Narrowing the Gap

Georg Weiers
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Georg Weiers: African Development Bank

Chapter 9 in Innovation Through Cooperation, 2014, pp 125-142 from Springer

Abstract: Abstract What has been done so far to make it possible for inventors and businessmen to work together to realize ideas? Many interesting approaches exist that work around Arrow’s paradox. The most prominent and promising so far is to offer prizes. A prize is promised for the best idea to solve a given problem. This has proven a successful method. Many platforms have sprung up offering innovation prizes, creating a multi-billion dollar industry. But innovation prizes have some severe limitations. They only apply to ideas that address given problems. Many ideas are novel in nature, or improve on something already quite good. No prize exists for them. Prizes help, but do not solve the paradox.

Keywords: Innovation Process; Open Innovation; Spot Market; Defense Advance Research Project Agency; Passive Approach (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/978-3-319-00095-4_9

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