Open Ventures Challenge

Corporate Connect and online collaboration experts mo.jo worked together with leading charity Cancer Research UK to build a community of people to create new viable businesses which could generate funds of £10 million per annum.

The challenge comprised four parts: kick-off, community building,ideas creation and business development. At each stage, community feedback was used to judge and prioritise the ideas, leading to the short-listed teams pitching to Cancer research UK’s Venture Board for the chance to partner with the charity and/or receive £5,000 in investment to pilot the idea. The challenge website encompassed over 600 registered users, and generated 160 listed ideas, 23 venture applications and six short-listed candidates.

The three final, supported ventures were:

• Extraordinary Experiences – a national raffle venture that could win punters a ‘money can’t buy’ experience of a lifetime.
• Open Gym – a network of outdoor fitness groups participating in weekly exercise classes led by qualified coaches in local parks across the UK. All the profits go to Cancer Research UK.
• Project Rose (started by 13 year old Lizze McLean when her mother was diagnosed with breast cancer) – a venture aimed at students in secondary schools and colleges. For a cost of £2.50, they can pre-order silk roses that are delivered anonymously on Valentine’s Day.

The Open Ventures Challenge proved that it is possible to crowdsource viable new businesses on the web. Uniquely, it was able to build and support a genuine community of entrepreneurs with a common interest in helping to cure cancer.