AI Competition Life Cycle

Data Science Competition Life Cycle

Our data science competitions are at the heart of our mission to democratise AI. These competitions are designed to bridge the gap between companies seeking innovative solutions to data problems and the talented data scientists eager to tackle these challenges. This section outlines the structured process of how data science competitions work within the bitgrit ecosystem.

Problem Definition and Preparation

Our journey begins by collaborating with small businesses, enterprises and community members looking to harness the power of data science. We assist them in defining a problem that they need to solve or refining an existing challenge. This initial step is crucial, as it sets the stage for the entire competition. We work closely with these partners to ensure the problem is well-framed, relevant, and feasible for our community of data scientists.

For small business and enterprise competitions, the bitgrit team works with the entity to establish the problem statement and data set. Thereafter, bitgrit takes on the responsibility of preparing the necessary data. We gather, clean, and structure the data, preparing it for analysis. This ensures a level playing field for all participants and saves valuable time that would otherwise be spent on data preprocessing.

Formulating Mathematical and Machine Learning Problems

With the problem and data in hand, a mathematical and machine learning problem is formulated. This step is essential to provide participants with a clear understanding of the task at hand. A balance between complexity and feasibility is sought, enabling both beginners and experts to participate.

Hosting the Competition

The competition phase typically spans more or less two months, during which participants, including data scientists and machine learning enthusiasts (collectively, Data Scientists), compete to develop the most effective solutions. We offer continuous support, maintaining an open line of communication with all participants. Effective marketing efforts are deployed to engage our community of experts, ensuring a diverse range of perspectives and ideas.

Competition Judgment and Reward

Upon the conclusion of the competition, bitgrit ensures that the top contenders receive their well-deserved recognition and rewards. We meticulously validate that the algorithms submitted comply with all the rules and guidelines. bitgrit’s quality team of in-house data scientists review each model submitted in depth and score them according to the scoring sheet provided to the participating Data Scientists.

Each competition culminates with a leaderboard, showcasing the performance of all submissions. The top-performing individuals or teams (usually top three) are crowned the winners, with the prize contingent upon:

• Delivery of winning solutions accompanied by comprehensive documentation; and

• Granting a global, perpetual, non-exclusive license for the client's commercial use of the solution.

The top Data Scientists are awarded a share from the net prize pool based on their ranking in the competition, fostering a competitive yet collaborative spirit within the community. The small business and enterprises will provide the prize money for the competitions in USD or stablecoins (some instances together with BGR).

bitgrit charges a commission on each competition (% on a case by case basis) as a fee for hosting and facilitating the competition.

Revenue Sharing and Marketplace Integration

An exciting feature of the competitions is where the winning models and algorithms are not exclusively used by one party and the rewards don’t stop at the prize pool. Instead, these winning AI models will be integrated into our AI marketplace.

This marketplace acts as a hub for algorithm creators to showcase their work, while small businesses, enterprises, and community members can access these powerful solutions.