When search giant Google Inc. wanted ideas for making the world better, it conducted an online contest with a $10 million prize. When DVD-rental service Netflix Inc. wanted ways to improve its predictions of users’ movie ratings, it ran an online contest with an annual $1 million prize. Those big-money innovation contests made headlines, but every day thousands of smaller contests are conducted to help organizations come up with everything from new product names to website designs and software development.
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To read the original article: Rethinking R&D: Running Contests to Find Solutions
