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Innovation through Grand Challenges

The innovation ecosystem faces significant challenges with declining investments from VCs, banks, and governments. Professor Josh Lerner from Harvard University highlights that vital technologies are not attracting necessary funding despite their substantial potential returns. OmniCompete, established in 2006 at the London Business School, aims to address these market failures by designing and executing competitions that spark innovative solutions across various sectors, including security, health, and energy. With over $2.9M awarded and a $124M impact for finalists, we emphasize the power of competitions to change the world.

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Innovation through Grand Challenges

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  1. Innovation through Grand Challenges

  2. What are the problems in the innovation ecosystem? employees companies government investors SMEs researchers

  3. Other financing tools for innovators have been in decline VCs Banks Governments “Many long-term fundamental technologies are not attracting the kinds of investments they deserve, even though the potential returns, if successful, would be very substantial” Professor Josh Lerner, Harvard University

  4. Competitions have the power to change the world!

  5. Who are we? OmniCompeteis a world leader in prize design and execution Awarded over $2.9M and achieved impact of $124M for our finalists Founded in 2006 at London Business School to solve market- failure in security market Return of Investment (ROI) of 6.49X for sponsors, measured by UK Gov Hosted and managed 25 international Grand Challenges

  6. Our current and past competition clients

  7. Areas of competitions Security Energy Health Social Innovation Architecture & Design Internet Water

  8. Advancing the Open Innovation industry

  9. What are the typical steps involved? Design Mentor &Report Launch &Marketing Ideation Judging Awarding IT Platform

  10. Ideation Process - Deconstructing the Problem We need to research to understand why your problem has not been solved yet as it impacts the design stage.

  11. Illustration of our Open Innovation Approach: deconstruct the problem and solve in steps Steer a toy car from behind a wall IT The Oil Well Wireless Communication Challenge Researchers Stage 1 Stage 2 Expert Groups Students Idea Challenges Implementations Experts & general public Cloud of Ideas & Innovators Mobile Learning Identifying & mobilizing new talents Right Time Focusing the Community & enable collaboration Public Right Topic Understanding a message while missing bits Post-Competition Impact Plan CreatingCommunity Near Field Comm. Employees - Customers Chemists Social Innovation Employees Ideas Abstracting the complex problem Implementations of Innovations

  12. The effort – prize equilibrium Complexity $$$ Prize Man-hours needed Exposure Difficulty level Intellectual satisfaction of solving a challenge Capital investment

  13. How to tell the world’s innovators? Model it after a presidential media campaign Use platforms to reach solvers

  14. Thank you! We are on GSA Schedule for US government procurement: GS-07F-0638X

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