Innovation competitions - means to generate valuable ideas, advance products and technologies, and enhance entrepreneurial skills

Bojana Obradović

Abstract


Innovation competitions have been recognized as tools to promote innovation and entrepreneurship/intrapreneurship at universities, companies and the society at large. Universities often organize competitions in technological innovations in order to educate engineering students in innovation skills but also to cultivate innovation consciousness and encourage work in multidisciplinary teams. Innovation competitions in companies aim to inspire employees and customers to generate commercially viable ideas, but also to enhance intrapreneurship. Finally, innovation competitions have been supported by governments in an effort to enhance innovation and entrepreneurship in the wider society. These competitions do not only support winners by awards but also provide trainings, encouragement and motivation, introduce the contestants to potential investors and help the contesting teams and start-ups to build networks with different potential users, manufacturers and partners. In Serbia, the Competition for the Best Technological Innovation has been organized at the national level under the auspices of the ministry responsible for science and technological development of the Republic of Serbia since 2005. As a result, 2539 teams have participated in the competition till now, 366 trainings have been held for 6974 researchers, innovators, entrepreneurs and students and 80 new companies were founded.

Keywords


innovation awareness; multidisciplinary team; university-industry collaboration; intrapreneurship; training

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DOI: https://doi.org/10.2298/HEMIND190824024O

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