In October 2006, Netflix offered a prize for a computer system that will accurately predict their customers preferences better than their current system. Netfilx, the largest online DVD rental service, is offering a tidy sum of $1 million for a 10% improvement over their system of predicting whether a customer will like a movie given their previous DVD selections. By the last count, the leading contender offered a 8.46% improvement over Netflix's system. With over 27,000 contestants in more than 22,000 teams spread across 163 different countries, Netfix has received 19,073 valid submissions from 2,636 different teams.
As an innovator, I can't over-emphasise the edge this country has over the rest of the world when it comes to innovation. Time's magazine 2007 innovation of the year, the iPhone, just goes to show the lead the US has over other nations. While the iPhone may seem like an obvious design for a cell phone, the electronic engineers at Apple are the ones who took the honours of developing such a revolutionary product. And then there is Boeing's dreamliner airplane which is sold-out and on back-order way before it's debut even though they are fallen back on delivery because of supply chain issues with their partners.
For this reason, the US will continue to dominate other countries in every aspect because of the edge that they have when it comes to technology which is the key driver of capital in today's world. It's no surprise therefore that there are organizations like Netflix and wealthy individuals like Sir Richard Branson who are offering cash rewards for innovative ideas. Call it a market place of ideas, if you will. More than ever, creative minds are being rewarded generously for offering workable solutions to the many problems that firms face.
One such place where you can find cash rewards in return for innovative ideas is InnoCentive. Instead of companies making an investment in researching solutions, they are now auctioning their problems in an open market place whereby skilled individuals can use their resources and time to come up with viable solutions. It is sort of like outsourcing of research and development without the loss of intellectual property by the firms. The InnoCentive concept seeks to bring together a community of engineers, scientists, inventors, and business people with expertise in life sciences, engineering, chemistry, math, computer science, and entrepreneurship to solve some of the world's toughest challenges.
In return, those who offer the winning solution get to pocket cash rewards ranging from $5,000 to as high as $1,000,000. The innovation market place is divided into six categories, namely: Physical Sciences, Engineering and Design, Chemistry, Math and Computer Science, Life Sciences and finally Business and Entrepreneurship. I've had a peek at some of the listings and I think I could attempt solving one or two but I will not because it will involve the use of resources at my place of work which will be in contravention to my terms of employment.
Browsing through some of the problems like the one seeking reduce the total sugar content in fillings for baked products shows that you do not have to have specialized training to participate. A reward of $40,000 awaits anyone who comes up with food ingredient(s) and/or processes capable of reducing total sugar content while maintaining taste and texture in sweet fillings. No offence, but I can see this problem being solved by a stay at home housewife who has good baking skills and not necessarily an experienced food technologist. Knowing how bad the cakes and candies are in America, I believe someone from outside the US holds the solution to this challenge.
Registration to the site is a prerequisite for those seeking to take on the many challenges posted in the website. I am yet to register but I am certain this is one website firms and learning institutions in the emerging world should be looking at with a view to winning some of the awards. The same is also applicable to students with access to resources in learning institutions whereby they can attempt to solve some of these challenges.
As someone who's bread is buttered by innovation, every year when I visit Kenya, I make a point of meeting professors and lecturers in Kenyan universities to discuss with them ways of partnering and provide a linkage to non-monetary resources from the US. To say that their overall response has been disappointing is an understatement. Instead they prefer to get handouts which they will misappropriate for their own personal use. This year I made a decision not to bother with them and instead to leave them to wallow in their own ignorance. I have since cancelled my plans of taking a sabbatical to Kenya because of the poor reception I have received. Surprisingly even the university students back home have the same attitude and out of the many students I have spoken to only one graduate student has contacted me seeking solutions for their research.
Like I have said before, the answers to our problems are neither debt cancellation, aid nor trade. Innovation is the key to our economic prosperity. Failure to do so, our other hope is the manufacturing sector. Only if we build, will we attract the capital that we yearn for. Until then, Vision 2030 is just but hot air coming from the rear ends of Kenyan politicians and their corrupt hanger-ons.
