Innovation challenges benefit event organizers by allowing them to take the initiative in innovation, stimulate their audience, and act as innovation brokers. These challenges instill a new dynamic, improve the brand, and support innovation projects with high growth potential. For participants, innovation challenges offer a platform to submit ideas, collaborate, receive mentorship, and act on feedback. Participants can engage with a global community of innovators and have the opportunity to present their ideas during a live event, with winners receiving various rewards, including monetary prizes and support for commercialization or access to investing funds.