COMPETITIONS WORK
Incentive competitions have a long and rich history of pushing innovation, expanding the frontiers of the possible, and capturing the public's imagination.
While generally philanthropic in nature, they have also been used by countries, companies, and other organizations to solve problems both large and small.
With more advanced tools of identifying future trends and spawning new complementary ways of using different technologies, incentive competitions may give regions a head start in the formation of future clusters and a continuation of growth.
In a world where humanity is facing many grand challenges, incentive competitions allow for focused efforts on solving key issues within vital areas of industry.
The Nordic region is already striving for sustainability within its economies and civil societies, but by using incentive competitions it might expand the reach of its efforts on a global scale. Attracting problem-solvers from around the world to create true global impact.
A NORDIC COMMUNITY FOR INCENTIVE COMPETITIONS
The Nordic economies are already heavily intertwined with the other neighboring Nordic countries ranking as the largest trade partners. In general, the well-being of one country significantly impacts the rest.
Additionally, many important sectors overlap across the countries. The region also enjoys a healthy mobility of knowledge and transfer of both human and financial capital.
With this in mind, the Nordic countries are in a position where they could launch joint efforts to foster innovation and improve areas of industry that are important across the region.
Given the rise of global competition, the Nordics must stay innovative to ensure a clear competitive edge in the future. Furthermore with a strong track record of pursuing sustainable solutions in their own industries, future innovations in the Nordic region have great potential of being exported to the rest of the world. Something which could have global impacts.
Key Sectors Include:
Oil and Gas
Energy
Banking
Transportation
Telecommunication
Utilities
Technology
Construction
Manufacturing
THE MAIN IDEA
We want to work towards the creation a portfolio of incentive competitions that relate to industries of importance in the Nordic region. Here we want to see cooperation between national institutions, problems solvers, and key actors in the Nordic economies.
We want to see a clear aim in fostering substantial ‘leapfrog’ improvements to the core industries of the region. These improvements should aim to significantly outpace conventional industrial processes of increased efficiency and innovation.
These competitions would establish large sums as prize money for the accomplishment of specific innovations with a very clear and defined set of criteria.
As with many incentive competitions, only the winner would receive the prize. This process would bring forth innovators and problem-solvers both locally and globally. All in the effort of solving a singular issue with a multitude of possible solutions.
With these competitions, new companies would form globally and a spreading of sustainable innovations would occur. The Nordic countries would get the opportunity to interact with problem-solvers from around the world, create new markets, and at the very least see progress towards the solving of their industrial challenges.
COMPETITION STRUCTURE
Competition Community
Relevant Industries
(Depending on the contest theme)
Problem Solvers
(Universities, entrepreneurs, inventor associations, firms, and individuals)
National Institutions
(Innovation agencies, industrial organizations, etc.)
Financial Actors
(Banks, investors, funds, etc.)
Digital Platform
Impacts
- S
Preparing key industries for future demands and disruptions
Fostering regional economics and innovative cooperation.
Creating of specific knowledge hubs, problem-solving communities, and clusters
Promoting of regional trade and industrial wellbeing