OmniCompete

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OmniCompete is an organisation specialising in the design and implementation of innovation competitions. In February 2012 OmniCompete was acquired by InnoCentive. [1] One of the original founders went on to co-found the crowdsharing platform Zyncd in 2014. [2]

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OmniCompete

OmniCompete is an organisation specialising in the design and implementation of innovation competitions. [3] It promotes Open Innovation through various prize challenges worldwide, offering financial rewards to successful innovators from across a diverse range of industries and sectors. [4] Previous and ongoing competitions include the Global Security Challenge, [5] the Energy Storage Challenge, the Cyber Security Challenge and the Health Pitch Battlefield.

History

The idea behind OmniCompete and its predecessor company, Global Security Challenge (GSC) was developed at London Business School in 2005, where the founders met during their MBAs. Simon Schneider [6] and Janeen Chupa-Brimacombe founded the Global Security Challenge in 2006 and the competition has run annually since then. Building on this foundation in the security sector, the organisation has expanded into other areas, initiating the Energy Storage Challenge and Health Division in 2010. The umbrella company, OmniCompete Limited, was founded in 2010 and US subsidiary OmniCompete Inc. was incorporated in 2011. In 2012, OmniCompete was acquired by InnoCentive.

Company

OmniCompete is based in London, UK. Its board members include the honourable H. Lee Buchanan III, who used to be Deputy Director of DARPA before his current role as VC at Paladin Capital Group.

OmniCompete has hosted over 20 international competitions in the areas of security, energy, social innovation [7] and cloud computing, with over $2.9 million in prizes. [8]

Winners and Finalists

Over the past five years, OmniCompete has awarded many prizes to a wide range of innovative startups and SMEs. [9] Previous winners include:

Winners and finalists have often secured investments and acquisition deals through their participation in OmniCompete competitions. Former Global Security Challenge finalist TenCube was recently acquired by McAfee. Vumii, Secerno and DecaWave provide more examples of finalists who have since raised significant funding. [16]

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References

  1. ↑ "InnoCentive Acquires OmniCompete Limited | InnoCentive". Archived from the original on 24 February 2012. Retrieved 28 February 2012.
  2. ↑ "Home". zyncd.com.
  3. ↑ Goodman, Anthony (4 May 2011). "The benefits of giving prizes: Awards encourage innovation and collaboration". Financial Times . London.
  4. ↑ "€10,000 to Test a Social Venture in Naples, Italy - BusinessWeek". www.businessweek.com. Archived from the original on 14 September 2011.
  5. ↑ "A Dragons' den for James Bonds". TheGuardian.com . 16 November 2009.
  6. ↑ Moules, Jonathan (11 July 2011). "The runner-up takes it all: Entering awards can be an effective way of getting your business noticed by investors". Financial Times . London.
  7. ↑ "€10,000 to Test a Social Venture in Naples, Italy - BusinessWeek". www.businessweek.com. Archived from the original on 14 September 2011.
  8. ↑ "An invitation for innovation: Naples opens its doors to cross-border co-operation". TheGuardian.com . 4 August 2011.
  9. ↑ "Meeting the global security challenge". The New York Times. 26 November 2007.
  10. ↑ "It's the magnificent seven". Archived from the original on 27 September 2011. Retrieved 24 August 2011.
  11. ↑ "MPedigree: A Collective Impact Case Study (SSIR)".
  12. ↑ "African apps boost business growth". BBC News. 20 May 2011.
  13. ↑ "Liquid explosive scanner goes into operation for first time". 29 June 2011.
  14. ↑ "Oracle buys Ksplice". The Register .
  15. ↑ "Security Monitoring recent news | page 1 of 81 | Dark Reading".
  16. ↑ "Fresh funding of €2 million for DecaWave | The Post". www.thepost.ie. Archived from the original on 14 November 2010.
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