Innovation Challenges: Are They Worth Your Time? The Truth! #shorts
In this short advisory video, Stacy Chin outlines the major drawbacks of entering innovation challenges and contests for startups. She explains that these competitions can be highly time‑intensive, requiring weeks of effort for an application that may result in no reward. The contests are also extremely competitive, with many participants vying for a single prize. Additionally, the awards are typically one‑off cash or in‑kind prizes rather than ongoing grant funding, and eligibility criteria differ widely—some are sector‑specific, some limited to students, and others to particular geographic locations. Stacy advises viewers to thoroughly research each contest to ensure it aligns with their startup’s needs before committing time and resources.
