Solving problems through incentivized competitions
4 years ago
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HeroX provides organizations a capital-efficient and scalable platform for leveraging their capital to achieve world-changing innovation – There is $435 billion in R&D spending and $290 billion in charitable giving each year in the U.S. alone. Rather than using these large budgets to hire or donate to one person or team, imagine if organizations had tens or hundreds of teams working on achieving their strategic objectives. HeroX is building the leading platform for incentive competitions as a means for crowdsourcing complex solutions to the challenges facing corporations, governments, non-profits, and individuals. These competitions offer a valuable form of leverage to sponsors, with participants often spending 10x or more of the prize amount in aggregate to solve the problem, and the sponsor only pays if the desired result is achieved. Moreover, research shows that opening up these challenges to a diverse audience of innovators results in more rapid and more innovative solutions. We really think this is an exciting space and the management team and founders (including Peter Diamandis) super solid.
4 years ago