Do contests propel innovation in an industry that lacks infrastructure?
Incubators and contests -- do they enable innovation? Paul Krugman’s interesting article about GE’s competition to find a new design raises a question about how to boost innovation and lower its cost. If you read the article, entitled ‘Complexity is Free’ –you will discover how a simple contest, fielded internationally, generated a design improvement at almost no cost for GE: “The winning prize pool [was] $20,000, spread out across 8 finalists, with awards ranging from $1,000 to $7,000 each.” So for $20K, GE got something it wanted, layered that something into a design process that enables continuous revision to designs without new infrastructure investment (‘the free’ in the title.) Does anyone else find it interesting that there was no internal engineer who could figure out how to design a lighter-weight bracket component -- and that a contest was required? Or was this a publicity stunt to generate good will for GE?