Great ideas are worth a lot. In this case, a lot means $10,000. That’s sure enough to get my brain running.
Filene is excited to be helping judge the entries of the inaugural (and soon-to-be annual) CO-OP THINK PRIZE from CO-OP Financial Services. The call for entry forms and submission guidelines for the CO-OP THINK PRIZE are now available at www.co-opthink.org. The idea is to inspire and reward innovative, shareable ideas on how to grow the credit union movement. That’s right up our alley, too, and we’re flattered to help with the judging.
The competition will proceed in three rounds, with Oct. 15 as the deadline for round one. Entrants are asked to complete a simple questionnaire that serves as a program proposal, establishing the specific idea and its merits to the industry. With replies of between 25 and 100 words per question, the round one questionnaire asks entrants to:- Describe their idea
- How it benefits credit unions
- How it benefits credit union members
- How it exemplifies credit union values
- How the idea will propel the credit union movement forward
- And how it can be shared with other credit unions.
Round one entries judged to be among the best will be invited to participate in a second round, in which remaining entrants will be asked to develop a business plan for the idea. The second round deadline is Dec. 31. In the third round, three finalists will present their ideas at the THINK 2011 Conference in May 2011 in Anaheim, Calif., with the winner determined by conference attendees, online viewers and a panel of experts from the Filene Research Institute and CO-OP.
In addition to the $10,000 in seed money, the winning entrant will also receive pledges of financial support and business services from THINK 2011 sponsors and the Filene Research Institute. Credit unions or individuals employed by them can participate, with the three finalists notified around Jan. 31, 2011. For all the nitty gritty details, head over to the THINK PRIZE website .
Comments
5
Why limit this to just credit union employees??? What purpose does that restriction serve?
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Jeffry: Thank you for your interest and your question. We are considering making the program open to a greater cross-section of the movement in 2011/2012. However, because CO-OP Financial Services is a credit union service organization and an aggregator of credit unions, we wanted to make sure in the inaugural year of the THINK Prize that the new ideas grew organically out of the movement. We are seeking to enhance industry education opportunities and leverage the expertise of our clients, while encouraging all of us to look at old issues in new ways. This is in keeping with CO-OP’s multi-faceted THINK program, which includes our annual THINK Conference, THINK Magazine and now, the THINK Prize.
-Samantha Paxson, Vice President, Marketing, CO-OP Financial Services
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Thanks for your reply Samantha. I’m still not clear how this initiative – nor the credit union movement itself – benefits from limiting ideas to only those originating from within. Wouldn’t a think tank like Filene be interested in the best ideas, not just ideas that come from a certain class of people?
Nevertheless, I understand the correlation between sponsor and restriction.
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Hi there,
Is this open to Canadians as well?
Thanks,
ygw
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Hello YG: We really appreciate your inquiry and interest. Unfortunately, the competition is only for legal residents of the US who are employed by credit unions chartered in the US. Best regards, Bill Prichard, Public Relations Manager, CO-OP Financial Services
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