The Global Security Challenge - A Case Study
An independent case study commissioned by a Department of Her Majesty's Government.
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The Global Security Challenge (GSC) seeks to discover the creative capabilities of innovators in young companies, including university spin-offs that address public security needs. This includes hardware or software solutions that help (a) protect people, critical infrastructure, facilities and data/electronic systems against terrorist attacks or other criminal acts and natural disasters or (b) help governments, businesses and communities prevent, defend against, investigate/prosecute, cope with or recover from such incidents. GSC has been running for six years and principally looks for technologies that have gone beyond the idea stage but need more investments to develop the business. The prize fund is provided by the Technical Support Working Group (TSWG), an agency of the US Department of Defense. The Global Security Challenge receives around 200 submissions annually and 80% companies have not previously submitted to the TSWG standard annual procurement solicitation. Applicants, in particular international ones, have expressed their feeling that the Annual Solicitation process was not meant for them, where as the prize appeared more open particularly to those who do not speak English as a first language. The broader range of applicants also includes “dramatically greater international responses” both in terms of greater numbers of submission from other counties and also from countries that do not normally submit. Spill over benefits have included impressive figures for the stimulation of the market, with previous winners and finalists generating over $104 million in investments and acquisitions over five years, along with a noted improvement in the quality of submissions. |
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Costs The annual prize fund has the value of $500,000 per annum and is divided into a prize for SMEs of the value of $300,000 and a prize for startups of the value of $200,000. |
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Value The case study about prize competitions, commissioned by a UK Government Department, estimated that the GSC has a significant Return on Investment of 6X, which is higher than its major competitors’ RoI with between 5X and 1.7X (calculated with the lowest level of attribution and highest discount rate). |
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Summary of Benefits for the Global Security Challenge:
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