Prize challenges are about 10 times more cost-effective than traditional projects to source innovation.
It can work for governments, such as in this US government toolkit, or for corporations.
To be most effective, however, often requires a winner-takes-all approach, especially for teams.
And getting people from sharing ideas to working on projects together requires work, as identified in written answers prepared for the UK parliament
Entrepreneurial talent as well as academic becomes useful in this context for helping allocate resources to the right areas.
And as Nathan Benaich and Ian Hogarth’s State of Artificial Intelligence 2020 report makes clear, the allocation of resources through machine learning and natural language processing is critical, particularly in healthcare, the subject of GCV’s latest quarterly report on AI.
Benaich and Hogarth’s report picks up the issues around AI ethics, subject of our next AI quarterly report by Callum Cyrus next month so do reach out with insights on this topic.
