Why run a Grand Challenge?
Grand Challenges offer a number of unique benefits, including:
- ROI: The return on investment of the Global Security Challenge was independently measured at 6X. In the past five years, $2.9M in awarded prize money has resulted in finalists and winners generating over $130M in investment and acquisitions.
- Increased awareness: Posing a problem or challenge to the world, and offering a sizable reward to individuals/groups, which can address or even solve the problem an effective way to raise awareness about an issue.
- Positive PR for your organisation: Running a Grand Challenge is an effective way to demonstrate thought leadership in a particular field or sector. Funding challenge-driven innovation boosts brand awareness and creates brand association with cutting edge innovation.
- Strategic uses: Due to the high level of customization, Grand Challenges can be part of a wider marketing strategy, aligning with an organisation's mission and vision.
- Tackling complex and extensive problems: Grand Challenge programs can be structured in stages, consisting of many incremental challenges leading up to the key problem, creating a community of dedicated solvers and focusing them on wider issue over a longer period of time.
"Competitions like this are vitally important to addressing issues like crime and terror which rely so heavily on innovation. Instead of putting money into specific areas of research, it invites companies to offer solutions to problems and funds the best ones – a very effective use of funding in a changing area like this. In the past five years we've identified some really promising technologies that we may not have otherwise come across, and which will be important in the on-going struggle to keep people safe without limiting their freedom."
John Morgan, in his previous capacity as Deputy Director of Science & Technology, TSWG
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