The global wellness market is estimated at $1.5 trillion with annual growth of 5% to 10%. A recent survey by McKinsey & Company found that 79% of respondents felt that wellness was important and 42% considered it a top priority. Aside from representing market opportunity, this indicates problems in health & wellness affect a tremendous number of people worldwide and negatively impact the quality of life for these people. Organizations that can solve these problems in innovative ways can bring about positive change to people’s lives. The first step in solving these problems is identifying these problems. The aforementioned survey found health & wellness spanned six dimensions – better health, better fitness, better nutrition, better appearance, better sleep, and better mindfulness. The Seeker for this Challenge has expertise, experience, and know-how in apparel, footwear, textiles/fabrics, and materials, and is seeking problems that can potentially be solved using these capabilities. Given these capabilities, the Seeker would like to identify problems that fall into four of the six dimensions of health & wellness:
- Better health – i.e. topics related to chronic disease, obesity, aging, etc.
- Better fitness – i.e. topics related to enhanced comfort or performance
- Better appearance – i.e. topics related to anti-aging, sun protection, etc.
- Better sleep – i.e. topics related to comfort, support, climate, etc.
Problems related to better nutrition or better mindfulness are outside the scope of this Challenge and will not be awarded.
THE CHALLENGE
The Seeker for this Challenge is not looking for solutions to a problem, but rather problems to be solved in health & wellness related to apparel, footwear, textiles/fabrics, or materials. Submissions should present problems, that if solved, would improve the quality of life for people worldwide. Problems that focus on comfort and/or protection are preferred, but not necessary. Problems should be generally unsolved or in need of a better solution but solutions from Solvers are not required.
Submissions should address the following Challenge Requirements:
- Present a clearly identified consumer problem in the defined space of health & wellness
- The problem must fit within one or more of the four health & wellness dimensions listed above
- The problem must be related to apparel, footwear, textiles/fabrics, or materials
- Problems should be generally unsolved or in need of a better solution
- Supply consumer insights to support the problem statement
- Provide an estimate of the size of the problem
- Provide an estimate of the severity of problem
- High-level estimated solution(s) explanation – no solution details required
Submissions would preferably satisfy the additional following criteria (but not essential):
- Competitive analysis – a list of current companies that might already provide (inadequate) solutions related to the problem that is being submitted
Evaluation criteria
Submissions will be evaluated based on the following criteria:
- Meeting the Challenge Requirements listed above
- Estimated size of the problem
- Estimated severity of the problem
- Uniqueness of the problem/unmet needs of a problem
- Potential to deliver a portfolio of solution
Awards:- $15,000
