By Rob Starr, Big4.com Content Manager
As a principal in Deloitte Consulting LLP and a leader in Deloitte’s innovation group, Marcus Shingles has every reason to be excited his company is furthering their alliance with XPRIZE, a non profit and the global leader in the creation of incentivized prize competitions.
“We actually launched two degrees of alliances with XPRIZE,” he told Big4.com recently. “We launched one almost two years go where XPRIZE, Singularity University and Deloitte forged The Innovation Partnership Program.”
About six months ago, Shingles spoke again with Dr. Peter H. Diamandis, founder, chairman
and chief executive officer of XPRIZE about furthering Deloitte’s work with the foundation. The resulting multi-year strategic alliance and fellowship program will include a team of full-time professionals who will work on a pro-bono basis.
“Our objective was to expand the company’s ecosystem so we went out into the market and looked at big influencers and Singularity University and XPRIZE are that ecosystem,” Shingles said adding the original basis was about giving opportunities to and developing talent at Deloitte.
Social Impact Work
“We know it’s important to our talent to get the chance to do social impact work on some of the world’s grandest challenges,” he said. “XPRIZE has a track record of doing just that so it’s a legitimate offer we can make to our own people.”
XPRIZE uses innovative crowd sourcing and incentivized competition models and one of the other benefits to Deloitte Shingles mentioned was the exposure to ground breaking innovation. One example is the current $15 million Global Learning XPRIZE to develop open source scalable software for children in developing countries to learn basic reading, writing and math skills.
The XPRIZE model is also attractive because it encourages investment through the lure of the initial cash prize and through each of the teams that compete.
“XPRIZE is really about sparking new industry,” Shingles says. “They’ll be the first ones to tell you that things don’t end with the competition being won. That’s where things actually start—with post prize market development.”
Shingles says: “Deloitte wants to invest in our people. And our people are telling us that in addition to helping our clients’ with their businesses challenges, they also want to make a social impact and help to change the world. Providing unique and exciting opportunities like this is important for recruiting new talent and for retaining our best people”