8 Open Innovation Prize Recipients: Where They Are Now
The Luminary Labs website noted that while the explicit purpose of an open innovation competition is to surface a winner, success can extend far beyond the timeline of the challenge. After conducting a survey of prize recipients, we have found that almost all (92%) of teams continued developing their solutions after the challenge, with some partnering directly with the sponsor. Two-thirds of teams surveyed raised funding after the challenge. We conservatively estimate that prize recipients have gone on to cumulatively raise $100 million. We recently reached out to eight of these winners and asked them to explain — in their own words — what happened after participating in an open innovation challenge.
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