Can Prizes Spur Innovation?
“…incentive prizes can spur innovation in cost-effective ways…Another feature of well-designed incentive prizes is that they can attract enough investment and invention to create entirely new industries.”
For a great history of the innovation prize and where it stands today, read the entire guest blog by Vijay V. Vaitheeswaran here on Freakonomics.
For more on this book about the new rules of innovation, check out this audio interview with Vaitheeswaran on The Economist.
A question worth pondering — definitely click through and read the full Freakonomics post.