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Learn how innovation contests are now a staple for companies to engage the right innovators worldwide and accelerate strategic product development
CLEVELAND, June 24, 2014 /PRNewswire/ -- Global innovation firm NineSigma today announced availability of a new white paper on innovation contests. Titled, Open for Business: The New Innovation Contest Does More than Deliver Solutions, it explores this finely tuned open innovation option that delivers speed, transparency and ultimately solutions that can be applied more quickly in the market.
The race to invent, reinvent or improve products has become so fast and furious that traditional development processes and cycles can't cut it. Open Innovation has become a proven, well-established method for reducing development times by sourcing solutions or know-how that already exists in other fields. Building on this strategy, the Innovation Contest is a competition that enables rapid development of an actionable solution. It combines the best practices of a well-crafted technology search with carefully integrated PR elements to catalyze solution provider responses, while positioning the sponsor as an innovative company.
Companies like GE and Under Armour are using innovation contests to build communities of practice, find new capabilities and advance the functionality of their products. From ergonomic switches and new designs for water filtration components to expanded capabilities of an athletic performance device – the innovation contest is a versatile platform for creating new partner networks.
For solution providers, these contests offer a transparent process in which they can have total confidence. The sponsoring organization, evaluation criteria, timing for decisions and winners are all communicated openly.
NineSigma CEO Andy Zynga says, "Organizations are continually faced with the pressure to accelerate technology development and bring products to market faster. This white paper is a great resource for organizations considering prize-based competitions to connect with world-class talent and efficiently advance innovations that will become transformative for their business."
The white paper on Innovation Contests is available as a free download at http://www.ninesigma.com/open-for-business.
Solution providers interested in participating in innovation contests should join NineSights today. NineSights is a secure, collaborative online community where all innovation contests run by NineSigma can be found. Registration is free and takes just a minute at www.NineSights.com.
NineSigma helps organizations in the public, private and nonprofit sectors find new solutions, knowledge and partners to accelerate the innovation cycle. The leader in creating 'unexpected connections' across industries and technical disciplines, NineSigma has produced billions of dollars in value for its clients. The company also helps for-profit and nonprofit organizations address problems of a global magnitude through Grand Challenges. NineSigma's online community, NineSights®, connects innovators of all sizes with the resources and relationships needed to drive growth. Learn more at www.ninesigma.com or www.ninesights.com.
Jackie Lucas, Warner Communications - email@example.com, (978) 255-1159
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