INNOVATION CHALLENGES

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The challenges of innovation are challenges posed by corporations with the aim of finding innovative solutions to specific problems. These challenges are often launched through open innovation programmes, where startups and entrepreneurs are invited to submit their proposals and solutions to the challenges posed. Corporations launch these innovation challenges with the aim of obtaining new ideas and solutions to improve their business, increase efficiency, reduce costs, improve customer experience, among other objectives. At the same time, for startups and entrepreneurs, these innovation challenges can be a great opportunity to develop and validate their solutions, establish valuable industry contacts and access resources and funding to grow their business.

To participate in these innovation challenges, entrepreneurs and startups must present solutions that are viable, scalable and add value to the corporation. In addition, they must demonstrate their ability to effectively implement and execute the proposed solution. In a nutshell, innovation challenges are an opportunity for entrepreneurs and startups to present their innovative solutions to the problems posed by corporations and to access resources and funding to grow their businesses, while helping corporations improve their business and product or service offerings.

What are the advantages of participating in these challenges for entrepreneurs?

The innovation challenges launched by corporations offer several advantages for entrepreneurs, among them:

1. Business opportunities: These challenges can be an excellent way for entrepreneurs to find business opportunities and develop innovative solutions to real problems faced by corporations.
2. Access to resources: Some innovation challenges offer access to resources and support for the development of solutions, such as funding, mentoring, technical advice, among others.
3. Visibility: Participating in an innovation challenge can increase the visibility of a venture and help build a reputation in the market.
4. Validation of the idea: By presenting solutions to real problems, entrepreneurs can validate their business idea and improve it through feedback from corporations and other participants.
5. Possibility of collaboration: Innovation challenges can be an opportunity to establish collaborative relationships with corporations and other entrepreneurs, which can lead to new business opportunities and growth.

In a nutshell, innovation challenges can be a valuable way for entrepreneurs to develop innovative solutions to real problems, access resources and support, increase their visibility and build collaborative relationships.

Practical examples of innovation challenges

Here are some examples of innovation challenges launched by corporations:

1. Airbus Innovation Challenge: launched a challenge to improve the cable assembly process on its aircraft. The aim was to find a solution that would reduce the time and cost of the process, without compromising quality and safety. The winner of the challenge was a startup called AIRTAME, which proposed an innovative solution based on 3D printing technology.
2. BBVA Innovation Challenge: launched a challenge to develop a more secure and user-friendly mobile payments platform. The goal was to create a solution that would allow users to make payments quickly and securely from their smartphone, using technologies such as biometrics and cryptography. The winner of the challenge was a startup called The Payment House, which developed a mobile payments platform based on biometrics and tokenisation.
3. Coca-Cola Innovation Challenge: launched a challenge to develop a new generation of more sustainable and environmentally friendly packaging. The aim was to find a solution that would reduce the environmental impact of the company's packaging by using renewable and recyclable materials. The winner of the challenge was a startup called Bio-lutions, which developed an innovative solution based on paper pulp technology.

In general, these innovation challenges are an excellent opportunity for entrepreneurs to demonstrate their capacity for innovation and solve real business problems. The winners of these challenges have the opportunity to work with corporations to implement their solutions, and can also get additional funding and support to grow their startups. In addition, these challenges can help entrepreneurs establish valuable contacts in the industry and gain visibility and recognition in the market.

Success stories of start-ups born out of innovation challenges launched by a corporation

There are several success stories of start-ups that have been born out of innovation challenges launched by a corporation.

Examples include:

1. Flexdrive: This on-demand car rental company was founded in 2014 from a challenge launched by Cox Automotive. The corporation was looking for innovative solutions to improve the car rental experience, and Flexdrive came up with a mobile app-based solution that allows users to rent a car for short periods of time.
2. Glucovation: This company was founded from a challenge launched by Medtronic, a medical technology company. Medtronic was looking for innovative solutions to improve glucose monitoring in patients with diabetes, and Glucovation presented a solution based on a mobile app and a wearable device that monitors glucose in real time and sends alerts to doctors and patients.
3. Local Motors: The company was founded in 2007 as a result of a challenge launched by the US Defense Advanced Research Projects Agency (DARPA). The challenge was to design and build a military ground vehicle within 10 months, and Local Motors came up with an innovative solution based on crowdsourcing and collaborative manufacturing. Since then, the company has evolved to produce electric vehicles and has collaborated with corporations such as IBM and Siemens.

In a nutshell, innovation challenges launched by corporations can be an excellent opportunity for entrepreneurs to come up with innovative solutions and create new businesses. In addition, corporations can benefit from the creativity and user-centred approach of startups, and startups can benefit from the financial, technical and mentoring support of corporations.

How can an entrepreneur be aware of the challenges posed by corporations?

