An “Innovation Tournament” is a tournament which focuses on a central theme or problem of the business. Anyone can submit proposals or innovative ideas to be reviewed by either a judging committee or their peers. Each idea which is submitted is reviewed, analyzed, and given a rank. The idea with the highest rank is deemed the winner and can be given a budget, team, and mentorship necessary to make his or her ideas a reality.
An option for ensuring that each idea is fully developed before funding, you can introduce another round where the top three ranked ideas have another week or so to develop their ideas more fully based off of feedback, and then re-rank them to select a winner.