Innovation competition

An innovation competition is a method or process of the industrial process, product or business development. It is a form of social engineering, which focuses to the creation and elaboration of the best and sustainable ideas, coming from the best innovators. An innovation competition is a method or process of the industrial process, product or business development. It is a form of social engineering, which focuses to the creation and elaboration of the best and sustainable ideas, coming from the best innovators. There are few major works, like Terwiesch and Ulrich, who exclusively focus on innovation competitions. They argue, that while innovation is seen as a largely creative endeavor, it can also be rigorously managed by viewing and structuring the innovation process as a collection of “opportunities”. Profitable innovation comes not from increasing investments in R&D, but from systematically identifying more exceptional opportunities. Terwiesch and Ulrich show how to design and run innovation tournaments: pitting competing opportunities against one another, and then consistently filtering out the weakest ones until only those with the highest profit potential remain.