7 Tips for Virtual Open Innovation Challenges That Succeed
As the first startup founder steps on to the stage, the MC nods encouragingly, the judges lean in and the audience quiets in anticipation. The space vibrates with excitement, and you’re almost as nervous as the startups waiting their turn to pitch next.
Unfortunately, COVID-19 has made it highly unlikely you’ll be organizing or attending an inspiring event like this anytime soon.
When corporations host a startup pitch event, it’s either the culmination of an accelerator-style program or a stand-alone program. We’re focused here on the latter, commonly known as an open innovation challenge, in which a company asks startups to help it solve a specific problem, gives startups anywhere from 2 to 4 weeks to submit their application, and ultimately chooses a winner that receives prize money and/or a partnership opportunity. We define open innovation as systematically bringing external ideas and technologies, namely startups, into a company’s own innovation process.
While virtual open innovation challenges might not have the same physical energy as in-person events, we have learned from recent work with Visa and P&G that they do deliver excitement and compelling startup pitches, as well as attract valuable audiences.
[ Watch the Visa Everywhere Initiative 2020 virtual open innovation challenge on TechCrunch ]
And, when virtual open innovation challenges are done right, they surpass initial expectations and objectives. More importantly, they lay the foundation for much larger initiatives that include recruiting startups year-round and building partnership funnels.
If you’re considering a virtual open innovation challenge for the remainder of 2020 or 2021 — and we think you should — we have 7 tips that will help ensure a well-executed and well-attended virtual event. All are based on our experience running virtual open innovation challenge events with amazing customers who quickly adapted and learned alongside us.
A quick note on time: It’s possible to organize and execute a virtual open innovation challenge in as little as 6 weeks from start to finish, depending on your objectives, team resources and budget. But with 10 to 12 weeks you should have enough time for every step, plus a little wiggle room. That said, a virtual open innovation challenge will be more work than you think. Your team will need a clear plan and superior internal communication skills to keep all moving parts on track, especially with people working remotely.
Laying the Groundwork
Our first three tips focus on the initial steps to take, ideally before you launch your call for startup submissions.
1. Clearly outline what kind of startups you’re looking for — and what you’re not.
Craft a plain-English brief that speaks to founders. Include the types of technologies and subject areas that interest you. If you require a certain level of company maturity, geographic location or protected IP, say so.
Once you have a brief for your virtual open innovation challenge, make sure your application form reflects your criteria. But don’t go overboard and risk losing startups to a cumbersome process. Ask only for the info your team needs to make a decision and, if applicable, to determine which outreach method generated the most qualified applications.
2. Choose a platform that suits your objectives and your audience.
Consider which video tools and/or platforms your company already uses or has approved, who has expertise in using the platform and the amount of production required. A tight timeline will make it much harder to get internal approval for new software. Most video conferencing platforms have similar feature sets, but if you need a specific type of audience engagement tool, for example, you might choose one over another.
Also, if the event is for internal or private audiences, you’ll want to make sure you can keep it private.
3. Work with online production experts and allot time for technical rehearsals. If you have the budget, secure some low-cost equipment to elevate production quality.
For an in-person event, you’d likely rely on your in-house event team or a professional agency, right? You need the same support for a virtual open innovation challenge.
Your experts could be internal — for instance, your comms team may have already produced several online events — or external if you’re looking for a certain level of production (we work with Sunol Group Media). Whichever route you choose, secure these resources early so they can plan for and keep to the target dates you set.
Make no mistake: technical rehearsals are mandatory for a smooth virtual open innovation event. Set expectations with startups and other speakers that they will need to participate in technical rehearsals. Schedule these rehearsals early enough in the planning process so that few people, if any, have schedule conflicts.
If budget and time allow, purchase and send ring lights and mics to startups, judges and the event MC to ensure everyone looks and sounds great on camera.
Creating an Engaging Virtual Event
These final four tips center on content and the marketing of your virtual open innovation challenge.
4. Prep founder pitches, then pre-record and edit them.
For in-person and virtual open innovation challenges, we recommend one-on-one rehearsals with constructive feedback on the content and delivery of the pitch. Keep in mind that even founders with pitch experience do not necessarily know how to speak to your audience and that scheduled rehearsals help them prioritize the work needed to refine their pitch.
While pre-recording pitches might seem less genuine, in fact you’re ensuring a smoother event that runs on time and keeps the focus on the content.
It’s best to do full takes — no stopping and starting — then have a professional editor create a pitch video that features both the speaker and their slides. Bonus: you can share the final pitch videos with other business units outside of the virtual event.
Also, set a time limit on pitches. Shorter (4 to 5 minutes) is better for virtual events given limited attention spans. Make sure every startup can pitch within that amount of time before they record.
5. Choose judges and a fireside chat speaker who will attract your target audience and an MC who adds credibility and gravitas.
Pitch judges ideally include top executives from within and outside your company; all should be selected for their expertise while also considering diversity.
Your fireside speaker, whose talk will play while your judges deliberate offline, should be a name or have a story that resonates with your target audience. For both P&G and Visa, that meant showcasing a well-known startup founder that was already part of their family and could speak to the benefits of working with them.
The MC sets the tone and energy for your show, so do not choose just anyone. Consider a senior team member or someone from outside your organization who has public-speaking experience and subject matter expertise. In either case, the person needs to be able to commit to rehearsals and potentially time to pre-record introductions and transitions.
By securing judges, an MC and a speaker early in your virtual open innovation challenge planning, you can feature them in your promotions, both to startups as a reason to apply and to your target audience to attend.
One more thing: pre-record the fireside chat. It provides more scheduling flexibility for your speaker and allows you to edit the interview for the best-quality content that is also the right length for your live stream. The full-length version can be shared internally or used in other ways.
6. Build an audience in advance.
What’s the point of an amazing virtual open innovation challenge if no one watches it? Whether your audience is mainly employees, clients, startups, the public or some combination of these groups, start building your audience from the moment you launch startup applications.
Our remote-work lifestyle means most everyone has limited bandwidth for watching a screen, plus you still need to get on people’s calendars. Gather RSVPs through Eventbrite or another registration-type system, then remind your RSVPs a day and an hour in advance when and where to tune in.
In the final 24 to 48 hours, promote the virtual innovation challenge across your social channels. Although you will have audience members that did not pre-register (and are less trackable), you’ll have a larger turnout when you go live.
If you have budget/bandwidth, create a sizzle reel to promote the event.
Consider a distribution deal with an industry media platform (like Visa did with Techcrunch) to attract more of your desired audience.
7. Make the winner announcement an exciting moment.
We at KITE love that moment when a surprised and ecstatic founder hears their name called as the winner and ascends the stage to receive their award and pose for photos.
The best way to replicate that excitement in a virtual open innovation challenge can vary depending on your budget, but don’t neglect the planning. Consider virtual fireworks, applause, music, close-up shots and the reactions of your audience and other participants.
And practice is key here, too, as awkwardness detracts from the show. Make sure judges who announce the winner know what to speak and when and that they smoothly transition to and from the MC. The startups also need to be briefed in advance on what they can expect should they be named a winner.
Final Thoughts
To achieve great outcomes with your virtual open innovation challenge — including a startup winner your company is eager and ready to partner with — we encourage you to take all these tips to heart.
A successful virtual innovation challenge event also sets up your team for ongoing startup recruitment and partnership funnels that systematically bring the best outside ideas and technologies into your company.
Having a trusted partner like KITE will help you execute your virtual open innovation challenge like a pro and succeed in the long term.
Contact KITE to learn how we can support your virtual open innovation challenge and help you build out your ongoing program: contact@kitesrm.com.
