Subba’s Serendipitous moments

January 26, 2007

Innovating for a prize

Filed under: Business,Innovation,Learning — Subbaraman Iyer @ 4:13 pm

In an earlier post, I appended a presentation on how Goldcorp turned to the world to make a decision on whether to mine for gold. Essentially, the instituted a prize money, and got people to participate.

The WSJ carries an interesting article which takes this concept even further. They list out cases where the proliferation of money attracts the best brains to solve stubborn problems.

There are some specific advantages in following this practice. For one, it is possible to tap brilliant minds from all over the world, and second outsiders come with a whole new perspective to deal with the problem.

This indeed shows the potential of globalisation.