With the rise of platforms such as Kickstarter and GoFundMe, it has become increasingly clear that the power of the crowd can be the ultimate catalyst when it comes to turning new ideas into reality. Now there is a platform called HeroX that is taking this model and ramping it into overdrive by combining crowdsourcing with collaboration and competition.
Founded back in 2013, HeroX is a "crowdsourcing platform that brings together global communities of problem solvers to deliver breakthrough solutions to social, economic, and strategic challenges." In other words, people anywhere in the world can issue a challenge that will directly address a current problem or opportunity. A social community is then formed around the challenge as those who think they have the best solution begin submitting their entries in an effort to win cash prizes. The idea is that the creativity and innovation surrounding the challenge will ultimately activate the circumstances that will lead to a breakthrough solution. As the company explains, its goal is "to harness the collective mind power of a community to innovate upon any problem or opportunity."
The idea for such a unique crowdfunding model was born out of the success of the XPRIZE, which is the inaugural incentive prize competition of the XPRIZE Foundation. After years of receiving letters from people pitching their own competition ideas, the XPRIZE Foundation teamed up with City Light Capital to create the spin-off HeroX.
Now HeroX is helping democratize the innovation model of XPRIZE, by taking on projects for The Rockefeller Foundation, the City of San Diego, Forbes, NASA, XPRIZE, Land O'Lakes, and hundreds of others. These projects cover a wide variety of industries and issues, and include everything from improving the health of Canada's aboriginal communities, to solving Cario's stiffing traffic congestion. In tackling these pressing issues, the platform has amassed a global reach of over 1 million investors in 190 countries.
With many of the world's greatest breakthroughs coming from outsiders instead of experts, HeroX helps to open the doors for game-changing innovation.
This post is sponsored by HeroX.