How might we develop an open innovation challenge prize to support SMEs in choosing financial products and services that suit them best?
The challenge
In this project we worked with Nesta’s Centre for Challenge Prizes to help design an innovation prize to support UK SMEs in choosing financial products and services that meet their needs.
The approach
The project team utilised a stimulus-based approach to user research to gain insight about SMEs and use that to refine the challenge focus, determine the right environment and incentives for participation.
The outcome
The team delivered the final design of the innovation prize. The development of the prize was supported by in-depth qualitative research, summaries of insight, and collaborative workshops with various stakeholders. In March 2016, the Competition and Markets Authority has backed the challenge prize.
In this project we worked with Nesta’s Centre for Challenge Prizes to help design an innovation prize to support SMEs in choosing financial products and services that meet their needs. We recruited over 40 stakeholders, including UK SMEs; potential prize entrants; banks; and experts in comparison and switching from other industries.
We conducted phone and face-to-face interviews, using design stimuli to uncover current SME pain points and needs; to stimulate ideas around ideal products and services; and to gather feedback on an initial focus and structure of the prize.
Based on these insights, we held a collaborative workshop with the project team and four feedback sessions with key stakeholder groups to refine the focus of the prize and to specify the environment and incentives needed to support participation.
After several iterations, we delivered a final version of the prize design, along with key insights.
