Chicago Vision Reviews, “To Encourage Innovation, Make It a Competition”

At Chicago Vision, our culture is to build strong mindsets and durable individuals. Our representatives understand the value of good, healthy competition. “At Chicago Vision, we know that having competitivity in a company means that we will help individuals reach the potential and an overall company goal,” says Matthew Goodchild managing director of Chicago Vision. We also believe in the power of competition to innovate and help creative ideas prosper into great things. With any great idea and individual comes the mindset to be creative, strategize and implement different tactics.

 

According to The Harvard Business Review, an article ‘To Encourage Innovation, Make It a Competition’ by Anil Rathi, Rathi talks about the fact that competition has fueled many major and successful businesses. He says that the drive and ability to utilize innovation brings a valuable tool to work places. Rathi writes, “For example, Thompson Reuters created a “catalyst fund” to encourage and support new ideas. To access it, teams of workers compete by presenting and defending their most compelling ideas to an innovation investment committee. The Department of Health and Human Services also recently launched a “Shark Tank”-style competition where multiple employee teams compete to pitch their best ideas to senior officials.” “This strategy helps encourage business partners to give their ideas/input and interact with the flow of a firm or company in general. Being able to have the factor of giving ideas and seeing how they can make difference, makes individuals different and assertive,” says Matthew Goodchild of Chicago Vision.

 

“One of the ways that innovation encourages competition according to Rathi is by drawing value from the competitive process itself and not just results,” says Matthew Goodchild of Chicago Vision. Rathi writes, “No matter what ultimately happens with the eventual winning idea, well-managed internal competitions teach employees new skills, connect them across multiple departments, and amplify the company’s overall creative ambiance. And in our experience, after companies design and execute one competition, they often gather the important data and ideas they’ve learned to use in subsequent competitions. As this process plays out, the greatest benefit may be for the hosts of the contest, since they learn to leave their teams free to be daring so they can cultivate great ideas over time.”