As any entrepreneur knows, risks and failures are just a part of the process. It is through betting big and risking loss that some of history’s most notable and innovative ideas have broken through. Colorado Governor John Hickenlooper wants to reward that gutsy spirit with a business competition called Glorious Failure: In Search of Success Innovation Challenge.
Announced yesterday, the competition offers a grand prize of $50,000 in cash plus $25,000 in-kind services to the company whose story about their “Glorious Failure” is deemed the best by a panel of judges and a popular vote. Companies with less than $1 million in revenue operating in the Information and Technology, Aerospace, Energy and Natural Resources, Infrastructure Engineering, Advanced Manufacturing, Bioscience, and Electronics industries are eligible to compete.
"Research and development-focused companies in advanced industries are an important economic market for Colorado," Governor Hickenlooper said in a statement. "This workforce currently drives 30 percent of the state's economy. We want to encourage and grow these important industries, which provide quality, high-paying jobs for the people of this great state."
Hickenlooper is a lead sponsor of the competition, which will be managed by the Colorado Innovation Network (COIN). Entries are open now until July 3, 2013. Four finalists will be chosen by a panel of state industry leaders and innovators, while a popular vote will select the fifth finalist. These five will pitch at the COIN Summit on August 29, 2013, a two-day, invitation-only meeting. There, a panel will select the first, second and third prize winners.
For Colorado, this competition is just another way to encourage groundbreaking ideas that can help change the world.
"Innovation Challenges are being successfully utilized globally to inspire, encourage, and promote creativity -- a key component to economic growth," said Mitra Best, a COIN Board Member who designs innovation challenges for PwC, Glorious Failures lead sponsor. "Innovation tournaments democratize the innovation process by allowing anyone, anywhere to propose a new idea. By leveling the playing field, we empower our people to participate in the growth and prosperity of our organization and communities."