Zaur AICo-founder of openincubator.ie | Student Entrepreneurship Programme Manager @TCD

Why idea competitions in big companies don't work

Name: Why idea competitions in big companies don't work
Uploaded: 2022-10-03T14:09:51+00:00
Duration: 40 s
Channel: Zaur AI
Description: A short YouTube monologue (uploaded Oct 3, 2022) arguing that internal idea competitions at large companies are wasteful. The speaker calls ideas "free"…

3 Oct 2022 · 1 min

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A short YouTube monologue (uploaded Oct 3, 2022) arguing that internal idea competitions at large companies are wasteful. The speaker calls ideas "free" and criticizes internal voting and subsequent execution—claiming companies spend lots of money developing ideas that ultimately fail in the market.

Chapters

It's the biggest waste of money in the, you know, since the beginning of innovation, I think, because ideas are free, they're cheap, they're everywhere. Getting, you know, people to make an idea. Competition. And then internal employees vote on who has the best idea. It's just, you know, you're working in a bubble. So I. I'm not a fan. I'm not a fan. And I think a lot of money has been wasted with this. And then picking one idea and going to execute, that's when the waste of money gets even bigger. Write a business plan. You execute an idea that looks great, that everybody in the company believes in, and the market says, this is bullshit. So I hate idea.