Imagine this scenario…
You have collected 400 creative points over the course of the process. You now have the opportunity to spend these points on scarce resources and consultancy. But a TV starts off at 400 points, with immense demand. And you need sessions with three different consultants to help provide insight for your team’s idea. Do you spend very little money on a table stand and spend most of our money on consultancy? Maybe we don’t need to speak to every person as we have the best idea in the world, but we just need a way to stand out for the judges next week, to buy a large TV screen for our exhibition stand. Although, we probably do have to speak to Gareth about communication, Swain about our business model, Phil about the wellness tourism sector and Cameron about the technology involved in our idea. Should we buy out 40 minutes of Gareth’s time or should we saviour that money for a better stand?What should we do? We only have 1 minute left to decide!
This is how everyone was thinking and consolidating on Auction and Consultancy week. It is the battle of understanding what takes priority for your team, especially under scarce supply, limited funds and against 11 other competing teams.
It is all about understanding the value of the creative points, something that has been very little understood under this week. Every team is assigned homework after every week’s session. This is to not only help and guide the teams to prepare for the next upcoming week, but also give more time for the teams to really work together and build upon their work in the session, as sometimes 2 hours is not enough. For completing this work, each member can be awarded 10 points; 40 points per team, per week. This helps incentives doing the work. Except, without receiving the rewards themselves and not knowing what the creative points can buy them, the currency’s incentive salience and value is diminished. And this is what the postgraduates have been discussing this week, to understand what is the best way to rework the currency system to reward teams for their efforts on a weekly basis without replacing their intrinsic motivation.
One possibility has been to have a current creative currency and a potential creative currency system, to illustrate what teams have earned and what they could have achieved. Additionally, another point raised is that the value of these points could be established earlier in the process. For example, in Week 3, there could have been an early intervention or consultancy week to guide remove any uncertainty or to clarify ideas and thoughts the teams may have had, only provided by spending creative currency. As this is an competition, the team’s collective effort and actions should be rewarded and thus, would have more points than other teams for which they can buy more resources and expertise. However, this does not mean other every team is disadvantaged, as they also had the same opportunities to earn the same amount of points. Therefore, the more effort and intrinsic motivation the team has, the more collective points they earn and can spend.
This is always an exciting and high-pressured event in the Enterprise by Design process. However, it is also full of complexities and uncertainty. Hopefully now after having invaluable expertise and buying scarce resources, all the teams will direct all their efforts to the final part of the process; the final week where the winner of £2500 seed fund will be announced!