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Building A 100+ Year Legacy + Peter Thiel’s Fellowship + Bomb Hiring Questions
My First Million
Idea: External Competition for Internal Project
Companies could significantly enhance their product development processes by offering financial incentives for external teams to create better versions of desired products. By publicly stating a substantial reward for the best solution to a specific problem, companies would not only attract multiple skilled teams to compete, but also define clear expectations and requirements upfront. This model would eliminate internal funding constraints for product development, allowing external teams to take the lead while ensuring that the commissioning company retains first rights to purchase the winning product. By establishing clear guidelines and timeframes, companies could cultivate a competitive environment that encourages innovation without the limitations typically associated with internal projects, thereby streamlining development and reducing the risks of uncertain outcomes.
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