Griffith Hack Clean & Sustainable Technologies

Australian Innovation Festival – ‘Spigot’ Online marketplace for new ideas by Griffith Hack
May 10, 2010, 3:52 pm
Filed under: Articles

Griffith Hack is proud to be a sponsor of the ‘Spigot’ Online marketplace for new ideas, which is part of the Australian Innovation Festival.

The Spigot on-line market place is a virtual marketplace for new ideas. This allows registered participants to show their enthusiasm for new ideas by investing virtual currency and hence building the “market value” of your idea. Ideas can be submitted against four themes: “A Better Future for our Children” (ideas to help future generations); “Sustainable Environments” (climate control, green technology etc.); “The Connected World” (making use of the national broadband network); and “The Recovering Economy” (making Australia a more robust economy).

Ideas can be adapted and improved as feedback is received. Winning ideas providers will not only have their ideas showcased in the media but also be eligible for assistance in having their ideas commercialised through our innovation award sponsors; Griffith Hack, the Hargraves Institute and Business21C.

Even if you don’t submit an idea, for those participants who most actively contribute to developing ideas through constructive advice or investment can also be rewarded through prizes from our Reward Shop. Why not try your hand as a venture capitalist? By investing early in “winning” ideas your wealth will grow, potentially making you eligible for Reward Shop prizes.

One week before the close of the competition, a panel of expert judges will pick the 16 most prospective ideas to enter the final round. In the final week supporting votes and investments will be limited to the finalists to determine the overall winners.

While this a new concept for Australia, this type of ‘crowd-sourcing’ has been tested overseas, and may provide an interesting model for new business development. Interesting in learning more? Check it out here . Just be sure that you have thought about IP protection for your new concept before you post it. Once you post it, you can end up losing ownership rights to this idea. If in doubt, speak to us first.

Mike Lloyd


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