Attracting Top Contributors
Bloomberg News noted that Henry Chesbrough’s classic 2003 HBR article on the merits of open innovation began, “Not all smart people work for you.” Firms must find a way to tap into external knowledge and ideas to innovate. Today, this premise is the basis for crowdsourcing, crowdfunding, open source development, and more. In each case, firms face a challenge: how to attract and motivate the best external contributors. A recently published paper by researchers at Duke and the London School of economics sheds light on this issue.
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