What is open innovation?

Do X-Prize Types of Competitions Spur Innovation?

Open Innovation in Software
Open Innovation in Software Jeff Howe, in his book Crowdsourcing, presents three forms (or categories) of crowdsourcing. The reason I mention crowdsourcing is because I believe open innovation is a form of crowdsourcing (or an example of crowdsourcing). I also think that a lot of principles of crowdsourcing (community, diversity, competitions, reward/recognition) apply to open innovation. The three categories of crowdsourcing (according to Howe) are as follows: 1)   Prediction Market or Information Market Such as a ‘futures’ market for a new movie release, these tend to have a set of fixed outcomes that participan

Netflix Prize Winners Announced
This is proving to be a fascinating story on open innovation/crowdsourcing and the tremendous benefits it can provide, beyond financial. Clearly it’s important to achieve the desired financial results (new sales, reduced costs, etc) but the other rewards are just as important. These include learning how to ask the question, the value of iteration, expanding your network. Netflix has announced the winner of the first Netflix prize, which was created to improve their current recommendation engine by 10%. The process itself and what was learned a