About prize baring contests
Competition with prizes are an amazing thing. If you are not sure of that, I urge you to listened to Peter Diamandis talk about his experience with the X prize (start listening at minute 11:40):
At short – prizes can give up to 1 to 50 ratio of return on investment of the people giving funding to the prize. The money is spent only when results are achieved. And there is a lot of value in terms of public opinion and publicity. And the best of all (for the promoter of the competition) – prizes encourage people to take risks (at their own expense) in order to get results done.
All of that said, I look at prize baring competition as something worth spreading, especially in cases where the results of the winning team will be shared with the public.
About the IEEE ICDM Contest
The IEEE ICDM Contest (“Road Traffic Prediction for Intelligent GPS Navigation”), seems to be one of those cases. Due to a polite request, I am republishing here the details of this new competition, in the hope that some of my R colleagues will bring the community some pride