Open Innovation Contests?

By • on June 23, 2013

An article in the MIT Technology Review by Randall S. Wright noted that open innovation contests are gaining popularity with companies. The thinking is that since not all the smart people work for your company, why not hold a contest to get the best minds competing to innovate for you? While 99 percent of the entries will fail, those entries aren’t on your company’s income statement. And when that 1 percent succeeds by pulling off a true breakthrough, then your company will be the big winner. It sounds really good, and in certain contexts the approach does work. Yet, when it comes to real innovation, something essentially necessary is missing….

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