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Kimberly Kupiecki

SVP, Edelman Public Relations Worldwide

TEDCRED 20+

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Are incentivized prize competitions a good way to drive innovation?

Companies like GE with its ecomagination challenge and organizations like X Prize put up dollars for innovators through competitions. Is this a good replacement for the decline of corproate and government R&D centers?

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    Jul 15 2011: I think yes, because most of the innovations comes from long during researches, and also not everybody has the resources (time, money nor infrastructure).
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    Jul 15 2011: dead or alive. bounty was a way of private law enforcement for an age when we lacked the resources to have an ever watching police.

    why not adopt this policy for RnD? states and big corporations failed to be effective. offer money for those that deliver!
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    Jul 15 2011: i think so.
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    Jul 15 2011: Yes. I've seen companies that win prizes go on to develop better products and attract partners and customers. Not sure contests can replace corporate and government R&D, but they can surely augment.