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Governments and foundations have successfully harnessed tournaments to spur innovation. Yet this tool is not widely used by firms. This article presents a framework for managers seeking to organize tournaments for ideas. It examines the theoretical underpinnings of tournaments and then connects this analysis with three recent innovations—the power of the network, the wisdom of crowds, and the power of love—that can boost the effectiveness of tournaments.
Morgan et al. (Mon,) studied this question.