P&G startup lab opens registration for its next innovation challenge contest
P&G Ventures, Procter & Gamble’s internal early-stage startup studio, has announced the latest iteration of its Innovation Challenge, an ongoing entrepreneurial-style competition that’s become a signature part of the organisation’s pursuit of the company’s next billion-dollar brand.
P&G Ventures newest challenge submission will be on until May 13. Three finalists will be selected to pitch to a panel of judges on July 14, and the winner will receive $10,000 and a chance to partner with P&G Ventures to continue developing their product.
The company said the challenge will hold virtual same as last year because of the COVID-19 pandemic and it will also allow more applicants to participate in this year’s challenge. The final pitch event will be streamed and registration will also be free.
Specifically, P&G Ventures is looking for ideas outside of P&G’s typical wheelhouse. Ideal submissions should contain a product that is used daily or almost daily, provides noticeable superiority, and has an ownable efficacy benefit, P&G Ventures said, in categories like enhanced sleep, non-toxic insect solutions, women’s wellness, personal performance, active aging and more.
Senior VP and founder of P&G Ventures, Leigh Radford, said: “The Innovation Challenge has become a wonderful way to showcase the ingenuity of those creating new solutions to some of the most pressing consumer problems.”
Besides Radford, the five-member panel of judges includes: Mike Jensen, senior VP of research and development, P&G Ventures, Anu Duggal, founding partner, Female Founders Fund, a seed-stage fund that invests in women, Michael Olmstead, chief revenue officer, Plug and Play, a Silicon Valley innovation platform, Clarence Wooten, co-founder and general partner, Revitalize Venture Studio, which helps launch startups fueled by diverse co-founding teams.
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