Shaan proposes a Corporate X Prize Model where companies create prize competitions to drive external innovation and talent acquisition. This approach outsources problem-solving and product development while providing a pathway to acquire high-performing teams or solutions.

Key points:

Prize Structure:

  • Companies offer substantial prizes (e.g., $10 million) for solving specific challenges or developing products.
  • Winners get the prize money and potential acquisition by the sponsoring company.

Benefits for Companies:

  • Outsource innovation and product development.
  • Attract multiple teams to work on solutions simultaneously.
  • Reduce internal R&D costs and risks.
  • Option to acquire winning teams or technologies.

Participant Incentives:

  • Clear financial reward.
  • Potential for acquisition or employment.
  • Defined problem scope and buyer interest.

Example Scenario:

  • Company announces prize for the best solution to a specific challenge.
  • Multiple teams compete to develop the solution.
  • Winning team receives prize money and the possibility of being acquired.

Advantages:

  • Leverages external talent and resources.
  • Creates a pipeline for identifying exceptional teams and technologies.
  • Allows companies to specify exactly what they're looking for.
  • Generates publicity and interest in the problem being solved.

Potential Applications:

  • Tech companies seeking new features or products.
  • Industries looking for innovative solutions to longstanding problems.
  • Companies wanting to enter new markets or technologies quickly.
15:29 - 17:46
Full video: 53:30
SP

Shaan Puri

Host of MFM

Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.

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