X Prize For Companies
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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: 53:30SP
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.