Offering Cash Prizes for Innovative Ideas
Over the past few months we’ve spotted a few articles highlighting the practice of companies offering cash prizes for innovative ideas. A WSJ.com article by Dr. Eric Hintz charts the historical timeline of such practices, providing examples dating back to the 18th century.
Special thanks to Frank Piller, chair professor of management at the Technology & Innovation Management Group of RWTH Aachen University, Germany and author of the “Mass Customization & Open Innovation News” blog, for blogging about the Economist.com article and bringing it to our attention.
For more from Professor Piller, please see a Real video and a PDF of his presentation on the success factors of implementing customer co-design. This is from his talk during the April 2009 Open Innovation Speakers Series at The Center for Open Innovation at the Haas School of Business at the University of California, Berkeley.