reach out to influencers, sponsorships, and other partners to help promote the open innovation challenge.
Step 7 : Launch the Challenge
Launch the competition to the public. Ensure that a user-friendly submission process is in place, and there’s sufficient support resources for participants to ask questions and make submissions.
- Launch the competition to the public through platforms like Dealflow (by Founders Lair), F6S and many other open innovation platforms.
- Ensure that all the relevant materials and platforms are in place for the challenge participants.
- Create a user-friendly submission process and ensure that all technical requirements are met.
- Offer customer support to make sure participants can ask questions and submit without any problems.
Step 8 : Evaluate Submissions
Select experts to review submissions objectively. They should evaluate the submission against the pre-defined judging criteria. Make sure the panel includes diverse perspectives.
- Set up a panel of experts to review the submissions.
- Ensure that your panel’s members are impartial and diverse in their perspective.
- Develop a process for judging submissions and provide feedback to the participants.
Step 9 : Select the Winning Submission(s)
Pick the winner(s) based on the pre-defined judging criteria. Announce the winners publicly and provide feedback to all participants.
- Choose the winner(s) based on the pre-defined judging criteria.
- Announce the winners publicly.
- Provide feedback and thank all participants for their contribution.
Step 10 : Implement the Solution
Implement the winning solution(s) and monitor the progress to ensure that it is achieving the desired results. Provide feedback to the winners and encourage them to develop their solution further.
- Implement the winning solution(s) and monitor progress to ensure it achieves the desired outcomes.
- Provide feedback to the winning teams and encourage them to develop their solution further.
- Share the results of the open innovation challenge with the wider audience.
Running an open innovation challenge requires time, effort, and resources, but the benefits can be profound. You can receive a wealth of new ideas and solutions, build new partnerships and relationships, and fuel innovation for your organization, industry, and beyond.
By following this step-by-step guide, you can ensure that your challenge is designed and executed to meet your organization’s strategic goals and deliver meaningful outcomes. With the right challenge topic, objectives, rules, outreach, evaluation, and implementation approach, your open innovation challenge can change the game for your business. Get started today, and you’ll be amazed at the potential that lies ahead.