Business idea · Marketplace
Creative Problem-Solving Contest Platform
Creative Problem-Solving Contest Platform is an online platform hosting contests where users submit solutions to specific business challenges for monetary rewards. It was pitched on The Side Hustle Show in the episode "626: 13 Ways to Get Paid for Your Opinion" (aired August 26, 2024). How it makes money: Entry fees for participants and sponsorship fees from companies seeking solutions.
At a glance
| Podcast | The Side Hustle Show |
|---|---|
| Hosted by | Nick Loper |
| Episode | 626: 13 Ways to Get Paid for Your Opinion |
| Aired | August 26, 2024 |
| Category | Marketplace |
The problem it solves
Companies often struggle to find innovative solutions for their challenges and may not utilize external talent effectively. Current crowdsourcing platforms may lack user engagement or fail to offer substantial rewards, disincentivizing participation.
How it makes money
Entry fees for participants and sponsorship fees from companies seeking solutions.
Skills you need
Event management, marketing, user engagement, and platform development.
The market, and why this works now
The rise of remote work has increased companies' reliance on innovative solutions from diverse talent pools. Hosting contests on platforms like Reddit's r/Entrepreneur can attract participants eager to showcase their skills while providing companies with fresh ideas. A key risk is the potential high customer acquisition cost (CAC) associated with attracting both participants and sponsors, especially in the initial stages when brand recognition is low.
Our analysis, written after the episode. Not a quote from the show.
Where this idea came from
Podcast: The Side Hustle Show, hosted by Nick Loper
Episode: 626: 13 Ways to Get Paid for Your Opinion
Aired:
Summarized from the episode transcript. The show does not say which speaker raised each idea, so we credit the show, not a person.