Their radical idea is to apply open innovation principles to venture creation, with the aim of building three new activities which will each generate £10 million to help beat cancer. They can be independent business ventures, new ventures for an existing company or a new venture for Cancer Research UK to run themselves.
This is a brave experiment from Cancer Research UK as it combines the use of social media and ethical capitalism. As they say on their website, they don’t know what will come out of it, but “look forward to seeing what you come up with”. Could it be a “Body Shop for Cancer”? Could it be the next “Race for Life”? Could it be a way to remove £10m from the cost of research?
The Challenge runs from November 2008 to June 2009 but already has 32 suggestions.
To join in with this fascinating experiment you have to agree to the following:
1. to give honest and open feedback
2. to act in good faith at all times
3. to treat all community members with respect and courtesy