ReadWriteWeb

Inducement prize contests are simple: offer up a cash reward to whoever can best solve a problem first. One of the most famous current inducement prize organizers is the X Prize Foundation, which organizes a number of such competitions around scientific endeavors such as space flight, lunar exploration, and human genetics. Inducement prize contests can be extremely effective at initiating innovation and inspiring public imagination about complex problems, but they're not easy to organize. A new web site called BigCarrot aims to change that by crowdsourcing the creation of inducement prize contests.