Tag Archives: crowdsourcing

Innovation Prizes

There is an ongoing hype about innovation prizes.

“A McKinsey study of prizes worth more than $100,000 suggests that the aggregate value of such large awards has more than tripled over the past decade, to $375 million. Moreover, the role of prizes is changing: nearly 80% of those announced since 1991 have been designed to provide incentives for specific innovations rather than to reward excellence in general.” Source: Harvard Business Publishing – Daily Stat – August 3, 2009

Great, right? Tap into global talent to solve important problems. Achieve in the private sphere what used to be attainable only by governments, and at a fraction of the cost. Reward only the success.

My rant: the most vital stage of the innovation process is not crowdsourced: the definition of what problem is worth solving. The idea generation, the setting of the agenda, the choosing of the direction of inquiry… all this is kept in the hands of private teams such as, say, X Prize. Yes, they do give the option of submitting ideas for prizes, but before you do, you will have to digitally sign away all your rights to the idea. It is, after all, their right to monetize the business model they have created.

Yet, what an opportunity to explore…

So here I am, slightly obsessed with the idea of creating a crowdsourcing platform for innovation that is different from everything that currently exists out there. I have it in my mind’s eye. Any software developer out there with a couple of hours idle time? Give me a buzz, I’ll take a day off, and we’ll start a revolution! :)

Ha, blogging makes it easy to get carried away. But really… I wonder what it would really take.– This page has been viewed by 498 members –