This is a question where I have no knowledge but would appeal to organizations of all sizes, and in all sectors.
You have identified a need for software based solution for a project, however at the stage that you are, the details of the solution implementation are not known at the time, and you do not have sufficient internal resources to develop the solution. However you have a window of time to refine the potential solution, but only have one shot to get it right.
The options that I see are:
- Outsource – to a potential long term partner to develop and implement the solution. Of course this has an inherent risk in that costs may spiral out of control, you do not have much insight into the development process, and well you depend on all their processes
- Hold an App Challenge – these have become very common, however in this case you would define some requirements for and leave the problem solution to the competitors – I am yet to see this done
- Hold a Start-up Weekend – I am not sure how this is different from an app challenge but I would like to be educated
- Fund Start-up - question is how do you select the start-up, from app challenge or start-up weekend? How is this much better than outsourcing to an established company with prebuilt processes.
- Incubate potential start ups - Is this is an extension of the Fund start-up option, where by instead of owning the start-up outright you provide a space where start-ups can innovate and grow around your problems
Please comment and let me know what pros and cons for each of the options are.