Rethinking R and D
The Know IT website posted an article which noted that the rise in “open innovation” contests has helped companies broaden their research and development while reducing their cost and risk of failure. Such contests easily reach large numbers of external problem solvers with a variety of backgrounds, potentially leading to faster, cheaper and better solutions.The contests have piqued researcher Pei-yu Chen’s interest in how to make them work more effectively. Chen, associate professor of information systems at the W. P. Carey School of Business, has co-authored three papers looking at how innovation seekers can better design contests, evaluate entries and encourage high-quality solutions.
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