How the Internet is Revitalizing the Innovation Prize Model
In his May 21 “New York Times” online article “Change the World, and Win Fabulous Prizes,” Steve Lohr provides a history of the prize model and discusses current open innovation contests.
Josh Lerner, a professor at the Harvard Business School, is quoted in the article and explains that the proliferation of prizes is part of the larger trend of opening corporations and government to wider networks of people with fresh ideas by using the Internet. Crowdsourcing and open-source software — computer programs developed and debugged by far-flung groups of contributors — are other examples of the “open innovation” approach.
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