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Narrowing the Gap

In: Innovation Through Cooperation

Author

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  • Georg Weiers

    (African Development Bank)

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.

Suggested Citation

  • Georg Weiers, 2014. "Narrowing the Gap," Management for Professionals, in: Innovation Through Cooperation, edition 127, chapter 9, pages 125-142, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-319-00095-4_9
    DOI: 10.1007/978-3-319-00095-4_9
    as

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