Want to Innovate but Avoid Risk? Offer a Prize. Washington Post
That is one of the lessons of the Great Recession, in which excessive risk-taking -- or the ever popular "reckless risk-taking" -- is invariably invoked as a prime cause of our financial woes.
But capitalism needs innovation, and innovation requires risk. So how can you innovate while getting someone else to shoulder the risk? Simple: Offer a prize.
