Prize Challenges That Pay Off
Words by Carlos Pichardo
Are you an organization with a burning problem you can’t quite solve? Lean on your fellow innovators and set up an innovation prize challenge! Prize challenges are a great way to source innovative technology while also promoting and growing your field. Setting up a prize challenge is difficult alone, but armed with yet2’s databases, our connections, and our technical and logistical chops, a prize challenge leading to innovation is right around the corner.
Power Connectors: Maximizing Outreach with yet2
Our background advising government agencies and large corporations to set up and manage prize challenges has given us a unique experience working with prize challenges. To date we’ve worked on 8+ prize challenges, identifying and connecting over 3000+ leads, with many of those leads becoming prize winners. As Power Connectors for the US-government-sponsored InDEEP innovation challenge, we helped the U.S. Department of Energy (DoE) in 3 stages: identify, connect, and engage.
Stage 1: Identify – In the first stage, we identified 1000+ leads using our scouting prowess and a fine-tooth comb. Our extensive network shines through in lead acquisition; we tap into our global presence and actively scout amongst our database of technology channels. yet2 also posts and supports the challenge on our social media and has people find us! In another prize challenge yet2 assisted (one with a prize pool of $22,000,000), we found over 1600+ leads, and of 300 final applications, 30 were identified and contacted by yet2. The leads we acquire are quality organizations that show technologies directly promising to the outlined request.
Stage 2: Connect – In the second stage, yet2 connects with leads to create awareness and traction for the prize challenge. We reach out and gauge interest. For interested companies, yet2 sets up educational webinars, email status updates, etc. seeking to grow interest and participation in the prize challenge. From uninterested companies, we get feedback and relay that information to improve the prize challenge. The connection stage is all about finding interested leads and keeping them interested.
Stage 3: Engage – The third stage is where yet2 shows it goes above and beyond. For companies demonstrating clear intention to submit, yet2 offers office hours, 1-on-1 meetings, and conference calls engaging with the lead and pushing them past the last steps of submitting and innovation. For the InDEEP prize challenge, we engaged with 150+ leads with solutions tailor-made for the prize challenge. Though the results of the InDEEP challenge have not been posted, we are excited to see familiar names!
Prize challenges are a great way to find promising technologies, or a prime opportunity to bring awareness to and expand your technology field. Check out past challenges we’ve worked on, fostering innovation all across the country:
So f you have your eye on the prize, contact us, and yet2 will get you right.
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