Review and Prospect of Online Innovation Contest

A new online business model called online innovation contest is emerging in recent years, which refers to a model that draws support from the internet. Seekers post innovation projects in online platforms and contestants submit solutions to compete with each other, aiming at winning the prize. As a new form of innovation, more and more firms and individuals who have innovation problems post online contests for the purpose of lowering their R&D risks and reducing the costs. This paper reviews the development of online innovation contests and the literature on innovation contests, particularly as it centers on contest performance and tournament design. Meanwhile, On the basis of the present status, this paper points out the existing problems and future directions on this field.