More prize money, more innovation?
Prizes for innovation are not new, but are increasingly attracting everyone’s attention since a few years ago. It is difficult to know how many innovation prizes have been offered, for example, in the last five years.
The idea that prizes can induce innovation has been more supported by recent practices than theory. Although academic research has contributed knowledge to this area, most of the attention has been paid by the broader economics literature on mechanisms to encourage innovation, where prizes are analytically compared with patents and other incentive schemes. We know little about how prizes work in practice.
That is the main reason why I decided to focus my doctoral dissertation on innovation inducement prizes. In particular, my research looks at how teams respond to prize incentives, perform R&D activities, and come up with innovations. Hopefully, in the near future, I will be able to provide some insights on how (and to what extent) prizes induce innovation. In the meantime, I will try to post more comments on this and keep my blog updated!
said by: Luciano
date and time: 2009-11-09 21:02:38 GMT -5
tags: innovation, prizes