Companies can set innovation challenges to gather ideas and find solutions. These can either be public events where anyone is able to contribute, or they can be private with specifically selected partners.
Innovation challenges can be defined to solve a specific problem that is already well-identified, such as Unilever’s innovation portal seeking solutions to problems with the storage, packaging, and transportation of food products.
On the other hand, these challenges can also be broadly defined to encourage participants to submit a wider range of ideas, as with AT&T’s Accelerator Challenge seeking new ways to boost the engineering capabilities of today’s students.
Innovation challenges are an excellent way to gather new ideas and boost brand visibility.