A few weeks ago, Warren Buffett offered $1B for a perfect March Madness prediction.
As a result, there has been much conversation on “incentivizing innovation” and perhaps the idea that, “if the March Madness contest works it demonstrates that innovation for complex world issues can be readily purchased by providing enough incentive to get enough minds thinking about a problem.”
We should be cautious of this “quantity over quality” rhetoric. Many complex problems involve fields where success if determined by both aptitude and experience. In todays fast paced society/job market there can be a tendency to undervalue prolonged experiences. In reality, many industries/jobs require prolonged experiences for true mastery.
Which is why …
… it is ever so important to have a balanced economy where there are viable, stable, and frankly profitable career avenues in research, development, and innovation.
Without it, we are hindering the maturation of experiences truly necessary for solving tomorrow’s pressing problems.