OmniCompete

OmniCompete

As of February 2012 OmniCompete was acquired by InnoCentive. The OmniCompete team is now InnoCentive’s EMEA Headquarters as well as the Grand Challenges Division. [1] One of the original founders went on to co-found the crowdsharing platform Zyncd in 2014. [2]

OmniCompete
Type Private
Industry Open Innovation, R&D,
Founded 2006
Headquarters London, UK
Key People Simon Schneider - CEO, Janeen Chupa-Brimacombe - Chairwoman
Products Innovation
Website http://www.omnicompete.com/

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]

OmniCompete organises various events in connection with the competitions it runs. Over $750,000 in prize funds will be awarded at PitchLive in London in October 2011. Winners and finalists have generated $117.05 million in investment and acquisitions subsequent to competing in OmniCompete challenges.

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]

References

  1. http://www.innocentive.com/omnicompete
  2. http://www.zyncd.com
  3. http://www.ft.com/cms/s/f0338216-7636-11e0-b4f7-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff0338216-7636-11e0-b4f7-00144feabdc0.html&_i_referer=http%3A%2F%2Fwww.omnicompete.com%2Fall-news#axzz1LNvUr1by
  4. http://www.businessweek.com/smallbiz/running_small_business/archives/2011/08/10000_to_test_a_social_venture_in_naples_italy.html
  5. http://www.guardian.co.uk/world/blog/2009/nov/16/terrorism-global-security-challenge
  6. http://www.ft.com/cms/s/13e312aa-a655-11e0-ae9c-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F13e312aa-a655-11e0-ae9c-00144feabdc0.html&_i_referer=http%3A%2F%2Fwww.omnicompete.com%2Fall-news#axzz1RnNk4sjk
  7. http://www.businessweek.com/smallbiz/running_small_business/archives/2011/08/10000_to_test_a_social_venture_in_naples_italy.html
  8. http://www.guardian.co.uk/social-enterprise-network/2011/aug/04/cross-border-social-innovation
  9. http://www.nytimes.com/2007/11/26/business/worldbusiness/26iht-invent.4.8485274.html
  10. http://brw.com.au/p/sections/features/it_the_magnificent_seven_4JaUEdR0RX0C8gv2TVayxL
  11. http://www.ssireview.org/opinion/entry/mpedigree_a_collective_impact_case_study/
  12. http://www.bbc.co.uk/news/business-13475609
  13. http://www.thenorthernecho.co.uk/business/9110253.Liquid_explosive_scanner_goes_into_operation_for_first_time/
  14. http://www.theregister.co.uk/2011/07/22/oracle_buys_ksplice/
  15. http://www.darkreading.com/vulnerability-management/167901026/security/security-management/221900385/index.html
  16. http://www.thepost.ie/themarket/fresh-funding-of-2-million-for-decawave-52635.html

External links