Innovation challenge - the complete guide

Innovation challenges provide efficient access to fresh ideas that would otherwise be inaccessible, helping to generate ideas in areas relevant to an organization’s strategy and management needs. The main steps in the challenge project are finding the sponsor and topic, deciding the audience, planning the challenge, choosing a platform, launching the challenge, collecting and processing ideas, evaluating them, and making decisions and awarding the winners. The best practices include finding a sponsor with a topic requiring solutions, forming a solid challenge question, estimating the audience’s capability, providing regular communication, choosing a platform and tools, launching the challenge with a focus on motivating contributors, collecting and processing ideas systematically, and evaluating ideas based on innovation and financial criteria.