Need a Breakthrough? Offer Prize Money!
The Wall Street Journal website noted that, stumped for solutions to hundreds of industrial and technical problems, businesses and governments alike are turning the search for innovative ideas into prize-worthy puzzles that capitalize on the ingenuity of the crowd. These incentive competitions are part of a trend toward open innovation that reflects a frustration with more traditional research practices, tighter budgets, and a nagging feeling that genuine economic progress has stalled. “These prizes have all this attractive potential, but there is a lot more needed for these to have a business impact,” says Henry Chesbrough, director of the Garwood Center for Corporate Innovation at the Haas School of Business at the U. of California, Berkeley.
Click here to read the full article.
