- Innovation Investment Journal - http://www.iijiij.com -
Innovation competitions: why we need more of them
Posted By Peter Friedman On October 31, 2011 @ 11:33 pm In Biotech,Business Angels,Entrepreneur's Briefcase,Europe,Global View,Green Tech,Innovation & Strategic,Investment,Perspective,Private Equity & Venture Capital,Startups,Technology,The Americas,UK,Web & Consumer Tech | 2 Comments
…when I turned up at an innovation competition which I had never heard of, primarily because, as far as I could tell, it had no coverage in any of the usual places that report on the startup scene.
“So what?” You may ask, “I’ll bet the prize was much smaller than the TechCrunch Disrupt Cup ‘s $50,000”. And I’ll bet the whole thing was run on a shoestring, the venue was in the middle of nowhere and the entrants were mostly no-hopers.
Well, let’s see now: it had multiple prize funds amounting to over three quarters of a million dollars, with individual future prize funds targeting five million dollars, so I expect I now have your full attention.
In addition, this event was pretty big, with an impressive list of ‘household name’ participants from the fields of Venture Capital (including Kleiner Perkins ) industry (including BAE Systems ) and numerous notable government representatives from the UK, US and EU to name but three (and there were more).
It had regional finals  held far and wide (US, Australia and London) and the finale that I attended was a culmination of four different full-scale international innovation competitions.
I have done a ‘scorecard’ type of review of it here .
Despite all this, I have to admit I was still quite sceptical at the outset. I was asking myself: is this really going to (as Steve Jobs  advocated, in the context of innovation) ‘put a ding in the universe ’?
Are innovation competitions really where the action is? Although I am still a bit reticent about answering that question, I have to say this: aspirations among the general public towards being a participant in the startup scene are still way, way below their real potential, and I’m convinced that this is as a result of a ‘cultural vacancy’ (i.e., it’s not an issue in Silicon Valley ).
Can this particular kind of competition on its own fully address this problem? Of course not.
But the essential service that competitions like PitchLive  unquestionably perform is to provide a platform for legitimising participation among larger organisations (as sponsors, investors and proponents of startup based innovation) rather than merely leaving ‘lip service to Open Innovation ’ as the Minimum Viable Product  of those organisations’ Innovators Dilemma s.
My scepticism regarding ‘new kinds of startup competitions’ is beginning to fade.
I’m not sure that there is anything ‘better’ than startup competitions, as far as raising awareness of the under-subscribed and largely untapped value that ‘startup facilitation’ represents, but I do think that there needs to be a (much?) wider variety of different kinds of startup events, and the fact that this one has quite a different ‘feel’ to the ones that currently get most of the attention is definitely a good thing.
My view from here onwards? Bring ‘em on.
Article printed from Innovation Investment Journal: http://www.iijiij.com
URL to article: http://www.iijiij.com/2011/10/31/innovation-competitions-why-we-need-more-of-them-011411
URLs in this post:
 TechCrunch: http://www.techcrunch.com
 Disrupt: http://disrupt.techcrunch.com/BJ2011/
 DEMO Conference: http://www.demo.com/
 TechCrunch Disrupt Cup: http://techcrunch.com/2010/05/23/unveiled-the-techcrunch-disrupt-cup/
 Kleiner Perkins: http://kpcb.com/
 BAE Systems: http://www.baesystems.com/
 regional finals: http://www.omnicompete.com/GSC_Regional_finals.html
 PitchLive London 2011: http://www.pitchlivelondon.com/
 OmniCompete: http://www.omnicompete.com/
 Business Design Centre: http://www.businessdesigncentre.co.uk/
 here: http://www.iijiij.com/2011/10/31/iij-post-conference-report-on-pitchlive-london-2011-011423
 Steve Jobs: http://en.wikipedia.org/wiki/Steve_Jobs
 put a ding in the universe: http://www.flickr.com/photos/katerha/6283521853/
 Silicon Valley: http://en.wikipedia.org/wiki/Silicon_Valley
 Open Innovation: http://en.wikipedia.org/wiki/Open_innovation
 Minimum Viable Product: http://en.wikipedia.org/wiki/Minimum_viable_product
 Innovators Dilemma: http://www.amazon.co.uk/Innovators-Dilemma-Technologies-Cause-Great/dp/0875845851
Copyright © 2010 Innovation Investment Journal. All rights reserved. Quality of print copy does not yet reflect the quality and formatting we would prefer.