Prize-backed challenges have a long history of spurring socially beneficial innovation. Why can’t the US government do more of them?
To be effective, wouldn’t the prize offered have to exceed what the inventors bet they could earn on the open market? In the pharmaceutical business, $100m-$1b sounds like small potatoes.
To be effective, wouldn’t the prize offered have to exceed what the inventors bet they could earn on the open market? In the pharmaceutical business, $100m-$1b sounds like small potatoes.