As part of the Innovation Awards & Summit 2015, The Economist Events is hosting an innovation competition which invites video and word idea entries on how to make large businesses more innovative. Here below are the innovative ideas from our winner and runners-up:
Marcos Polanco, partner, Exponential CEO, United States
"Large enterprises respond to the incentives offered by their investors, who mostly value P/E ratios over the next five years, at most. How can investors come to value innovation? Ironically, via insurance: at this time, investors can go long the disruptor (e.g. "Uber") via venture capital, but have no economical mechanism for a "long term short" on the disruptee (e.g. "Blackberry"). The concept: measure the long-term fragility (per Nassim Taleb) of large enterprises, create insurance products priced according to "disruption risk", and thus lend price, liquidity and visibility to corporate sclerosis, the opposite of innovation.
Once brought to the fore visibly, capital markets will discipline CEOs to report on innovation metrics and prove the vitality of the firm's long-term future, just as they must already demonstrate their ability to turn assets into quarterly profits. Capital market discipline will focus CEO attention, elevate the standing of Chief Innovation Officers and result in a cascade of adoption of management techniques honed over decades in Silicon Valley. These techniques are varied, from "lean startup" principles for market discovery to multiple share classes for risk management, but their adoption starts with investors."
Aadhithya, mechanical engineer, Infosys, India
"My concept proposes for an online platform for big business called “Showcase” for each company, where innovative people around the globe can showcase their talent or projects related to the business or company and solve problems the company faces. Instead of hiring people by seeing their educational qualifications, companies can directly hire innovative and passionate people who can solve problems for them. For example: - Consider the company Google, in showcase platform of Google. People can find bugs in the google services and flaws in codes, here people are showcasing their debugging skills. The company can reward them by taking such innovative people in their team or giving a direct interview chance.
Now consider the company Mercedez Benz, in the showcase platform of Mercedez Benz people can showcase their skills by coming up with new innovative technologies for cars, tweaks in engine and components that improve performance. Innovators can be rewarded with job offers, licensing revenues and internships. Company in return will get these innovative technologies and produce high end super cars. This can make big business innovative."
The prize of the winner
One complimentary pass (valued at USD 1,800) to attend The Innovation Awards & Summit, Hong Kong, on October 14th 2015
One economy return flight ticket from your country to Hong Kong* and two nights’ accommodation
A special product package provided by Huawei
Top three shortlisted entries will be showcased on the official event website
Entrants must be individuals
One-minute video or 200-word text
Originality, vision, relevancy and presentation style
Practicality and solution-driven approach
Clearly addresses the question: What is your one big idea on how to make large businesses more innovative?
The Economist Events will review all submissions and check if they align with the terms and conditions.
The three finalists will be selected by the judging panel from The Economist's editorial team. The top three entries will be showcased on the Innovation Summit website.
The final winner will be announced on September 29th 2015 and be awarded the above prize.