Innovation Contests: A Review, Classification and Outlook

Abstract

Innovation contests as a means to realize innovative product or service solutions are growing in popularity among practitioners and researchers. An increasing number of organizations worldwide have adopted innovation contests, not only for innovation purposes, but also for other reasons such as promoting sustainability. At the same time, innovation contests represent a growing research field to scholars from different backgrounds, e.g., economics or information systems. In this article, first, the growing body of literature on innovation contests is reviewed and classified into five research categories: economic perspective, management perspective, education focus, innovation focus and sustainability focus. Second, some design elements of innovation contests that are central for the understanding, design and management of innovation contests are presented based on the current body of literature. Finally, current research gaps are presented and some of the research questions are developed that could be explored to contribute to the body of literature.