Competition-Based Innovation: The Case of the X Prize Foundation

Mokter Hossain Ilkka Kauranen

10/20/2014

Type
journal-article
Region
United States
Sector
Category
Citizen Engagement and Crowdsourcing
Methodology
Case Studies
Objective
Effectiveness, Participation

Abstract

The use of competition-based processes for the development of innovations is increasing. In parallel with the increasing use of competition-based innovation in business firms, this model of innovation is successfully being used by non-profit organizations for advancing the development of science and technology. One such non-profit organization is the X Prize Foundation, which designs and manages innovation competitions to encourage scientific and technological development. The objective of this article is to analyze the X Prize Foundation and three of the competitions it has organized in order to identify the challenges of competition-based innovation and how to overcome them.