The goal of idea competitions is to tap into external sources to support idea generation in the early stages of the innovation process. An idea contest represents an invitation by a private or public organizer to the general public or a specific target group to submit topic-related ideas within a certain period of time.
An idea contest strengthens the image of your company, thus also the brand. Opening up to the outside world has a sympathetic effect. The only exceptions are companies that are strongly based on a brand image of luxury and exclusivity, here you have to think carefully about the form in which an Innovation Challenge is carried out.
In this phase, the theme of the competition should then further crystallize.
The proposals submitted are usually evaluated by a panel of experts, awarded prizes and then used to develop new alternative solutions.
In general, idea competitions can be classified according to the two dimensions of task specificity and degree of elaboration: Task specificity evaluates the content framework provided by the organizer. A competition with high task specificity has specific and detailed requirements for the final result, limiting the scope of ideas. RFPs with low task specificity provide only rudimentary specifications and allow participants greater creative freedom.
The advantage of this method is the self-selection of the participants. Through the open call for participation, individuals with special needs and/or solution knowledge often come forward and are a great asset to the organization.