There are several ways in which an entrepreneur can learn about the innovation challenges launched by corporations:

1. Websites: Companies that launch innovation challenges usually have a section on their website dedicated to these challenges. Entrepreneurs can visit these web pages and learn about the details of the challenges and the rules of participation.
2. Social networking: Many companies promote their innovation challenges on social networks such as Twitter, LinkedIn, Facebook and Instagram. Entrepreneurs can follow these companies and keep an eye on their posts to find out about upcoming challenges.
3. Specialised platforms: There are specialised platforms that collect information on innovation challenges launched by different companies. Some of these platforms are Innoget, Agorize, Hoppin, among others.
4. Events and conferences: Companies can also launch innovation challenges at industry events and conferences. Entrepreneurs can attend these events and have the opportunity to learn about the challenges and speak directly with company representatives.
5. Associations and public bodies: In some cities, there are associations and public bodies that promote and support entrepreneurship and innovation. These organisations are often aware of innovation challenges launched by companies in their geographical area and can provide useful information and resources for entrepreneurs interested in participating.

In a nutshell, entrepreneurs can learn about the innovation challenges launched by corporations through websites, social networks, specialised platforms, events and conferences, associations and public bodies, among other sources of information. It is important to be vigilant and look for opportunities to participate in these challenges, as they can be a great opportunity to validate and scale innovative solutions.

How can a corporation launch an innovation challenge?

A corporation can launch an innovation challenge in different ways.

Here are some options:

1. Open calls: the corporation can open an open call through its website or social media, inviting entrepreneurs and startups to submit solutions to a specific problem.
2. Innovation platforms: Some corporations have created digital platforms where entrepreneurs can access the innovation challenges they have launched and present their solutions.
3. Partnerships with start-up accelerators or incubators: the corporation can partner with an accelerator or startup incubator to launch an innovation challenge and receive proposals from entrepreneurs who are part of its community. mentorDay helps many corporations, 
4. Innovation events: the corporation can participate in innovation events where it can present its challenges and problems to an audience of entrepreneurs and startups that can present solutions.
5. Direct contact with entrepreneurs: the corporation can establish direct contact with entrepreneurs and startups working in its sector or related areas, and present them with its innovation challenges.

In short, there are different ways in which a corporation can launch an innovation challenge. The important thing is to create a fluid and direct communication with the community of entrepreneurs and startups so that they can learn about the corporation's challenges and come up with innovative solutions.

What kind of solutions are corporations looking for in innovation challenges?

Corporations are looking for innovative and disruptive solutions that address specific business challenges that allow them to improve efficiency, reduce costs, increase productivity, improve their brand image, and/or offer new products or services to their customers. These solutions can be technological, design, process, business, marketing, among others. In general, solutions must be scalable, cost-effective and feasible to implement in the enterprise.

What are the advantages for the corporation of launching innovation challenges?

The advantages of a corporation launching innovation challenges are several:

1. It attracts fresh ideas: Innovation challenges allow corporations to come up with new ideas and solutions to specific problems that they have not been able to solve internally.
2. Cost reduction: The corporation can leverage the startup's knowledge and experience to obtain more efficient and cost-effective solutions.
3. Improve the image of the corporation: Innovation challenges are a way of demonstrating the corporation's commitment to innovation and continuous improvement.
4. Identification of new talent: Through innovation challenges, the corporation can identify new companies or talents that may be useful in the future.
5. Acceleration of the innovation process: Innovation challenges accelerate the corporation's innovation process by leveraging the experience and knowledge of startups.

In short, innovation challenges are an effective way for corporations to obtain new solutions to specific problems, reduce costs, improve their image, identify new talent and accelerate their innovation process.

Innovation challenges for the internationalisation of companies

Innovation challenges for the internationalisation of companies focus on finding innovative solutions that allow the company to expand its business in foreign markets. These challenges can be related to aspects such as adapting the product or service to the needs and preferences of the target market, identifying efficient distribution channels, managing the international supply chain, overcoming cultural and linguistic barriers, and creating a coherent global brand. Companies can launch innovation challenges for the internationalisation of their business, inviting startups and entrepreneurs to present creative and effective solutions to address these challenges. By participating in these challenges, startups have the opportunity to demonstrate their ability to develop innovative and valuable solutions for companies, which in turn provides them with an opportunity to establish partnerships and expand their reach globally.

Examples of innovation challenges for internationalising companies include:

• Adaptation of products or services to different cultural markets
• Identification of efficient distribution channels in foreign markets
• Development of technological solutions for the management of the international supply chain.
• Designing a coherent and effective global marketing strategy
• Overcoming linguistic and cultural barriers in communication with international customers and business partners.

In a nutshell, innovation challenges for the internationalisation of companies seek innovative solutions that enable companies to expand their business into foreign markets. These challenges provide an opportunity for startups and entrepreneurs to present creative and effective solutions to address these challenges and establish collaborations to expand their reach globally.