Definition
Venture Challenges are structured innovation initiatives focused on identifying and accelerating bold new business opportunities — often beyond the core. They invite individuals or teams to pitch, develop, and test entrepreneurial ideas with the potential to create entirely new revenue streams, ventures, or business models.
They are a proven tool for cultivating entrepreneurial thinking inside large organizations and exploring transformative growth areas.
These programs often include a mix of coaching, Validation sprints, stakeholder pitching, and seed funding — all designed to move ideas quickly from concept to proof of business. They foster a safe space to experiment and fail fast while maintaining strategic alignment.
Venture challenges also serve as cultural signals. They show employees that bold thinking is not only welcome but expected — and that new ventures can emerge from within, not just from startups or external incubators. When supported by strong leadership and innovation culture, these programs activate internal talent and unlock latent potential.
For best results, venture challenges should be embedded in a clear process that guides participants through ideation, exploration, and decision-making — with feedback loops and visibility at each stage. Done well, they don’t just generate ideas — they develop people and capabilities for long-term innovation.
Relevant links and use cases
To set you off for a good start and ensure smooth communication, we have compiled a list of the most important innovation terms and definitions. Download the PDF presentation and share it with your organisation.
Ideation is the creative process of conceiving and shaping new ideas. It includes everything from the first thought or inspiration to the formulation of an idea. In the context of an innovation challenge, it refers to the initial phase in which ideas are submitted online and…
Idea management is the structured process of managing ideas from ideation through evaluation and refinement to selection. Many companies use an idea management platform to support this process (the Nosco platform is an example of this).
A call for ideas is an announcement used when an organization or person looks for ideas on a specific topic or project. In the field of innovation, it is used to describe the types of ideas welcome to an innovation challenge…
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