Holding an open innovation challenge is an excellent way to ensure a continuous flow of fresh ideas to your organization. When launching your next challenge, consider these five guiding principles. 1. Cast a Wide Net to Find Unexpected Innovators Let everyone know that you're on the hunt for ideas. You never know who is capable of coming up with a great innovation. Make the deadline and incentive for making submissions clear. Let the participants know what they will get for entering a winning innovation. GE's CEO Jeff Immelt went all out when he launched the massive "Ecomagination Challenge," using a press conference, VC firms, and marketing to garner participation. This innovation challenge resulted in the largest public participation ever run with 100,000s of participants. 2. Make the Innovation Challenge Specific The best ideas come from specific challenges. Make sure the contestants know the specific problems you're trying to solve. Set guidelines for any desired innovations...
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