Here’s an Idea: Fuel Innovation and Entrepreneurialism With Incentivized Pricing
We need to begin taking meaningful actions to spur economic growth in this country. The heart of the American development and economic prosperity lies squarely in our ability to innovate.
However, the truth is that the process by which innovation occurs can be risky, expensive and often fruitless. Often, the inside view of executives, developers and marketing professionals can be completely myopic, devoid of the creative, breakthrough (and yes, executable) thinking that a company needs to make a difference.
The most efficient, cost-effective way to innovate is through incentivized pricing – a process by which payment is offered following the development of the breakthrough idea. There is no challenge too large for the world’s great minds to create a solution to rectify it. So why not pose today’s great challenges to the world’s great minds? Certainly, there is someone in Slovenia or Serbia, Memphis or Malaysia, who can create the next big idea to solve many of today’s most vexing problems – from hunger and disease diagnosis to environmental sustainability and educational breakthroughs.
By incentivizing people around the world to execute on big ideas, we can foster innovation and drive advancements that will boost economic activity throughout the United States.
There are no barriers to incentivized pricing, and yet most businesses rarely look outside their workforce for solutions to their biggest problems. There is something to be said about being on the outside, looking in. We can positively expand our outlook on many fronts by incentivizing others to truly come up with something special, regardless of their status, location or resources.
Incentivized pricing is entrepreneurialism in action and I am thrilled to see this type of entrepreneurial thinking on display at this week’s D.C. Entrepreneurship Week. We can empower people all around the world – particularly those who don’t sit within the glass walls of today’s traditional enterprises – to innovate and create solutions for big problems. As entrepreneurs, we want to knock down these invisible, unnecessary barriers and involve countless individuals and teams that can contribute a great deal.